18 Mar 2024
Americans’ love for travel, intensified by the 2020 pandemic, has fueled the RV industry, resulting in an ongoing surge in popularity. Industry reports indicate robust growth in RV ownership and usage, with wholesale shipments projected to reach 350,000 units by 2024. Moreover, the RV industry contributes a staggering $140 billion annually to the US economy(1).
The RV industry alone has seen consistent growth every year since 2009, and with the popularity of RV life, there continues to be a spike in Gen-Z and millennial RV owners (39%) who want a place to stay and explore the outdoors while still having access to their work.
The soaring number of RVs has created a pressing need for storage space. Many RV owners face constraints in storing their vehicles at home due to space limitations or municipal regulations. As a result, there is a burgeoning demand for self-storage facilities offering RV storage solutions, prompting owners and investors to consider expanding or building new facilities.
Also see our blog, ["Where is Boat & RV Storage Headed"](https://forgebuildings.com/where-is-boat-rv-storage-headed/)
RV storage generally falls into three categories:
RV storage is a self storage unit specifically designed to house your RV. Think of it like a garage or parking space that you rent or purchase (in the case of storage condos) within a self storage facility, with similar benefits depending on the storage company and unit that you choose, such as on-site security, gated access, and climate control.
RV storage facilities offer secure parking spaces tailored to accommodate RVs and boats. RV storage building plans can provide various amenities, that consist of everything from gated access and security cameras to water/air stations, dump stations, cleaning services, app site access, on-site management, and more. Potential investors are realizing that as the quality of RVs continues to increase, the demand for higher amenities is also increasing and customers are willing to pay for additional services.
Also, see our Featured Project: LuxeLocker Boat & RV Storage Condos, to view some of these amenities.
There are many benefits to adding RV storage to your facility(2). These include:
However, identifying suitable sites for RV storage facilities can pose challenges due to local planning regulations.
With the growth of the RV industry, many investors may be wondering whether to build an RV storage facility and how to build one. Unlike traditional self storage facilities, RV storage building plans might be constrained by the cost of land, the amount of acreage needed to house vehicles, and the fact that the facilities are geared toward specific objects as opposed to general usage. Drive aisles will need to be larger, and the costs and timelines may differ.
The upside is that RV storage facilities may also prove to be more lucrative than traditional self-storage facilities. In 2023, the cost to store an RV was between $119.88 and $169.35, according to SpareFoot data(3).
What should you keep in mind if you’re considering the construction of an RV storage facility?
A parcel of seven to ten acres is typically required for profitability, with breakeven expected within 14-16 months. Drive aisles must be wider to accommodate RV maneuvering(4).
Proximity to campgrounds, lakes, and rivers is ideal, but demographic analysis of the surrounding area is crucial.
Consider the zoning regulations before selecting a site. Failure to comply may result in costly and time-consuming hurdles when you try to rezone the property.
Despite economic fluctuations, the RV industry’s growth suggests sustained demand for RV storage facilities. High occupancy rates and rental yields make RV storage an attractive investment opportunity .
Want to learn more? Check out what our customer LuxeLocker has to say about this growing market: https://www.youtube.com/watch?v=sMiaA4oM9og. Then give the Forge team a call to explore the possibilities and capitalize on this thriving market. Let the steel building experts help you plan and construct your next RV storage facility.
References
RV Industry Association. (2023). Retrieved from rvia.org: https://www.rvia.org/rv-roadsigns-quarterly-forecast
Gorman, P. (2024, February 8). Toy Storage Nation. Retrieved from toystoragenation.com: https://toystoragenation.com/2024/02/08/rv-storage-a-longtime-niche-emerging-as-an-asset-class/
SpareFoot Blog. (2023, July 12). Retrieved from sparefoot.com: https://www.sparefoot.com/self-storage/blog/25811-how-much-does-rv-camper-storage-cost/
Swingler, S. (2020, May 9). Inside Self Storage. Retrieved from InsideSelfStorage.com: https://www.insideselfstorage.com/vehicle-storage/decision-develop-boatrv-storage-differences-traditional-self-storage
The experts at Forge Building Company love working with new and seasoned investors. We are here to be a sounding board for ideas and help guide developments along with best industry practices. We have over 15 years of experience and have built over 60 million square feet of self-storage. Let our knowledge and expertise help your next self-storage project be a success.
Hamish Bell, President of Forge, is a key figure in the development of steel and self-storage projects across the nation. Hailing from Papakura, New Zealand, Hamish ventured to the United States following the completion of his education. He began his career working alongside industry-renowned figures, Hayden Farrell and Glen Farrell, gaining valuable experience in the installation sector. In 2007, Hamish and Hayden founded Forge Building Company, leveragingtheir expertise in the installation of self-storage steel structures.Over the course of 17 years, Forge Building Company has established itself as an industry leaderand expert in steel building, design, and erection. With a strong presence throughout the United States, the company has earned a reputation for excellence and expertise in its field.
