Question of the Month: The shrinking apartment: A call for creative space solutions

 

 

Long Island City, NY As New York City’s apartments continue to rise in price and shrink in size — with some newly built units barely exceeding 300 s/f — the efficient use of every available square foot in a building has become more critical than ever. As apartment dwellers continue to participate in lifestyle activities (biking, hiking, pickleball, tennis, rollerblading, and more), the demand for additional storage has surged, encompassing everything from bicycles and luggage to seasonal clothing and household items. In response, innovative in-building storage solutions are emerging, offering building owners an opportunity to rethink space utilization while enhancing tenant satisfaction.

Bargold Storage: A Model for Urban Storage Solutions
Bargold Storage Systems stands out in this landscape, specializing in converting underutilized areas within buildings into secure, custom storage units. From overlooked basements to the under-stairs nooks, Bargold effectively transforms these spaces into practical solutions for the pressing issue of limited storage in urban living. As developers prioritize smaller units to meet affordability requirements, on-site storage is shifting from luxury to necessity.

“After years of managing off-site self-storage operations, we recognized a growing demand for on-site solutions in the New York metropolitan area,” said Nick Esteves, vice president at Bargold Storage Systems. “We saw an opportunity to repurpose unused space in buildings, allowing landlords to provide essential amenities without any upfront costs.”

Convenience Meets Security for Tenants
For tenants, in-building storage represents unparalleled convenience. Instead of the hassle of renting a remote storage unit — which often necessitates a car or public transportation — residents can simply take an elevator ride or the stairs to access secure storage within their own building. This proximity allows for quick access to items that may be needed on short notice, such as seasonal clothing or sports equipment.

Industry reports indicate a trend where urban residents increasingly favor storage options that seamlessly integrate into their daily lives. The traditional model of off-site storage is giving way to solutions that prioritize immediate access. For those working from home, having nearby storage is particularly advantageous, helping to maintain a clutter-free living environment, while maintaining and active lifestyle.

“Knowing their belongings are safe in a well-maintained, secure space provides tenants with peace of mind,” said Mercedes Gonzalez, director of operations at Bargold. “Our enhanced security features, including reinforced locks and optional surveillance systems, allow landlords to promote these storage units as premium amenities.”

A New Revenue Stream for Building Owners
From the perspective of property owners and boards, these storage solutions offer not just the optimization of space but also a new revenue stream. Bargold manages the installation, maintenance and billing at no cost, while the building owner or board receives a percentage of the monthly storage rents collected.

“Even small storage units command premium rental rates in New York City,” Esteves said. “This not only boosts a property’s income but also enhances its overall marketability.”

Furthermore, tiered pricing models are implemented, offering various sizes and features to cater to different tenants’ needs. This flexibility generates additional revenue while providing tailored solutions that meet specific storage requirements.

An Amenity with Growing Appeal
In-building storage is quickly becoming a competitive advantage for residential properties. As trends shift toward convenience, having on-site storage enhances a building’s overall appeal. It is increasingly seen as a standard amenity, akin to fitness centers or laundry facilities.

Moreover, properties equipped with attractive features, like secure storage, tend to enjoy lower tenant turnover rates. Studies show that tenants are more likely to renew their leases when their storage needs are met, making on-site storage a critical factor in their decision-making process.

A Timely Investment in Urban Living
The urban real estate market is in a constant state of flux, particularly in New York City, where residents are looking for housing that aligns with modern lifestyles. As the demand for smarter storage solutions continues to grow, in-building storage emerges as a strategic investment in both functionality and marketability.

“Offering convenient, on-site storage positions property owners ahead of the curve in attracting and retaining tenants,” Gonzalez said. “As apartments become increasingly compact, yet tenants demand space for sports equipment, lifestyle activities and storage, the need for creative space solutions will only intensify.”

Conclusion
In-building storage, such as that offered by Bargold Storage, presents a timely and intelligent solution for both tenants and building owners. For tenants, it alleviates the challenges of limited living space, providing a secure and convenient area for their belongings. For landlords, it transforms underutilized spaces into income-generating assets while enhancing the appeal of their properties.

As self-storage trends evolve, in-building storage is set to become an essential feature of urban living. With creativity and the right partnership, dead spaces in apartment buildings can be reimagined as valuable resources, improving the living experience while enhancing building revenues.