[metroTO]

I am just curious about the typical sizes of storage lockers.
Lockers range anywhere from $3000-$5000 from the developer. I've heard that some developers even offer a choice of larger locker units for a premium.
Developers rarely show floor plans of the storage locker, and often you don't have a choice of the location of the locker and some lockers may be irregular in size and shape.

I heard that some people in my building are paying $70-$100 a month to rent a locker from other homeowners. Given that condos are getting smaller, it makes sense that lockers are in demand which makes me think about possibly purchasing an additional locker unit.
Not everyone has a car or needs parking, but everyone has stuff.

Sounds like storage lockers could be a good investment. What do you think?

 

[jcphoenix]

I bought a storage locker in my pre-construction condo in downtown Ottawa for $4000 extra. It's a Brad Lamb project and I was told that the typical locker size is around 4'x6'.

I didn't get a parking lot either and actually added the storage locker on after I purchased my unit, as I realized how necessary it would be when planning out my living space, etc. Also, I've been told it's an absolute must for resale value.

 

[cdr108]

unfortunately, there doesn't seem to be a standard sizing for lockers.

but i do recommend one includes it in the purchase of a condo unit.
as you say, it's the only place where one can get the additional square footage for stuff.
if you're getting 2 units, if it's possible, try to get them side-by-side. that way you wont have to go to 2 different locations across the complex.

 

[Xenosblitz]

I'm not sure if buying a locker is really that important (personal opinion). There seems to be an excess of them, since out of the last few condos I've lived in (different builders), the builder has an excess amount and is actively trying to unload them post registration. In fact, the builder reduced the price from when I bought mine, which means I could have picked up a locker for cheap if I wasn't as anxious getting one when buying pre-construction.

I've also seen builders use free lockers as an incentive, or will bargain them away in show rooms.

With that said, demand of rentals seems to be healthy. People are more than willing to rent them at a better rate of return than renting parking spots, which are near zero or even negative return from what I've seen.

 

[dlam]

not sure if it is true in every case, but i hear storage and parking space add to your condo fee.

 

[Xenosblitz]

Most recently completed condos charge between $15-20 per month for lockers, and about $50 a month for parking. Pre construction is asking for even more now for parking. I saw one asking for $70 per month for parking maintenance.

For locker sizes, I've seen some that are rectangular (about 3 feet by 5 feet, with approximately 5 feet height. I've also seen ones with 2 feet by 4 feet, with 8 feet height). Obviously, different dimensions fit different people's needs, so always ask before purchase or rental.

 

[James]

...
With that said, demand of rentals seems to be healthy. People are more than willing to rent them at a better rate of return than renting parking spots, which are near zero or even negative return from what I've seen.

This is what I've found from experience as well. With lockers going for $4,000-$5,000 and parking spots going for 10x that amount, you don't get 10x the return on renting out a parking spot as you would a locker.

On the flipside, a parking spot will definitely command a higher resale value when you sell, however whether the return of putting in an extra $40k-$50k initially will pay off will need to be assessed.

 

[PinkLucy]

I bought extra lockers and didn't pay anywhere near $4,000.

 

[neuhaus]

Downtown condos tend to command higher prices of lockers due to demand (and smaller units), and more valuable real estate.

2 feet wide seems awfully narrow for a storage locker. I would think they are usually 3 to 4 feet wide (around the width of a door) and about 5 to 6 feet deep, however there isn't any by-laws or standards governing it.

You could negotiate with the builder the price of lockers if you buy more than one I think, however on some developments you are restricted to purchasing to just one or two lockers (just like parking).

I'm wondering if developers sell off at a discount any remaining lockers and parking that are left unsold once the developer transfers ownership? When I was living in the U.S. the developer had a silent auction for the last parking space that they couldn't sell. I didn't bid, but had I known it sold for less than half than what it normally sold for I would have jumped on the bidding.

It is a risk to wait as you will never know if all of the lockers would be sold by then.
I like the idea of buying two lockers at the same time so that you could have them side-by-side. Don't know if you could take out the partition and make it into one large locker?

 

[PinkLucy]

Downtown condos tend to command higher prices of lockers due to demand (and smaller units), and more valuable real estate.

I live downtown.

Negotiation is the way to go. We had to wait for a while until the developer knew what inventory they had. They gave us a price, we made them a counter offer. They wouldn't negotiate condo pricing, but they did for lockers. There seem to be a number of unused lockers which probably helped in our negotiations. There isn't enough parking though -- they skimped on that and added extra lockers I guess. No one has been able to purchase a second parking spot that I know of, and some units don't have one.

The extra storage is terrific for us, and although we have no plans to sell, I think it would also be a selling feature because we have a large unit and most folks I know with large units are interested in the extra storage.

 

[AKS]

Downtown lockers are going for 5k. Not many places are lower than that. Usually the extra lockers are sold out pretty fast downtown. In a hot market when the building is selling well, builders won't even negotiate prices. Parking prices are constantly going up. There's not enough parking even so only large units are allowed to purchase parking. Uptown is another matter though. It depends on location. In Scarborough, the builder had to put lockers and parking on sale to get rid of them.

 

[PinkLucy]

Maybe I lucked out. Our building was sold out early and there continues to be high demand for the area with new buildings going up that are also selling (Fort York area). I really think they just built too many lockers. Or maybe because there are a number of investors who bought, they didn't purchase lockers originally and that explains the surplus. The locker was the only thing that the developer negotiated on.

 

[Xenosblitz]

It probably depends on the builder.

Examples I know about:

Lanterra - 22 Wellesley - the lockers are around 2 feet wide (literally). I saw empty lockers when I was down there a few days ago.
Lanterra - Murano - extra lockers available. Advertised after registration. If I remember correctly, they were going for $2,500 (much less than $5k for sure).
Concord Adex - extra lockers available. Price cut from initial selling price by $1k (from $3,500 to $2,500, Cityplace), no negotiation required, available to all owners at registration.
Cityzen (L Tower) - free locker with no need to negotiate with the builder (I walked in and asked last year, didn't end up buying from them). If they are giving them out for free, I suspect there is a lot left and they may have to discount on registration to unload them to the unit owners.

Lockers were renting between $40/month-$60/month (asking) in a couple of the buildings above. Parking was going for between $85/month-$150/month for 2 of those buildings, $200/month in another, depending on which level the parking was.

Conclusion: Its very dependent on the building in question. Out of my examples, parking is a money loser from a return perspective, and lockers are a money winner rent wise, loser capital loss wise.

 

[metroTO]

I had a friend who was looking at a unit at Massey Tower and was surprised to learn that the developer is not providing any storage lockers at all! You can't buy one at any price, however you could buy a parking space for $60,000 (after a $9000 discount) but only for the two largest models.
There are almost 700 small units in that building. What is a homeowner or tenant to do?

PinkLucy, you are probably correct about investors not caring about purchasing lockers, which is maybe why lockers are not offered at Massey Tower. That project seems to be purchased primarily by investors.

A standard parking space is about 150 sq.ft. (at $60,000 each at Massey Tower) and a storage locker is about 20-25 sq.ft., you could get 6 or 7 lockers out of a parking space but that still works out to be $8,500 to $10,000 each if you do the math (though much of the cost goes towards the automated parking system), you could see why developers would rather sell parking spaces than lockers -- if they could sell them at all.

 

[AKS]

Concord Adex - extra lockers available. Price cut from initial selling price by $1k (from $3,500 to $2,500, Cityplace), no negotiation required, available to all owners at registration.

I can tell you that's not true. I bought pre-con back in 2003 and locker at the time was $2500. The sales agent at concord said I could add a locker in later if I decided to. So after signing the contract, a year later I wanted to add one. But they refused saying I had to wait until occupancy once all lockers were assigned before I could get one. By occupancy, they were selling lockers at $4-5k. What discount?

At parade building, I noticed the builders posted up lockers for sale. Price was $4500 and up. $4500 was for a tiny locker. $5000 for medium size and $6000 for large size lockers. No parking available. What discount?

Moral of the story. Get what you need when you sign the contract. If you wait until after the fact, you'll have to wait until occupancy to get anything added and if it's available. Plus there's price hikes.