21 Jul 2020
Originally published on SpareFoot.com.
RVs are on a roll. As Americans seek pandemic-era alternatives to traditional travel, they’re buying and renting RVs in huge numbers.
Research released in June by the RV Industry Association shows 46 million Americans planned to take an RV trip within the following 12 months. Eleven percent of the people surveyed wanted to buy an RV within that period and 13 percent wanted to rent an RV. Dealers and rental marketplaces say RV demand has outpaced supply.
At the same time, many recreation-starved Americans are snapping up boats and other watercraft, with some manufacturers reporting that they’re struggling to keep up with demand.
This rising tide of interest in RVs and boats is making waves in the self storage industry. Storage operators report increased demand for RV and boat spaces, while storage brokers say few owners of RV and boat storage facilities are willing to sell at this point. In other words, it’s an owner’s market for RV and boat storage.
“It’s a good niche for these times,” said Mike Mele, vice chairman of Cushman & Wakefield and leader of its national Self Storage Advisory Group.
In fact, it’s such as good niche that Mele said he and his team have recently experienced an uptick in calls about RV and boat storage facilities available for sale. Some of those calls have come from big players in the industry.
Victor Mendiola, owner and principal of Plano, TX-based Promesa Investments LLC, is reaping the benefits of the pandemic-inspired RV and boat phenomenon.
In light of those factors, the value of RV and boat storage facilities will rise, Mele said.
Tim Springer, president of Dallas, TX-based Move It Storage, said the RV and boat rush has prompted his company to speed up consideration of RV and boat expansions.
