By Sarah Swingler
Editor’s note: The following article first appeared in the Toy Storage Nation 2025 Guide to RV & Boat Storage. To purchase and download the full guide, visit here.
The boat and RV storage industry has undergone a remarkable transformation in recent years. What was once a straightforward solution to open parking lots has evolved into sophisticated facilities that cater to the diverse needs of recreational vehicle owners.
These modern storage solutions often include clubhouses, security systems, climate-control and other premium amenities that enhance the user experience. This shift is driven by several factors, such as stricter neighborhood parking restrictions, smaller residential lots and a growing trend of larger, more luxurious RVs. The increasing demand for secure, high-quality storage has significantly influenced the self-storage sector, making it a thriving area of development.
The Rising Demand for RV Storage
Recreational vehicles and other similar vehicle ownership has seen huge growth over the past five years, and it does not seem to be slowing down in 2025. According to the RV Industry Association, while the initial estimates for 2024 came a little short based on what was actually shipped, there was still a marked rise over 2023 numbers. For 2025, we do expect to see growth of about 329,900 to 362,300 units with a median of 346,100 units. This growth highlights the expanding market for RV storage facilities as more owners seek secure, convenient spaces to store their vehicles.
For developers, this trend represents an opportunity to tap into a lucrative market. Additionally, the RV and boat storage sector has shown resilience, with rental rates 
outperforming traditional self-storage in certain periods. For instance, in June 2024, while traditional self-storage rents declined by 4.9%, RV and boat storage rents experienced a smaller decrease of 0.4% year-over-year, indicating stronger performance in that sector. Success in real estate investing today, however, hinges on making informed decisions about land acquisition, facility design and operational planning—the steps that require both industry knowledge and strategic foresight.
Finding the Ideal Location
Selecting the right parcel of land is a first critical step in developing a successful boat and RV storage facility. To reach a viable ROI, developers will need to find a location typically between 7 and 10 acres, with buildable coverage of approximately 35% to 40% per acre.
For instance, a 7-acre parcel can yield over 106,000 square feet of buildable space. However, this coverage ratio can be negatively affected if the land includes setbacks, easements or terrain in which mitigation could be a risk factor. With a desire for large parcels, urban locations often come with prohibitive land costs, prompting many developers to explore suburban or rural areas near major highways. These locations not only offer more affordable land but also provide excellent visibility, which is crucial for attracting customers. The lower cost of land in these areas makes a facility of this size more viable, increasing your ROI.
But how do we ensure that a facility gives a good ROI? It starts by taking the cost of the large parcel of land and comparing it against its potential development opportunities. Balancing land costs with potential future revenue is key to an economically viable business venture. This involves conducting detailed market research to understand local competition, rental rates and demand. When assessing the local competition, ensure you are exclusively comparing boat and RV storage facilities. Metrics typically used for traditional self-storage do not directly apply to boat and RV storage, making a tailored analysis essential. Developers must thoroughly evaluate the potential of each location to ensure the investment aligns with their financial objectives.
Comprehensive Due Diligence
Once a suitable parcel is identified, the next step is thorough due diligence. This process begins with creating a preliminary budget informed by market research. Analyze competing facilities within a 1-to-5-mile radius to gather data on unit sizes, rental prices and occupancy rates. Use this information to estimate potential annual rental income and compare it to projected expenses such as land costs, taxes, insurance and operational expenses.
Jo Beth White, owner of Development Services Inc., emphasizes the importance of this early financial planning: “By the time you are through lease-up, you should be at a positive cash flow. If not, you’ve either paid too much for land or your construction costs were too high.” To make sure this doesn’t happen and help ensure accuracy, many developers hire feasibility consultants who specialize in toy storage. These experts validate initial findings and uncover critical details that might otherwise be overlooked.
While the total monthly cost for boat and RV storage can be higher than that of traditional storage units because of the larger space required, it’s important to note that Boat and RV rental rates are frequently lower than traditional storage when looking at a per-square-foot analysis. This factor, paired with needing to purchase large plots of land, means it can be difficult to pencil out. “To make it work, a developer must have economy of size, where there are enough rentable units to surpass costs,” adds White. Therefore, if the demand exists and the land is viable for development, and the project can attain a feasible economy of scale, you will have found the right project!
Site conditions must also be considered as this also plays a pivotal role in budgeting and construction planning. Site factors such as topography, drainage and soil quality can significantly impact development costs. Grading the land flat, ensuring proper water drainage, bringing in utilities and addressing other environmental regulations all can add significant cost to development. Jeremy Maynard, Executive Vice President at MakoRabco, warns, “The main factor driving construction cost is the existing site conditions. If the site is not flat, has contaminated soils or ground liquefaction, these can add tremendous design and site-improvement cost. As land becomes harder to find, and poor sites remain available, we are seeing a rise in the site-improvement areas.”
A trip to the local planning department or the jurisdiction of the city/county is crucial for understanding the zoning regulations and potential constraints of the property’s location. Involving civil engineers and local planning departments early in this process can provide clarity. Skipping this stage and lacking the necessary civil engineering or geotechnical reports could significantly impact the project’s budget. In cases where extensive land remediation is required, it may escalate the project’s costs to a level where it becomes financially unviable.
Construction Options and Cost Breakdown
The cost of building your facility will depend greatly on what type of RV and boat storage structures you choose to build. Storage structure types range from open parking lots to premium condo-style storage units:
- Open Parking: Open parking storage is exactly what the name implies – an open parking lot with no cover. These basic lots offer minimal protection and are increasingly less popular due to aesthetic concerns and stricter regulations.
- Canopy Storage: This is your most basic option when it comes to boat and RV storage. Canopy storage consists of a roof with open sides. Canopy storage offers basic coverage from sun and rain exposure from above, but leaves vehicles prone to the elements from the sides. Structural costs average $9–$14 per square foot, while turnkey costs range from $36+ per square foot.
- Three-Sided Canopies: This is a step up from basic canopy storage. These structures offer additional protection over basic canopies by including side and end walls, costing $3–$5 more per structural square foot than standard canopies.
- Fully Enclosed Units: The next step from canopy covering, these are premium units that are basically private garages, offering maximum environmental protection and security. These units cost $56+ per square foot, including door packages.
- Condo Storage: Condo units are high-end units equipped with amenities like climate control, electricity and wash bays. These are similar to enclosed units, except instead of renting month to month, they are purchased and owned outright by the tenant. As a result, these units typically have more space and amenities. These units cost $72+ per square foot.
While these are ballpark numbers, construction costs can vary greatly from region to region, with weather and seismic considerations to keep in mind. Hurricane-rated winds or heavy-duty snow loads will impact design and material, impacting costs. For example, a canopy in Miami will need engineering and materials specific to hurricane or high wind loads, while a canopy constructed in Bakersfield, Calif., will require engineering and design focused on seismic loads.
Enhancing Facility Appeal
Beyond structural elements, developers must consider features that enhance tenant satisfaction and facility appeal. Advanced security measures, such as smart locks, facial recognition and remote check-ins are increasingly common in modern facilities.
Lighting and landscaping also play vital roles in creating a welcoming and secure environment, though they can add to development costs. It may seem small, but a well-lit facility both looks appealing to potential customers, as well as unappealing to potential thieves.
Incorporating extra amenities like wash bays, electric charging stations and dumping sites can further distinguish a facility from its competitors. These features cater to growing expectations of RV and boat owners, who often seek convenience and added value when selecting storage solutions.
Another key consideration when designing boat and RV storage facilities is to make sure they are easy to enter and navigate throughout. Wide drive aisles and spacious unit layouts ensure easy navigation and maneuverability when driving large recreation vehicles. If your new facility is too narrow or difficult to drive through, clients will not enjoy the experience as much and, worse, they could cause damage to structures, costing you money.
Turning Vision Into Reality
Developing a successful boat and RV storage facility requires careful planning and collaboration with a team of experts. Begin with comprehensive market research and 
feasibility studies to validate the project’s potential. Engage civil engineers, architects and local planners to address zoning and site-specific challenges. By the time you’re ready to hire a general contractor, every aspect of the budget and scope should be clearly defined.
The rising demand for boat and RV storage presents an exciting opportunity for developers willing to invest the time and resources into thoughtful planning. With a strategic approach, these projects can become profitable ventures that meet the needs of a growing market while delivering long-term value.
By prioritizing high-quality design, premium amenities and effective operations, developers can create facilities that stand out in a competitive market. Whether catering to RV owners embarking on cross-country journeys or boat enthusiasts seeking secure storage for their prized vessels, these facilities can provide lasting value to tenants while delivering robust returns on investment for their owners.
Sarah Swingler is Business Development Manager at MakoRabco, a nationally recognized leader in designing, supplying and installing self-storage facilities. MakoRabco’s success is attributed to one key element: relationships with customers. Whether you are a first-time builder or an established entity looking to expand your self-storage portfolio, collaborating with MakoRabco gives you an edge at every stage of the process, from conceptualization and design to sourcing and construction. The bedrock of MakRabco is summed up in these four words: our passion = your success. For more information, visit the company’s website.
Toy Storage Nation proudly recognizes MakoRabco as a Gold Sponsor of the TSN RV & Boat Storage Workshop in Naples, Fla., Dec. 5. Learn more and register.
