In a newly released guide for “Building Your Dream Boat and RV Storage Facility,” MakoRabco reveals recent data confirms more and more Americans are purchasing RVs, which offers developers opportunities to build facilities to store them.
The guide reflects on historical RV shipment data, ranging from 1980 to 2023. “The new forecast projects 2024 RV shipments to range between 334,700 to 364,500 units with a median total of 350,100 units. This total would represent an 8.8% to 18.8% increase over the 2023 year-end total of 313,200 units.”
How does this affect the boat and RV storage market? The guide spells out the following:
- The average RV price is higher than the average American salary.
- As of June 4, 2022 – “The average wholesale selling price for motorized RVs was $73,350 last month” (Source: RV Industry Data).
- According to the U.S. Bureau of Labor, “The average U.S. annual salary in Q4 of 2023 was $59,384.”
- “The average yearly usage for current RV owners is still steady at 20 days.” (Source: RV Industry Data).
That means the other 345 days are in storage, and protection is important.
In addition, the guide takes a look at the market demand for boat & RV storage around the country:
- Boat & RV storage facilities are in high demand.
- The market for boat and RV facilities is undersaturated.
- The value of boat and RV facilities are on the rise (owners’ market).
- Cap rates can be on par with standard storage developments.
One of the first steps to developing a successful toy storage facility is to conduct market demand in the area of speculation. This requires review of several criteria:
- Saturation Levels: How many storage places in your area offer boat & RV?
- Demand: Recreational opportunities available in your area?
- Increase Revenue: Can you add boat & RV storage to increase value?
- Scale: A full-service facility versus a place to park it?
- The importance of a feasibility consultant.
The guide, which is free, continues to review best strategies for land utilization and unit mix, the types of design best suited for RV and boat storage, codes and compliance considerations, costs and budgeting.
Interested in learning more about RV and boat storage development, investing, owning and operating? Toy Storage Nation’s next Executive RV and Boat Storage Workshop in St. Louis, June 7, will give you the headstart you need to achieve success. Learn more, register today.
