Posted over 4 years ago

Why is Self Storage So Popular?

In the past few decades, it’s safe to say that the self storage industry has taken a sharp turn in the upward direction. People are accumulating more and more over the years, and have less space to store them. We’ve also witnessed a steep increase in people moving over the past several years, while the desire to relocate everything you own is not quite as popular. Where there's a need, there's room for a popular business, and with the increase of all of the above, self storage companies have been popping up ever since.

Of course there are still many who have a large enough basement to hold all of their belongings, or people who are less sentimental and hold an annual garage sale to rid themselves of any extra items. But that hasn't slowed the market for self storage investing down in the least. As a self storage facility owner, it is important to know where this business is coming from. And the next time you're marketing or looking for new customers, keep these demographics in mind.

Top Self Storage Users

  1. 1. Military Families

With the constant moving and unpredictability military families (or singles) often face, many choose to keep certain belongings in a self storage unit. While they may be stationed overseas, across country, or even across town, they have the flexibility to move freely while still keeping their things safe. This option is often more fiscally responsible for those who frequently move.

  1. 2. College Students

Younger generations may move from home and find they simply don't have the space they did in their former homes. Perhaps they're parents have moved, or whatever they need to store needs to be closer than their previous residence. Self storage is also a good option for students or those just starting out on their own as it is much cheaper than purchasing or renting a larger property.

  1. 3. Those who have downsized

Many people who have decided to sell their larger homes are left with an overwhelming amount of belongings they no longer have the space to store. Using self storage units are a great option for them to hold onto their keepsakes, while not having to commit to a larger property than they need. And, if these people are still in limbo, it offers them a safe place to keep their things until they can get settled into a new and more permanent home.

  1. 4. Just need the extra space

Finally, self storage businesses everywhere are help kept full by those who simply don't have the room to hold everything. Whether they are storing a family member's belongings, waiting to sell their goods on eBay, or just have a hard time getting rid of things, these renters have the flexibility to rent space as it is needed. Building a garage or shed is expensive, but renting a storage unit allows someone else to pay all of the property bills. It also provides the option of using as much or as little space as you need.  

Comments (1)

  1. I have also found myself recently in the scenario of being between homes with one closing and a rental lease coming to an end.  We found a friends apartment but the rest of all our belongings are now stocked away in a storage unit.  This scenario here in the ATL area is quite common and adds yet just another reason why demand for self storage remains strong.  That's why my partners and I continue to like self-storage as a strong asset class and continue to provide great opportunities to invest.