02 Dec 2024
Join James McLean as he chats with Joven Cuenco from Baja Construction about the growing demand for RV storage in the Sunbelt. Learn how value-add acquisitions and strategic construction are meeting the needs of RV owners while solving space and city restrictions. Watch now to see how developers are turning extra acreage into high-demand RV storage solutions!
James: Hi, this is James with Radius+. I'm with Baja Constructions. So, Joven, something that we've seen a lot in our end from the self-service perspective is value-add acquisitions, specifically in the Sunbelt where people buy up these properties, have extra acreage, and they're converting some of that extra space to bone RV storage. Some of it covered, some of it even enclosed. What have you seen on your side from the construction front?
Joven: Yeah, I've seen the same thing, something similar, but the added value with RV covers is that it provides shade from the element. And people who have these vehicles, they want to place it in a nice facility, away from traffic, away from really the city. Easy access is key. Somewhere where it's close to a freeway, where it's easy to get to and easy to leave. No one wants to drive their big 35, 40, 45-foot RV in city streets. And so, if they build a facility near a fairway, for example, that's what we're seeing. We're seeing a lot of development in areas outside the city, county, rural, small towns, towns that are with growth.
James: So, that's an interesting point. It's something I concur with in the sense that these smaller towns that have good value-add acquisition opportunity, we've noticed that these developers and acquisition guys buy it, and they're able to elevate the class of the facility by adding on a good cover component. Like you said, people want to take care of their nice things. They spend a lot of money on the vehicle, and they got to take care of it. So, with interest rates forecasted to come down, what are your expectations for future construction and development for bone RV storage?
Joven: Well, all I know is that regardless of if there's another RV that's sold in the next two or three years, the fact remains is that the last five, six years, there's been a big demand of RVs that's been sold and shipped in the United States and North America. So, the market's there. And in the market, there's just not enough facilities available for these to store RVs. And so, the demand is outpacing the market, the availability of these places to store your RVs. No one wants the RVs on city streets. The HOAs hate them. The cities hate them. It invites crime. It takes up spaces. It's things like that. The city don't want the RVs around. And so, they're forced to find facilities just like a storage facility where there's huge demand, where there's huge land, where they could easily come in, park their vehicle, and leave.
James: Well, I'm glad we got a chance to take some time with you now because I expect you'll be super busy as the construction picks up. Thank you both so much for your time.
