Self Storage: A Growing Industry

The self storage industry is one of the fastest growing in the world today, with over 40,000 estimated self storage facilities residing in the US. With this industry growing in popularity as a result of being a convenience service, this number is expected to grow as homeowners everywhere realize the benefits and convenience of self storage.

Over recent years, it appears many of us have become hoarders or have accumulated more possessions as a result of growing families, relocating, divorce and so forth. In addition, it is also believed that hobbies and money-saving tasks such as DIY have called for many homeowners to purchase tools and materials which can take up a great deal of space within the home. However, one of the most notable reasons for the increase in self storage unit use is through downgrading. As a direct result of the recession, many homeowners have moved to smaller residences in order to lower their costs. However, with a smaller home comes less storage space, calling for the need of self storage units.

There are many within the real estate industry who believe the market is already overwhelmed with self storage facilities. Although it may be true that the US, for example, has been over indulged with self storage providers, new owners of self storage services can still make a considerable amount of profit through their service if they devise an effective plan of operation. Due to the large amount of competition, it is the desire for survival that calls for self storage providers to clearly outline what they can and cannot accommodate for, and any specialist forms of storage they can offer. For example, a self storage facility that clearly advertises itself as specializing in car storage or document storage will have an increased chance of gaining these specific customers.

Furthermore, helpful hints and advice regarding self storage can also help to increase custom. For example, there are many who may believe that self storage facilities are solely for the use of homeowners. However, a wide variety of businesses utilize self storage facilities in order to store produce, documents, orders and so forth, so should a self storage provider clearly outline the many uses of their units, they are likely to have optimized profits. However, put simply, a self storage facility should clearly present the main benefit of self storage in that it helps to de-clutter space, whether this space is the user’s home or working environment. But what are the main benefits of self storage facilities to the provider?

  • Due to the simplistic nature of the business, self storage facilities require only a very simplified form of management and as users will require a facility for a set period of time or even on a long-term basis, the provider will benefit from consistent profit, making for a very attractive investment.
  • Compared to other areas within the real estate industry, self storage facilities require very little maintenance and in terms of self storage rooms, care of the unit is mostly the responsibility of the user.
  • Along with consistent profit from the rental fee of the unit, providers may also accumulate additional cash through late fees should any user miss their payment. Furthermore, if the provider supplies long-term storage solutions, such as compartments, they can also charge the use for access of the unit.

The self storage industry is expected to increase in size as society will always require forms of storage whether they wish to store an unused car, clothes or even documentation. By offering storage units at competitive prices with the promise of security, access and even special features such as refrigerated units for produce; it is likely that self storage units will soon become a widely utilized service across the globe.

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