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Yardi Matrix recently added a new sector to its property management database: storage facilities for the fast-growing recreational vehicle and boats market.
Matrix enters the market as RVs and boats reach new heights of popularity. Sales of exclusive facilities for these assets exceeded $157 million last year, almost triple the previous annual record, as Americans sought travel and recreation opportunities away from crowds. And there’s no sign of a letup – some 9.6 million households say they intend to buy an RV within the next five years.
Meanwhile, new powerboat retail unit sales this year are expected to surpass the 300,000 sold in 2021 by up to 3%. A driver of RV/boat sales is “the healthy balance sheets of households as people stopped spending while sheltering in place and collected stimulus checks from the government,” according to a Matrix bulletin issued in March. In addition, “the pandemic helped stoke a growing appreciation for recreation and travel to rural settings.”
The Matrix RV/boat storage facility database encompasses 786 completed storage facilities exclusively dedicated to RVs and boats, with more than 6,800 acres of space and 35 facilities in the development pipeline. Matrix identifies Denver, Houston, San Francisco, California’s Inland Empire, Los Angeles, Dallas and Phoenix as top markets for RV and boat storage properties.
Looking ahead, Matrix regards RV and boats as a “durable part of the American experience” that’s likely headed for even more growth. Demand is met with a somewhat limited offering of supply, with only 88 properties in the Matrix database having been delivered since 2010, compared with about 225 between 2002 and 2009.
Even so, the market is sturdy. “The growing demand from RV and boat sales combined with the limited amount of supply means the segment’s fundamentals should remain healthy, even in volatile economic times,” the Matrix bulletin says.
Get more insight into the dynamic RV/boat self storage market from the recent Yardi Matrix bulletin.
