This is about the easiest decision—the closest thing to a no-brainer—a co-op or condo board of directors will ever need to consider: what to do with vacant space.
Install storage lockers. If you already have storage lockers, install more storage lockers.
What other building amenity pays back its initial investment in a year or two, turning a bleak, dark hovel in the basement into a perpetual money-maker while making closet-space challenged residents very happy?
“We are all hoarders to some degree or another and condominium living, for all its benefits, does not lend itself to storage,” says Robin Habacht, co-founder and president of Monticello Property Management in Matawan, New Jersey. “Storage units are invaluable to condominium living and may serve as a revenue portal for an association to offset expenses or the initial cost of installing a storage system, if one was not part of the original building plan.”
For co-op and condo conversions of older buildings, which were not typically designed with built-in storage space, turning vacant basement or other space in the building into a storage room is a great way to bring in new revenue.