Self Storage Millionaire

If you decide to build your self storage facility in phases, it is important to track your occupancy rates.  We made the decision to begin construction on a new building when we reach 80% occupied on the last building.  However, as time went on, we realized this was not an effective way to make our decision.  Why?

It is not effective because it does not take unit mix into consideration.

Not only do you want to know your overall vacancy rate, but you will want to know the vacancy rate on each unit size.  You may find that your 10×10 units are filling up quickly, but your 10×20′s are sitting vacant.   If this is the case, you may decide to go ahead and build (more 10 x 10 units) even if your overall numbers are not yet at 80%.

Technorati Tags: unit mix

When you are planning your buildings, remember to think about the size of your doors. If you will be offering boat storage, vehicle storage, and/or RV storage, the height and width of your doors will be really important. A 10 foot wide door will give your customers plenty of space to park these toys inside the unit.

Technorati Tags: construction