Does the above sound like a cryptic message? It might if you’re a landlord and have been looking for signs of recovery in the real estate market. A recent survey by Rightmove (and reported in this morning’s City AM) suggests that asking prices are still dropping, despite a lack of stock in the market. It’s estimated that the number of new sellers this year is down 23% on last year – largely because of a lack of mortgage finance preventing new buyers.
Even the quickest scan of today’s CNN Real Estate microsite shows some dismal news in the USA. The Fed is pushing down mortgage rates to 5.55% (lowest in 30 years); foreclosures continue with no end in sight; emergency lending extended for another year and more… News reports from Australia’s business press don’t give any sign of hope there either, with announcements of losses of $51 billion (A$) in property values over the last year.
There is some hope for home and commercial property owners alike: create “temp space” – temporary rental space – for those seeking storage solutions. As home owners move, businesses down-size and students go back to college with non-seasonal equipment, it’s an ideal way to realise some extra revenue.
Student storage and budget storage opportunities abound. With no economic improvement in sight, more and more people are returning to school and will require corresponding storage space, particularly if they want to take prized possessions with them to an out-of-town site.
Alternatively, those moving to smaller homes will need budget storage – which you can offer – thus solving your revenue requirements and their need for space. We’re not advocating a permanent change – just temporary to fill the gap between your usual tenants.
If you’ve got a property already available, why not snap a few photos and list it today in www.StorPod.com?
Tags: affiliate reviews, budget storage, notice to landlord, student storage, temp space
