How to Estimate Prospective Mini Storage Rental Income

The mini storage rental business can be very lucrative, if it is done correctly. If you are planning on getting into the mini rental storage business, there are several things that you will have to do. Coming up with the proper facts and figures during the planning stage is essential. You need to estimate everything that you could run into and try to get as realistic of a projection as possible. You will need to accurately estimate prospective income from your proposed mini storage rental unit. 

Assess Market Rent

The first thing that you will need to do is determine what market rent is. You can do this in a number of ways. The easiest way is to simply call up a local mini storage business and ask them how much they charge for monthly rent. Try getting at least three quotes so that you have a good idea of what market rates are.

Estimate Average Vacancy

You also need to come up with a figure for the average vacancy rate of the units. You might accomplish this by calling a few rental storage units in another market besides yours. Multiply the amount of units by the prospective rent, as established by the market rent. 

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