Inside Look at the Self-Storage Industry
If you’re considering storing your things in self-storage, you might want to know more about the state of the industry. Is it a business that’s likely to remain viable over the next several years? Are you safe leaving your things there, or do you need to worry that your self-storage facility will close, and you’ll have to scramble to find another place for your belongings? We’ve got good news! The self-storage industry is a very profitable one, and it’s likely to continue to grow in value over the coming years. In 2020, the worldwide self-storage market had a value of $48.02 billion, and it’s expected to continue to grow at a compound annual growth rate of 5.45 percent between 2021 and 2026. It’s clear that self-storage is here to stay, so feel free to plan for long-term use of your storage unit. Why is self-storage doing so well?
- Nearly everyone could use a little bit of extra space. It seems like no matter how large a house is, there are always excess items that need to be handled. Since storage issues are so common, self-storage is a necessary industry, providing a convenient solution. While those in the rental house business often have trouble finding tenants, this is never an issue for self-storage.
- Once people move their things into a storage unit, they’re not likely to move them back out quickly. Having packed everything and carried it to a storage unit, people are not going to shift it to a different one because they found a better price. Rather, people tend to rent storage units and keep them for a long time, possibly longer than they originally intended.
- Pandemic-driven shifts have propelled self-storage to further success. Offices are downsizing, and people are increasingly working from home. On both sides of this equation, there’s a need for self-storage, as business owners store office furniture to lower their overhead on their office space and workers store home furnishings to make room for a newly necessary home office. What’s more, many families have found themselves in a position to downsize, which creates a need for self-storage for the residential sector.
- Baby Boomers and Millennials are a boon to the self-storage industry. As they grow older and leave the workforce, many Boomers are downsizing or migrating to other states, yet don’t want to give up their possessions. Millennials are flocking to urban areas, where they’ll have smaller living space, and they’re moving more frequently than prior generations did. For both these generations, then, self-storage provides a convenient solution to storage issues.
- Innovative new technology is easy to implement in the self-storage business. Modern self-storage facilities offer consumers a technology-rich experience that’s convenient and responsive. Contactless methods of doing business are extremely popular, especially self-service kiosks. Further, many storage facilities are offering customers the opportunity to do everything online or on their phones, from choosing and renting a storage unit to paying their monthly storage bill.
- You get more out of self-storage than simply storage space. Self-storage facilities also sell locks, boxes, packing supplies, and more, to make moving and storing your things easy and convenient.
Pouch Self Storage is an example of a self-storage facility that’s been growing and thriving for years because of a commitment to taking care of our customers. We’ve been operating mini-storage facilities since 1979 and we’re committed to keeping our clients’ belongings safe. Founded by John Yelland, who hails from Australia, Pouch Self Storage is named in honor of the kangaroo’s pouch- nature’s safe and secure storage spot. We’re an industry leader in design, building, and maintenance of self-storage facilities, and we strive to give our occupants the most advanced security systems available. At our nine Southern California facilities, you’ll find state-of-the-art computer monitoring systems that allow our self-storage managers to monitor the opening and closing of every storage unit door, 24 hours a day. For more information, call (800) 378-4598 or contact us through our website.