Feasibility Study Company Independent Feasibility Analysis

RV & Boat Storage · Asset Class

RV & Boat Storage Feasibility & Market Studies

Independent, lender-grade analysis for RV and boat storage across SBA 7(a) and 504, USDA Rural Development B&I, conventional bank, CMBS, and bridge or construction capital. This page is our standing read on a market defined by chronic structural undersupply, on why format, from an open gravel lot to a climate-controlled condo, drives every rate and every underwriting, and on how feasibility and lease-up forecasts fail review.

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~25M
US households own an RV, a boat, or both, the demand base45
5×
Dedicated supply estimated needed to meet latent demand3
$5.99/SF
Advertised same-store rate, up 1.1% YoY, March 20251
60%+
Typical stabilized NOI margin on a 25–37% expense ratio7
The RV & Boat Storage Thesis

Twenty-five million owners, fewer than two thousand dedicated stores.

RV and boat storage is one of the few real-estate niches that spans a full continuum, from near-passive land to a lightly operating business, and format drives everything. An open, paved lot is underwritten much like income-producing real estate; a climate-controlled luxury condo facility, with valet, wash bays, and concierge service, shades toward a going concern with business-enterprise character. Underwriting a premium format into a market that only supports an open lot, or the reverse, is the single most common feasibility failure. We prepare the market study, the feasibility study, and the appraisal support to the standard that will judge the file.

The defining structural fact is chronic undersupply. Yardi Matrix, one of the only organizations tracking the niche, counted 1,937 completed dedicated RV and boat storage stores in its Q2 2025 report, within a 2,186-store database that includes a 249-project pipeline, up from roughly 800 in 2023, against roughly 52,000 traditional self-storage properties.1 Set against an installed base of roughly 25 million US households owning an RV, a boat, or both,45 and amplified by HOA and municipal rules that push storage off-site, the shortage is severe: Toy Storage Nation estimates the sector needs roughly five times its current supply to meet latent demand.3 That imbalance, more than any rate trend, is the investment and lending thesis.

What follows is organized as a working desk: a national and regional supply-and-demand monitor, the lease-up and operating forensics that sink storage studies at credit committee, the capital-source routing that decides whether a project runs through SBA, USDA, a bank, or a bridge lender, and the study-type distinctions competitors state loosely. One caution runs through all of it, and we flag it constantly: RV and boat storage is rarely tracked separately from general self-storage, so much of the data traces to a single dominant provider and to builders and brokers with commercial incentives. Every figure below is dated and attributed in the sources.

The Supply & Demand Monitor

Where the RV & boat storage market stands, market by market.

A supply-and-demand read organized by region and market type, not a precise metro leaderboard, because dedicated rate and supply data come predominantly from a single provider. Rates are directory and street averages, mixing open, covered, and enclosed product unless noted. Treat as directional; data current through mid-2026.

The national picture frames every region. Demand is defined by the durable installed fleet, not annual sales. RVIA's 2025 Go RVing Demographic Profile, conducted by IPSOS, reports 8.1 million primary RV-owning households plus 16.9 million more expressing strong five-year purchase intent, with a broader ownership definition putting the count near 11.2 million; the two figures are not interchangeable.4 NMMA counts roughly 11.8 million registered and documented boats in 2024, easing from 11.9 million in 2022.5 Because an RV sits idle for roughly 93 percent of its life, storage demand tracks this installed base, not the shipment cycle, which swung from a 600,240-unit peak in 2021 to 313,174 in 2023 before recovering toward 342,000 in 2025.17 Combined, industry researchers converge on roughly 25 million households owning an RV, a boat, or both.

Against that base, dedicated supply is thin. Yardi Matrix counted 1,937 completed stores in its Q2 2025 report, up from roughly 800 in 2023, and tracked 58 projects under construction in March 2025, with acres under construction equal to 4.4 percent of stock, down from 5.6 percent in July 2024, a measured rather than disruptive pipeline.1 The shortage is amplified by rules that push storage off-site: roughly 65 percent of new single-family homes built in 2023 sit under an HOA, and one widely cited estimate holds that about 85 percent of HOAs restrict RV parking,8 while municipal ordinances reinforce it, from Florida's HB 1203 to oversized-vehicle restrictions in Los Angeles and San Jose.9 Larger rigs, smaller lots, stricter rules: that is the algebra of off-site demand.

Supply pressure and opportunity: Undersupplied Strong demand, overbuild risk Localized oversupply. Rates are per space per month, advertised and mixing formats unless noted; treat as directional against the single-provider caveat.
Region / market type Demand drivers Prevailing format Rate environment (per space/mo, mixed) Supply read
Sunbelt retiree & snowbirdFL, AZ, TX, NV Very high; snowbird influx, year-round use, dense HOA and master-planned communities Full spectrum; strong covered, enclosed, and premium condo demand for high-value coaches FL outdoor ~$80–$180, indoor $400–$700 (coastal); AZ/NV desert outdoor $60–$150, climate $200–$400; Dallas RV ~$248, boat ~$296; Tampa RV ~$223, boat ~$262 Strong demand, overbuild riskSW Florida leads new construction; Denver, Dallas, Houston, Phoenix among largest by acreage
Boating-heavy coastal & lakeCA coast, Gulf, Great Lakes, NE seaboard Boat density near water; proximity-to-ramp premium of roughly 20–40% Wet-slip, dry-stack, and enclosed near water; climate-controlled for high-value hulls Northeast indoor $300–$800; South FL indoor $200–$600; CA Central Valley outdoor $60–$140, Bay/LA enclosed $350–$600 Undersupplied near waterLand-constrained near marinas; high barrier to entry; destination-versus-origination siting is pivotal
Great Lakes / Upper MidwestMN, MI, WI, OH Highest boat-per-capita (MN ~143.6 boats/1,000 residents; ~7% of Minnesotans own a boat); Great Lakes ~34% of national registrations Enclosed and climate-controlled favored for freeze protection; strong seasonal (Oct–Apr) storage Moderate; Midwest anchors the national rate floor (Toledo ~$102; Lansing ~$2.92/SF annualized); Chicago RV ~$221, +4.2% YoY Durable, low overbuildChicago the fastest-accelerating major MSA per Yardi; limited new supply
Mountain West outdoor-recreationCO, UT, ID, MT, WY High RV per-capita spend (MT, WY, ID among the top); reservoir boating (Powell, Havasu, Flathead) Mix; covered and enclosed for UV and snow; climate-controlled emerging (Bozeman, Fort Collins) Pacific NW and Mountain outdoor $50–$120; Denver RV ~$202, boat ~$195 Fringe opportunityDenver a leading dedicated market, ~47 properties / ~597 acres per analytics.loan
HOA-restriction-heavy master-plannedNationwide, concentrated Sunbelt Structural; home storage prohibited; ~65% of new homes HOA-governed Whatever the local market supports; premium formats where incomes run high Search-demand leaders: Katy, TX 13.39 per 1,000 residents; Apache Junction, AZ 6.54; Myrtle Beach, SC 4.57; Fort Myers, FL 4.25 Captive demandWaitlists common at new Class A facilities; site adjacent to gated communities is the prime play

Region figures compiled from Yardi Matrix and StorageCafe (2025), analytics.loan and MMCG (2025–2026), and builder and directory aggregators; see sources 1, 2, and 7. RV and boat storage is not organized cleanly by metro, and rates are directory or street averages, not audited rent rolls; the matrix is directional and carries the single-provider caveat throughout.

Rates cascade by format, not by geography

No number on this page is more misused than the monthly rate, because it depends entirely on format. On a per-space-per-month basis, uncovered outdoor lots rent for roughly $75 to $150; covered canopy carries a 40 to 80 percent premium at $125 to $250; fully enclosed drive-up runs $150 to $400; and climate-controlled or luxury condo product reaches $300 to $500 and beyond, exceeding $582 in the densest coastal markets.6 Development cost cascades the same way, from roughly $15 per square foot for a paved lot to $72 and up for climate-controlled.718 These bases are not interchangeable: a per-square-foot figure such as Yardi Matrix's $5.99 same-store average, a per-space rate, and a per-linear-foot rate describe different things and must never be compared directly.1 A study that underwrites a premium rent into a market that only clears open-lot pricing has failed before it starts.

The undersupply thesis does not immunize every submarket

National scarcity is not a submarket guarantee. Dedicated RV and boat rents proved resilient through the 2023 to 2025 correction, rising 1.1 percent year over year to $5.99 per square foot in March 2025 while traditional self-storage was still negative.1 But the broader sector is normalizing: Yardi Matrix reported national self-storage street rates down 1.1 percent in February 2026, with 26 of the top 30 metros posting declines and REIT same-store net operating income down 2.4 percent in the third quarter of 2025.12 Overbuilt suburban nodes, notably in parts of Texas and Florida, already show localized RV and boat rate weakness. Underwriting must be submarket-specific and format-specific, not thesis-driven, and it should not extrapolate the national undersupply story to a node that three competitors are already building into.

Cap rates, capital, and the institutional entry

There is no standardized cap-rate survey for dedicated product. The closest proxy, traditional self-storage, bottomed near 5.0 percent in the fourth quarter of 2022 and sat near 5.8 to 5.9 percent in the first half of 2025.10 Dedicated RV and boat storage has historically traded 50 to 150 basis points wide of self-storage, implying stabilized Class A near 6.0 to 7.5 percent and Class B near 7.5 to 8.5 percent, a spread that is compressing as capital enters.11 Transaction volume fell from 142 trades ($556 million) in 2022 to 59 in 2024, with per-acre pricing revised to roughly $308,000 before recovering to about $505,000 across nine first-quarter 2025 trades.11 Specialized platform commitments have exceeded $2.5 billion since 2021, and on March 16, 2026 Public Storage announced the acquisition of National Storage Affiliates in an all-stock transaction valued at roughly $10.5 billion in enterprise value, the clearest institutional endorsement of the broader storage complex in a generation, even though NSA is traditional self-storage rather than dedicated RV and boat product.1113

Common Review Failures

How RV/boat-storage feasibility and lease-up forecasts fail review.

Absorption, format fit, and expense realism are the variables a credit committee scrutinizes most, and the places storage studies most often break. Each failure below is tied to a real mechanism or number from the forensic record.

  1. Lease-up and absorption over-optimism

    Assuming pandemic-era absorption repeats in a normalizing cycle is the single biggest error. Genuinely undersupplied facilities can stabilize above 90 percent within 12 to 24 months with pre-reservations, but general self-storage lease-up has stretched to 36 to 48 months in oversupplied Sun Belt submarkets. SBA 7(a) ground-up deals require break-even within 24 months of certificate of occupancy, making absorption realism a hard eligibility gate.14

  2. Format-to-market mismatch

    Building expensive enclosed or climate product in a price-sensitive market, or cheap open lots in an affluent, HOA-heavy, high-value-coach market that would pay for premium. Format fit is asset-specific and is where the real-estate-to-operating-business continuum bites hardest; a covered-canopy premium the trade area will not pay is a modeling fiction.7

  3. Street rates mistaken for achieved rents

    Web and directory rates overstate collected rent once move-in discounts are stripped out, so economic occupancy can trail physical occupancy materially. A pro forma built on advertised rates rather than effective rates overstates year-one revenue before a single vacancy assumption is applied.6

  4. Trade-area and demand-radius errors

    RV and boat owners will drive 20 to 50 miles, so a naive three-to-five-mile ring understates demand; but overstating the catchment, or failing to net out competitor occupancy and registrations, inflates the pro forma. Per-capita square-footage saturation metrics are widely misused. Achieved rates and occupancy at real competitors are the only meaningful supply-demand signal.11

  5. Open-lot overbuild and invisible peer-to-peer supply

    Open lots have almost no barrier to entry, so a first mover's rate can be competed away quickly. Feasibility must count under-construction, permitted, and planned competition, plus informal peer-to-peer supply: Neighbor.com listings do not appear in Yardi or Radius+ data, understating effective competition in dense suburbs.1

  6. Property-tax reassessment and understated opex

    The low-opex thesis of 25 to 37 percent is real, but low is not zero. Management, security, insurance, and especially property-tax reassessment, where towns often reassess to purchase price and raise taxes two-to-sevenfold, are underestimated. Implausibly low expense ratios draw lender skepticism rather than credit.7

  7. DSCR-constrained sizing

    Lenders size to debt-service coverage, typically a 1.20x to 1.25x minimum, and increasingly stress-test at roughly 85 percent occupancy with no credit for forward rent growth across multiple lease-up years. A pro forma that only clears coverage at stabilized, discount-free rents is too thin to fund, and is the dominant execution risk on ground-up deals.11

Capital-Source Routing

Which channel funds the project, and what it requires.

RV and boat storage routes through a distinct set of capital sources, each requiring a different deliverable and coverage standard. The study is built to the union of requirements across the channels actually in play, and the SBA and USDA eligibility rules invert what borrowers expect from other asset classes.

The RV & boat storage lender matrix
Deliverable, terms, and coverage convention by capital source. Figures are market conventions, not universal minimums.14
Capital sourceDeliverableTerms & coverage convention
SBA 7(a) (owner-operated)Feasibility or market study where required by SOP 50 10 8~10% down; practical ceiling ~$5M; can finance lease-up reserves; 5/3/1 prepay
SBA 504 (owner-operated)Market or feasibility study~10–15% down; 25-year fixed CDC; whole-site occupancy; 10-year declining prepay
USDA B&I (rural ≤50,000 pop.)Feasibility study plus Phase I ESAUp to $25M; 80% guarantee; terms up to 30 years
Conventional bankStabilized underwritingPartial recourse, cash-flow sweeps since 2023
CMBS conduitStabilized income analysisNon-recourse, IO; ~1.20–1.25x DSCR; ~75–80% LTV; min ~$2–4M
Bridge / construction / debt-fundAbsorption and defined-takeout analysis12–36 months; floating; up to ~75–80% LTV; future-funding reserves

Sources: SBA SOP 50 10 8 (effective June 1, 2025); USDA OneRD final rule (December 10, 2021, 86 FR 70356); CMBS and debt-fund term sheets. See sources 14 and 15.

One eligibility point inverts the multifamily rule and is worth stating plainly. Where pure investment apartments are generally not SBA-eligible, owner-operated RV and boat storage is, because when the owner controls entry, exit, and services the SBA treats the facility as an active operating business rather than passive real estate.14 That makes SBA 7(a) and 504 the most common development and acquisition route: 7(a) offers roughly 10 percent down, a practical ceiling near $5 million (extendable to $7 to $9 million through layered second mortgages), a short 5/3/1 prepayment penalty, and, with the best lenders, the ability to finance construction interest, contingency, and 12 to 24 months of lease-up reserves into the loan. SOP 50 10 8, effective June 1, 2025, restored a 10 percent equity injection for start-ups and changes of ownership and requires management-agreement review to confirm the owner controls budget, bank accounts, and employees. A note of caution: some lenders classify single-use climate-controlled facilities as special-purpose, which can raise the required equity injection, while mixed-format sites are less likely to draw that designation.

USDA financing is the more misunderstood route. Contrary to a widespread misconception, and to some outdated online lender guides, owner-operated storage is eligible for the USDA Rural Development Business and Industry (B&I) Guaranteed Loan Program. The original July 2020 OneRD rule listed self-storage as ineligible, but USDA affirmatively removed that ineligibility in the December 10, 2021 final rule (86 FR 70356), reasoning that such facilities provide construction and permanent jobs and expand the rural tax base.15 B&I offers up to $25 million, an 80 percent guarantee, and terms up to 30 years, and requires a rural location of 50,000 population or fewer, a feasibility study for start-ups, and a Phase I environmental site assessment. RV and boat storage is not named separately in the regulation; eligibility follows by extension of the self-storage operating-business logic.

  • Owner-operated ground-up developmentSBA 7(a), where financing construction interest and 12–24 months of lease-up reserves into the loan is decisive, or a bridge or construction lender with a defined takeout.
  • Owner-operated long-term holdSBA 504, for long-dated fixed-rate CDC leverage and whole-site owner-occupancy with no tenant carve-out debate.
  • Rural project (population ≤50,000)USDA B&I (up to $25M, 80% guarantee), eligible since the December 2021 rule, evaluated alongside SBA.
  • Stabilized acquisition or refinanceConventional bank or CMBS, non-recourse and interest-only, sized to roughly 1.20x to 1.25x DSCR.
  • Single-use climate-controlled or luxury productWatch the special-purpose designation, which can raise the required equity injection; mixed-format sites are less likely to draw it.
Study Types

Market study, feasibility study, appraisal: three questions.

These three documents answer different questions and are not substitutes. Lenders and borrowers conflate them constantly; SBA, USDA, and bank reviewers do not, and for this asset the valuation continuum makes the distinctions sharper still.

What each document answers, and the standard that governs it.
DocumentQuestion answeredGoverning standard
AppraisalWhat is it worth? A present-value opinion supporting collateral and LTV, centered on the rent roll by format.USPAP
Market studyWill it lease? Trade-area demand, competition, format-specific achievable rates, and occupancy.Lender / SBA / USDA scope
Feasibility studyWill it lease and cover its debt? The market study plus development cost, absorption, a multi-year pro forma, DSCR, and a go/no-go conclusion.SBA SOP 50 10 8 conditions

The valuation continuum is central to this asset. Open-lot storage is valued much like income-producing real estate: direct capitalization of stabilized net operating income, plus a discounted cash flow for lease-up deals, anchored by the rent roll and the rate per space by format. As formats add enclosure, amenities, and services, the asset shades toward a going concern with business-enterprise character and more identifiable intangibles. Lenders generally lend on the stabilized leased-fee going-concern value, while tax assessors often must value the fee-simple real estate alone, excluding personal property and business income, a distinction that drives property-tax appeals. A replacement-cost cross-check disciplines against overbuilding, flagging deals where income value exceeds replacement cost by more than roughly 15 percent.7

The three deliverables are not substitutes, and the scopes do not overlap as often as borrowers assume. The study author performs the market or feasibility analysis; a separate, licensed appraiser performs the valuation; and neither performs the Phase I or Phase II environmental site assessment, which is a distinct environmental professional's scope. SBA SOP 50 10 8, effective June 1, 2025, formalized the conditions under which a third-party feasibility study is expected and dropped the Small Loan threshold from $500,000 to $350,000, pushing more storage transactions into the Standard Loan track and its fuller documentation.14

RV and boat storage formats, each with a distinct study scope

RV & Boat Storage Questions

RV and boat storage feasibility and market-study questions.

Is RV and boat storage the same asset class as self-storage?

Not quite, and the distinction matters for data. RV and boat storage is a subset of the larger storage universe, but it is usually not tracked separately from general self-storage. Yardi Matrix and StorageCafe are effectively the single dominant source of dedicated-facility counts, pipeline, and same-store rent data, and much rate and cost data originates from builders and brokers with commercial incentives. There is no standardized cap-rate or occupancy survey for the niche. Any study that treats self-storage benchmarks as interchangeable with dedicated RV and boat data, without flagging that single-provider dependence, is overstating its precision.

Is RV and boat storage eligible for SBA financing?

Yes, when it is owner-operated. Because the owner controls entry, exit, and services, the SBA treats the facility as an active operating business rather than passive real estate, so both the 7(a) and 504 programs apply. This inverts the multifamily rule, where pure investment apartments are generally SBA-ineligible. SBA is the most common development and acquisition route: 7(a) can finance construction interest and lease-up reserves into the loan, and SOP 50 10 8, effective June 1, 2025, requires a 10 percent equity injection for start-ups and changes of ownership and management-agreement review to confirm owner control of budget, bank accounts, and employees.

Is RV and boat storage eligible for USDA financing?

Yes, in rural markets, and this corrects a common misconception. The original July 2020 OneRD rule listed self-storage as ineligible for the USDA Business and Industry (B&I) program, but USDA affirmatively removed that ineligibility in the December 10, 2021 final rule (86 FR 70356). Owner-operated storage now qualifies because the operator controls its lessees and provides services, satisfying the passive-rental test. B&I offers up to $25 million, an 80 percent guarantee, and terms up to 30 years, and requires a rural location of 50,000 population or fewer plus a feasibility study for start-ups and a Phase I environmental site assessment.

How undersupplied is the RV and boat storage market?

Severely, by every available measure. Yardi Matrix counted 1,937 completed dedicated RV and boat storage stores in its Q2 2025 report, against roughly 52,000 traditional self-storage properties and an installed base near 25 million US households owning an RV, a boat, or both. Toy Storage Nation estimates the sector needs roughly five times its current supply to meet latent demand, and that about 70 new projects would be needed each month to close the gap, versus fewer than 70 underway in all of 2025. That chronic imbalance, not any rate trend, is the core investment and lending thesis.

What rents and operating margins does RV and boat storage achieve?

Rates cascade by format, from roughly $75 to $150 per space per month for open uncovered lots, to $125 to $250 for covered canopy, $150 to $400 for enclosed drive-up, and $300 to $500 and beyond for climate-controlled and luxury condo product. Operating expense ratios run roughly 25 to 37 percent, producing NOI margins commonly above 60 percent, with break-even near 40 to 50 percent occupancy and stabilized occupancy routinely above 90 percent. The Carraway facility in Magnolia, Texas held 97 percent occupancy from 2021 through 2024 while lifting base rent from $4.69 to $5.35 per square foot, and app-based access and AI revenue management, from Storable to Yardi Breeze, hold operating expense down.

How long should RV and boat storage lease-up take?

In a genuinely undersupplied market with pent-up demand and pre-reservations, a dedicated facility can stabilize above 90 percent occupancy within 12 to 24 months. General self-storage lease-up has stretched from 24 to 30 months to 36 to 48 months in oversupplied Sun Belt submarkets, and any pro forma crediting a fast pace without documented comparable absorption fails credit committee. For SBA 7(a) ground-up deals the point is a hard gate: the project must reach break-even within 24 months of the certificate of occupancy, which makes absorption realism an eligibility question, not just an underwriting one.

Which RV and boat storage submarkets carry overbuild risk?

National scarcity does not immunize every submarket. Dedicated RV and boat rents proved resilient through the 2023 to 2025 correction, but the broader self-storage sector is normalizing: Yardi Matrix reported national street rates down 1.1 percent in February 2026, with 26 of the top 30 metros declining. Overbuilt suburban nodes, notably in parts of Texas and Florida, already show localized RV and boat rate weakness. The open-lot format has almost no barrier to entry, so a first mover's rate can be competed away quickly. Underwriting must be submarket-specific and format-specific, never extrapolated from the national undersupply thesis.

By Market

RV & boat storage feasibility studies by state.

Storage demand and supply are local. Explore the state markets where ownership density, HOA and municipal restrictions, climate, and the competitive pipeline determine whether a project pencils.

Underwriting an RV or boat storage project? Start with the format and the market.

A methodology briefing covers documented demand density and HOA restrictions in your trade area, the format the market will actually pay for, the absorption pace a credit committee will accept, and the SBA, USDA, bank, or bridge route that fits your hold.

Request a methodology briefing
Sources

Data sources and dates.

Every figure on this page traces to a named authority. RV and boat storage is rarely tracked separately from self-storage, so readings are point-in-time, provider-dependent, and drawn heavily from a single dominant supply provider and from builders and brokers with commercial incentives, as noted throughout.

  1. Yardi Matrix, Q2 2025 National RV & Boat Storage Report (data as of April 10, 2025): dedicated-facility counts (1,937 completed within a 2,186-store database, 249-project pipeline), acres under construction, and same-store advertised rents ($5.99/SF, +1.1% YoY, March 2025). Effectively the single dominant supply provider for the niche.
  2. StorageCafe (2025): national all-type average monthly rate (~$171); metro RV and boat search-demand rankings (Katy, Apache Junction, Myrtle Beach, Fort Myers).
  3. Toy Storage Nation / Modern Storage Media / Inside Self-Storage (2024–2025): supply-gap estimates ("5x supply needed," ~70 projects per month), operating economics, and format cost commentary. Industry estimates, not audited.
  4. RVIA, 2025 Go RVing Demographic Profile (conducted by IPSOS): 8.1 million primary RV-owning households, 16.9 million expressing five-year purchase intent, and the broader ~11.2 million ownership figure (not interchangeable).
  5. NMMA, U.S. Recreational Boating Statistical Abstract (2024): ~11.8 million registered and documented boats (11.9M in 2022, 11.6M in 2023), plus an estimated 3.6 million non-registered craft.
  6. Extra Space Storage and HomeGuide (2025–2026): advertised rate ranges by format (open, covered, enclosed, climate-controlled), including coastal premium readings above $582/month.
  7. analytics.loan and MMCG (2025–2026): format rate ranges, operating-expense (25–37%) and NOI (60%+) benchmarks, break-even occupancy, metro facility and acreage counts, U.S. market-size estimate, and replacement-cost cross-check discipline.
  8. Foundation for Community Association Research (2023–2024): ~77–78 million Americans in ~369,000–373,000 community associations; ~65% of new single-family homes (2023) HOA-governed; industry estimate that ~85% of HOAs restrict RV parking.
  9. Florida HB 1203 (effective July 1, 2024); City of Los Angeles and City of San Jose oversized-vehicle ordinances (2024): municipal RV and boat parking restrictions reinforcing off-site demand.
  10. Cushman & Wakefield, via easystoragesearch (2025): traditional self-storage cap-rate series used as the closest proxy (~5.0% Q4 2022 trough, ~5.8–5.9% H1 2025).
  11. MMCG database and analysis (2026): dedicated RV and boat cap-rate spread estimates (Class A ~6.0–7.5%, Class B ~7.5–8.5%), national footprint estimate, transaction volume and per-acre pricing, institutional-capital tally ($2.5B+ since 2021), and DSCR case study (1.88x at stabilization). Proprietary single-provider estimates.
  12. Yardi Matrix (Jeffrey Adler), self-storage rate commentary (March 18, 2026): national street rates −1.1% in February 2026, 26 of the top 30 metros declining, annualized average $16.10/SF; Q3 2025 REIT same-store NOI −2.4%.
  13. Public Storage press release (March 16, 2026): announced all-stock acquisition of National Storage Affiliates, ~$10.5 billion enterprise value (close expected Q3 2026). Traditional self-storage, not dedicated RV and boat.
  14. U.S. Small Business Administration, SOP 50 10 8 (effective June 1, 2025): 7(a) and 504 owner-operated eligibility, 10% equity injection, management-agreement review, and the Small Loan threshold reduced from $500,000 to $350,000.
  15. USDA Rural Development, OneRD Guaranteed Loan Program final rule (December 10, 2021; 86 FR 70356) and 7 CFR 5001.115: removal of the self-storage B&I ineligibility; North Avenue Capital program materials on rural storage financing.
  16. Carraway RV & Boat Storage, Magnolia, Texas, public operating case study (2021–2024): 97% occupancy maintained while base rent grew from $4.69 to $5.35/SF.
  17. RVIA, Spring 2026 RoadSigns shipment data and projections: wholesale shipments of 600,240 units (2021), 313,174 (2023), ~342,000 (2025), and ~349,000 forecast for 2026 (projection).
  18. RecNation, Baja Carports, MakoRabco, Trachte, and Modern Storage Media contributor estimates (2025): builder and turnkey development cost by format ($15/SF open lot to $72+/SF climate-controlled). Exclude land unless noted; steel-price sensitive.
  19. Storable and Yardi Breeze (2024–2025): facility-automation, app-based gate access, and AI revenue-management references informing the low-opex operating profile.