Stay Ahead of the Competition: Essential Self-Storage Renovations to Consider
The self-storage industry is evolving faster than ever, driven by technological advancements, shifting demographics, and rising customer expectations. As new, state-of-the-art facilities pop up in markets across the country, older properties may struggle to stay competitive.
If your facility hasn’t undergone a significant upgrade in the last 10 years, now might be the time to take a closer look. Even if everything seems to be running smoothly, staying ahead of the competition requires more than just keeping the lights on. A well-planned renovation can enhance curb appeal, improve operational efficiency, and provide a better experience for your tenants—ultimately increasing occupancy and revenue.
So, how do you know if your self-storage facility needs an upgrade, and what aspects should you prioritize? Let’s take a closer look at what it takes to refresh and update your self-storage business.
Assessing Your Facility: Where to Start
Before you commit to renovations, take a systematic approach to evaluating your facility. Walk through the property and make note of areas that need attention, looking at everything from security to aesthetics. Some key areas to assess include:
Structural and Exterior Features
- Perimeter fencing and gates
- Roofs and gutters
- Asphalt, sidewalks, and drainage
- Awnings, windows, and signage
- Bollards and protective barriers
Unit Conditions
- Door functionality and appearance
- Unit mix (are your sizes and layouts still in demand?)
- Ventilation and insulation
- Pest control measures
Security and Technology
- Surveillance cameras and monitoring systems
- Keyless entry or mobile-access locks
- Motion-sensor lighting and alarms
- Gate access controls
Customer Experience and Office Space
- Office furniture and layout
- On-site technology like kiosks and mobile apps
- Parking lot condition and accessibility
- Restroom cleanliness and availability
Beyond the physical condition, take time to analyze your competition. What features and amenities do they offer? Are they investing in smart technology, climate-controlled units, or enhanced security measures? If your facility is lagging behind your competition, potential customers might choose them instead.
Finally, don’t forget to gather feedback from the people that actually use your facility. Talk to your staff and tenants to find out what’s working and what’s not. Are there frequent complaints about certain features? Do customers request specific amenities that you don’t currently offer? The best insights often come from those who use your facility daily.
Choosing the Right Upgrades
Once you’ve identified areas for improvement, it’s time to prioritize. Not all renovations will provide the same return on investment, so focus on projects that will have the biggest impact on customer satisfaction and operational efficiency.
Upgrade Lighting for Safety and Efficiency
Swapping out old lighting for energy-efficient LEDs can instantly improve the look and feel of your facility. Bright, well-lit properties feel safer and more inviting, making customers more comfortable storing their belongings there. Adding motion sensors can also help reduce electricity costs over time. Finally, a well-lit facility discourages potential thieves from seeing your facility as a target.
Invest in Climate-Controlled Units
Demand for climate-controlled storage is rising, and customers are willing to pay a premium for it. These units protect sensitive items from extreme temperatures and humidity, making them an attractive option for long-term renters (especially those with valuable collectibles which must be kept in good condition). If your market supports it, adding climate control could be a game-changer for your business.
Improve Security Measures
Today’s self-storage customers expect top-tier security, and outdated systems could be a dealbreaker. Consider upgrading to smart surveillance cameras, in-unit heat and motion sensors, remote gate access, and keyless entry systems. Many operators are now integrating mobile apps that allow customers to access their units from their smartphones.
Modernize Your Technology
Technology upgrades can streamline operations and enhance the customer experience. Features like self-service kiosks, online rental portals, and digital payment systems allow for seamless transactions. Mobile apps that enable unit access, rent payments, and customer service requests can also improve tenant satisfaction.
Boost Curb Appeal
Never underestimate the power of a fresh coat of paint, updated signage, and well-maintained landscaping. First impressions matter, and a clean, modern-looking facility will attract more customers. Fix any dents or rust on doors, repaint faded exteriors, and keep the grounds clean and well-lit.
Expanding Your Facility
In addition to renovations, expanding your facility can be a strategic move to meet growing demand and increase revenue. If your current units are consistently at high occupancy rates or you've identified a need for additional storage options in your market, expansion might be the right step. While not always possible due to space limitations, expanding your facility is the biggest and most lucrative upgrade you can do for your self-storage business.
Benefits of Expanding:
- Increased Revenue: More units mean more rental income, which means more money in your pocket.
- Meeting Market Demand: Expansion gives you a chance to assess the product offerings of your facility and address any you might be missing.
- Competitive Edge: Offering a broader range of unit sizes and types can attract a wider customer base and set you apart from competitors.
Key Considerations:
- Expansion Feasibility: Assess whether your current property has the space to support the construction of additional buildings. Consider zoning regulations, land use permits, and the environmental impact of adding additional buildings. Is acquiring the adjacent property practical or viable?
- Design and Layout: Make sure that the new structures you are adding will mesh well with the existing facility layout. Plan for optimal use of space, ensuring easy access, efficient traffic flow, and alignment with your existing facility’s aesthetics.
- Construction Costs: Expansion involves investment, including land preparation, materials, labor, and potential utility upgrades.
- Future-Proofing: Design your expansion with flexibility in mind to adapt to future trends and to align with any other upgrades you may be doing to the rest of your facility, such as adding more climate-controlled units or enhanced security features.
Minimizing Disruptions During Renovation
One of the biggest challenges of renovating a self-storage facility is doing so without disrupting daily operations. After all, you don’t want to inconvenience your customers or impact your revenue stream. Here are a few strategies to help:
- Schedule work during slow periods. If your facility has a seasonal dip in occupancy, that might be the best time to renovate.
- Communicate with tenants. Let customers know well in advance about any projects that might affect their access. Use email, signage, and on-site staff to keep them informed.
- Renovate in phases. Instead of overhauling the entire facility at once, tackle projects in sections to keep as many units available as possible.
- Offer temporary incentives. If certain units or areas will be affected, consider offering discounts or rent credits to impacted tenants.
Final Thoughts: Is Renovation Worth It?
Renovating your self-storage facility is an investment in your business’s future. By modernizing your property, you can attract more tenants, enhance security, and improve overall efficiency. Whether you’re making minor upgrades or undertaking a full-scale renovation, the key to success lies in careful planning, budgeting, and execution.
If you’re unsure where to start or need help evaluating your options, our team is here to assist. We specialize in self-storage construction and renovation projects and can help you create a cost-effective plan tailored to your facility’s needs.
Download our Expansion Strategy Guide here.
Ready to take the next step? Contact us today to discuss how we can help upgrade your facility and keep you ahead of the competition!