The open road beckons, the wind whispers promises of adventure – but what happens when your RV or boat isn't in use? For many enthusiasts, the dream of exploration comes face-to-face with the reality of limited storage space. Thankfully, the self-storage industry has seen a surge in the specialized boat and RV storage facilities. But this isn't just a boom for RV and boat owners; it's a golden opportunity for storage developers and investors.
Boat & RV storage, while it has always had its place in the self storage industry, was previously seen as not the most profitable use of space when compared to traditional mini storage units. However, that is not the case these days. As boats and RVs have become more advanced and sophisticated, so have their storage options. And with the number of RVs on the road increasing every year, the need for designated storage has never been higher.
A Perfect Storm: Why Boat and RV Storage is on the Rise
The popularity of recreational boating and RV travel isn't slowing down. According to the RV Industry Association’s (RVIA) first quarter report for 2024, “...total RV shipments ended the month with 32,243 units, an increase of 1.2% compared to the 31,869 units shipped in March 2023.” Following this trend, RV sales are expected to grow 9.3% in 2024 from 2023 numbers, which saw an increase from the previous years as well. Couple this with the growing number of boat owners, and the demand for safe and secure storage solutions becomes clear.
But why exactly is self storage for these large recreational vehicles becoming such a booming business recently? Here are a few key factors that paint a compelling picture for potential developers:
- Space Constraints and HOA Restrictions: RVs and boats are large and require a lot of space to store them. For many, particularly those living in urban areas or with homeowner association (HOA) restrictions, storing a boat or RV on their property simply isn't an option. This creates a captive market for conveniently located and secure storage facilities.
- Seasonal Needs: Let's be honest, how often is an RV in use? Industry statistics suggest RV owners typically utilize their vehicles for a mere 20 days a year. That leaves the remaining 345 days where a safe haven for your RV is needed. Boat storage follows a similar pattern, with seasonal fluctuations in usage. This translates to predictable, recurring revenue for your facility.
- Protection from the Elements: No one wants their prized possession exposed to the harsh elements year-round. Sun damage, rain, and even hail can wreak havoc on an RV or boat's exterior and interior. Self-storage facilities offer varying levels of protection, from basic canopy coverage to fully enclosed garage units, ensuring the renters recreational vehicles are shielded from the elements. This translates to peace of mind for your customers and a potential upsell opportunity for higher protection tiers.
Choosing the Right Boat and RV Storage
What was once just a basic parking lot with a fence, has evolved into a variety of sophisticated facilities. Today's modern boat and RV storage facilities come with a variety of options to suit any customer’s needs and budget. Here's a breakdown of the most common types, offering valuable insights for facility design and development:
- Open Lot Storage: This is the most basic and cost-effective option for RV and boat storage. An open lot storage is basically a secure parking lot with no coverage or structures. These are not typically “developed” anymore, as these facilities offer no protection from the elements and most municipalities do not want these “eyesores” built within their communities.
- Canopy Storage: This is your most basic storage structure for a modern boat and RV storage facility. Canopy storage provides some protection from the elements with a roof overhead, while the sides remain open. Canopies offer a good balance between affordability and protection, but still leave boats and RVs vulnerable to theft and elements.
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- Three-Sided Canopy Storage: This storage offers a step up in protection from a basic canopy by adding three enclosed sides. These are ideal for places that have heavy rain or snow that can blow in sideways. While this option does provide a step up in protection from a basic canopy, the boats and RVs are still not 100% covered from the elements and are still vulnerable to theft.
- Enclosed Storage: The ultimate shield for your RV or boat. These units are fully enclosed buildings with a roll up door, offering maximum protection from the elements and potential security risks. It is basically a private garage space for the boat or RV. This is a more premium offering for customers seeking the best possible care for their investment.
- Enclosed Condo Storage: Similar to an enclosed storage unit, but with the added benefit of individual unit ownership. This ownership allows for customization to suit specific needs. These units can include extra amenities like added mezzanines, water and electricity, and temperature controls. A unique option that caters to high-end customers who may want to personalize their storage space.
With so many choices for RV and boat storage, how do you decide which to build at your facility? Here's where thorough market research becomes the key to unlocking success. In-depth market research will reveal the crucial information you need to make the best decisions for your future facility. This research looks into the local demand for boat and RV storage. Understanding the size and needs of your potential customer base is crucial. Who are your competitors, and what storage options do they offer? Knowing their strengths and weaknesses allows you to strategically position your facility. Once you've gathered your own market data, getting a feasibility study takes the analysis a step further. This study assesses the suitability of your chosen land for a boat and RV storage facility. Armed with your market research, the feasibility study can recommend the optimal unit mix of canopy and enclosed storage units to maximize your success. The study also provides valuable financial projections, giving you insights into potential revenue streams and operational costs for different storage options. Finally, this research can let you know the rates for different storage types around you to set competitive prices that attract customers while remaining profitable.
By prioritizing research and feasibility studies, you gain the knowledge needed to build a facility with the perfect storage mix. This ensures you cater to a broad range of customers and position your boat and RV storage business for long-term success.
Amenities and Innovation
As the demand for boat and RV storage grows, so do the features and amenities offered by these facilities. Today’s boat and RV storage customers aren’t just looking for a place to park their vehicle. They want a place where they can get everything taken care of and ready to go for their next adventure. Consider incorporating extra amenities and elements to make your facility more appealing to the customers and be more than just a parking space. Things like dumping stations, washing bays, and clubhouses can make your storage facility a one stop shop for boat and RV owners.
The future of boat and RV storage is bright. With a growing market, diverse storage options, and the potential for valuable add-on services, this industry presents a compelling opportunity for investors and developers. By conducting thorough market research, prioritizing feasibility studies, and incorporating innovative amenities, you can build a successful boat and RV storage facility that caters to the evolving needs of today's recreational vehicle owners. Don't miss out on this chance to be a part of a booming industry – take the first step towards building your dream boat and RV storage facility today!
Looking for more information? Download our Boat and RV Storage Development Guide here and take the first step to building your new facility!