Question of the month: What are the most cost-effective upgrades a building can make to improve property value and resident satisfaction? - by Nick Esteves

In a market where square footage is a bonus and closets and storage spaces are tight, secure on-site storage is no longer a luxury amenity — it’s a necessity. Whether you’re managing a rental property, sitting on a co-op board, or overseeing a condo association, one common theme prevails: residents want more space.

Successful buildings in today’s tight market must deliver a high value with fewer resources. Between rising operating costs, increased resident expectations, and a highly competitive market, the most successful buildings are those that identify upgrades that offer the greatest return with the least disruption. One of the smartest, most cost-effective improvements available right now? On-site storage.

Unused Space with Hidden Potential
Many residential buildings have underutilized areas — basements, mechanical rooms, storage nooks — that sit idle or serve minimal purpose. These spaces often collect dust, along with old equipment, disused supplies, or maintenance overflow. But with the right approach, these forgotten zones can become revenue-generating assets that benefit both the building’s financial health and its residents’ quality of life.

That’s where Bargold Storage Systems comes in. For decades, Bargold has helped New York buildings transform underutilized space into secure, rentable storage units — without any upfront capital cost or operational burden. From custom installations to ongoing management and maintenance, Bargold handles the entire process from beginning to end.

For residents, Bargold Storage Systems provides secure, convenient on-site storage options; reduction of clutter; enhancing living experiences, while generating building revenue with rental income from the on-site storage units.

A Simple, High-impact Solution
What makes on-site storage such a powerful upgrade? Bargold’s on-site storage offers a unique blend of financial and functional value. It solves a real-world problem for residents — where to safely keep their off-season clothing, holiday décor, bikes, baby gear, or extra belongings — and generates dependable income for the building.

For rental buildings, the additional monthly revenue directly increases net operating income (NOI), which in turn improves the overall valuation of the asset. In today’s income-focused investment climate, this kind of ancillary revenue stream is highly attractive to buyers and investors alike.

In co-op and condo buildings, rented storage units generate consistent income that can be directed into reserve funds, used to offset maintenance fees, or applied toward capital improvements. This helps boards defray the need for special assessments or fee increases — an important consideration for both fiscal stewardship and shareholder satisfaction.

Low Effort, High Reward
Unlike other building upgrades, on-site storage doesn’t require major construction, financial outlays or years of planning. Bargold works with each building’s unique layout to design and install units that fit seamlessly into available space. The process is fast, minimally invasive, and completely hands-off for boards and building managers.

Once the units are installed, Bargold takes care of everything: leasing to residents, collecting payments, managing customer service, and maintaining the facility. The building receives a share of the revenue monthly, without any of the day-to-day responsibilities.

That means no additional staffing needs, no upfront expenditure, no new operational headaches, and no risk — a welcome proposition for busy boards and overextended property managers.

Residents Love It, Too
Storage may not be as flashy as a rooftop lounge or high-end gym, but it has broader appeal. Almost every resident — regardless of age, lifestyle, or family size — needs extra storage. It’s one of the few amenities that delivers real utility to virtually everyone in the building.

On-site storage improves resident satisfaction and retention. In co-ops and condos, it helps drive unit sales by differentiating the property from others on the market. For rentals, it helps reduce turnover by making the building more livable and convenient.

In short, Bargold Storage offers a practical improvement that touches on the daily lives of residents: the kind of upgrade that matters most.

Your Trusted Partner
Bargold buildings benefit from the resources and experience of one of the most established names in the storage industry. The company’s new website (www.bargoldstorage.com) offers an easy-to-navigate platform where property managers and board members can explore storage options, view real-world case studies, and begin transforming their building’s unused space into something truly valuable.

A Smart Investment with Lasting Impact
In today’s market, the most cost-effective upgrades are those that enhance livability while supporting a building’s financial foundation. Secure on-site storage hits both targets. It improves the resident experience, generates recurring revenue, and increases long-term property value — without requiring boards or owners to spend capital, take on debt, or manage complex projects.

Whether you’re managing a co-op or condo in need of additional funding or operating a rental property looking for a competitive edge, adding on-site storage through Bargold is one of the most strategic decisions a building will make in the next year.

In New York, every square foot counts — and with the right storage solution, every square foot can be utilized to generate revenue and increase tenant satisfaction.

Nick Esteves is vice president of Bargold Storage Systems, Long Island City, N.Y.