March 21, 2023
RV & Boat Storage is quickly rising in popularity amongst investors. Demand for this type of storage is almost limitless as new customers arrive daily at facilities across the country having just purchased their new power boat or RV.
Currently, there are just over 800 dedicated boat & RV storage facilities in the US according to Yardi. This count does not include marinas or mini storage that also contains boat/rv storage.
RV ownership alone in the US amounts to about 11% of households or 12 million households with an RV. This is an increase of 62% from 6.9 million households in 2001.
Total boat ownership is similar with about 12% of households owning a recreational boat or 14 million. Using just the 14 million households by assuming the boat owners are also the RV owners, that equates to 17, 500 customers per boat & RV facility! Needless to say, demand is high and growing for this type of storage.
RV ownership is projected to increase substantially in the coming years. 20.5 million American households say they intend to own an RV at some point, with half of that population looking to make that purchase within the next 5 years. Total shipments for RVs in 2020 were 430,412 followed by 600,240 and 493,268 in 2021 and 2022 respectively.
Boat sales have followed a similar path with a record of 320,000 powerboats sold in 2020 and approximately 300,000 and 250,000 in 2021 and 2022 respectively.
If you are looking to get into storage, perhaps you need to consider Boat & RV. This type of asset is in strong demand especially if you live in a travel destination near a body of water. We are here to help point you in the right direction. Call us today!
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