Why Parking Garages Are the Perfect Location for Storage Units

As urban density increases and real estate prices rise, property owners and developers are continually seeking innovative ways to maximize space utilization while generating additional revenue. One underutilized asset with high potential is the parking garage. Specifically, installing secure, well-designed storage units in parking structures—especially over the hood of parked vehicles—is becoming a smart and lucrative strategy.

This blog explores why parking garages are uniquely suited for tenant storage units, how to capitalize on vertical space, and what property owners should consider when integrating storage into their garages.

1. Wasted Vertical Space = Missed Revenue

The average parking stall includes a significant amount of vertical clearance—typically 5 to 6 feet above the hood of a parked vehicle. This space is almost never used, yet it's fully owned and part of your property's real estate footprint.

By installing Parking Lockers’ over-the-hood storage units, you can transform this dead space into a secure, revenue-generating asset without removing or reducing parking availability.

• One unit can rent for $250–$350/month, depending on location.

• A garage with 20 lockers could yield $5,000–$7,000/month in added revenue.

2. Convenience and Value for Tenants

Parking Lockers offer tenants something extremely valuable: convenience. Residents no longer need to rent off-site units or haul belongings long distances. Storage is just steps from their vehicle.

According to a 2023 National Apartment Association report, storage is one of the top 5 amenities renters are willing to pay extra for—especially if it’s onsite and accessible.

3. Maximizing ROI Without Major Renovation

One of the biggest benefits of utilizing parking garage space for storage is that it doesn’t require any major renovation or re-zoning. Parking Lockers are:

• Freestanding and secure, avoiding structural interference.

• Built to fire code and safety standards.

• Installed in less than a day per unit by professionals.

This makes for an incredibly cost-efficient improvement that starts paying off almost immediately.

4. Safe, Secure, and Code-Compliant

Modern storage solutions like Parking Lockers™ are:

• Lockable, weather-resistant, and tamper-proof

• Made from industrial-grade steel

• Designed to meet local fire, egress, and seismic codes

Additionally, lockers can be equipped with tenant-only access locks, ensuring belongings are secure and the unit is exclusively used by the assigned renter.

5. Increase Building Appeal and Lease Renewals

Storage is not just a revenue opportunity—it’s a tenant retention tool. By offering parking-level storage:

• You differentiate your building from others with no extra storage.

• You reduce tenant turnover by offering long-term convenience.

• You can even bundle lockers with premium units or upsell them during lease renewals.

In multifamily and condo buildings, even a small edge in amenities can make a big difference in occupancy rates.

6. Support Sustainability and Declutter Living Spaces

Tenants today are looking for smart ways to live with less clutter. When their living spaces are limited (especially in urban apartments), access to a nearby storage unit becomes a lifestyle benefit.

Plus, offering in-building storage reduces the need for tenants to drive to off-site locations, helping lower emissions and traffic—an added green selling point.

7. Scalable Across Multiple Properties

Whether you manage a small condo building or a portfolio of high-rise apartments, this model scales well. You can:

• Start with a pilot installation of 10–20 Parking Lockers.

• Track usage, satisfaction, and ROI.

• Expand across more garages once profitability is proven.

Parking Lockers™ offers bulk pricing, project guidance, and national installation support, making large-scale rollouts seamless and cost-effective.

8. Boost Net Operating Income (NOI) and Property Value

Parking Lockers directly improve NOI through monthly rental fees, which can significantly raise a property’s appraised value.

Example:

• 20 units x $300/month average = $6,000/month = $72,000/year

• At a 6% cap rate, this equals $1.2 million in added property value

These numbers make a compelling case for parking garage storage as one of the best per-square-foot investments available.

Final Thoughts: The Garage Is a Goldmine

Parking garages are no longer just for cars—they’re valuable real estate ready to work harder. By transforming unused space into desirable Parking Lockers, you meet tenant needs, unlock new revenue streams, and boost long-term property performance.

As more properties embrace this strategy, those who move early will enjoy a competitive edge. If you’re looking to add meaningful income without sacrificing existing amenities, it’s time to take a closer look at the space right above your residents’ car hoods.

Sources:

• National Apartment Association: 2023 Amenity Value Report

• Urban Land Institute: Innovations in Multifamily Storage (2024)

• Self Storage News: Market Trends and Consumer Preferences