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A Brief about the Reno Self Storage Facility by sodat lanta
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A Brief about the Reno Self Storage Facility |
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Business
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Small business as well as high-density residential areas is two primary users of the Reno Self Storage facility. Residential customers typically comprise two-thirds to three-quarters of unit users, and one-quarter to one-third of unit users tend to be small business customers. Self-storage units are typically large continuous units of garage like structures with separate overhead garage-door access for each tenant. Self-storage customers rent fully enclosed storage units for their personal use. These units range in size from 5x5 feet to 20 X 20 feet, with varying sizes in between. Most self-storage facilities are fully enclosed by fencing and have on-site management. Access is provided 24 hours a day, seven days a week through digitally controlled security gates that allow renters to enter and exit using a security code system. Access to individual units is controlled by the unit renter through the use of padlocks or combination locks provided by the renter. The renters of self-storage units indicate that the primary consideration when looking for self-storage units is a location that is nearby the self-storage user. The security provided at the property tends to be the second most important factor, followed by the ease of accessibility and availability of the suitable rental space. Rental rates in most markets are not among the top five factors listed by self-storage users. This relatively low sensitivity to rental rates often translates into a high per-square-foot rental revenue when compared with other property types. The self-storage business is a highly fragmented industry with many different quality levels and many different types of owner/operators. The vast majority of self-storage operations are owned and operated by individuals. Several private and government and private companies own most of these self-storage units. About 48 percent of units are owned and operated by individuals. The remaining 40 percent is owned and operated by small businesses, limited partnerships, and real estate operating companies. Institutional investors own less than 2 percent of all self-storage units. Because of the low barriers to entry into the self-storage business, along with the modest capital requirements to begin a self-storage operation, competition within this segment of the real estate industry is quite high. The image of the industry has kept most traditional institutional real estate investors from participating at a significant level. The low barriers to entry have kept the industry relatively fragmented. Today there are several number of people are benefited from using the Reno Self Storage facility. Reading the reviews provided by the author is one of the best ways to gain necessary information on Storage units Reno.
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