What Trends Are Driving Growth in The Self-Storage Industry?
Self-Storage Is Not Just For Homeowners
Real estate costs drive many businesses to discover more affordable ways to store inventory, components, and other items that were once housed in massive warehouses or corporate structures. Instead of renting or purchasing an entire facility with washrooms, office space, and massive overhead, savvy business owners are turning to self-storage facilities that cost only a fraction of what would be invested in a complete property used only for storage.
Living The Good Life
As wages increase and households enjoy more prosperity, their lifestyles also include more collections of items, memorabilia from travel and events, and a greater accumulation of things. But after a time, these items are no longer being prominently displayed and need a place to be stored. Some items that are considered collectible are even being purchased simply as an investment. So, the buyers want a safe place to store these treasures until they are ready to sell them at an increased price. All of these trappings that come with a better quality of life also increase the demand for safe remote storage, and self-storage facilities are the perfect resolution.
A Booming Economy
Several areas around the United States enjoy a booming economy and attract a larger migrant community. With these new residents living in apartments and smaller homes, they have discovered the need for additional storage space. Self-storage facilities meet this need for reasonably priced square footage and eliminate the need to pay higher rent for a larger space.
An Influx of Foreign Students And Workers
California, Texas, and New York have the highest concentration of international students enrolled in their education systems. With the influx of students comes the need for more storage space. Students typically live in dorms or small shared apartments and need affordable solutions to store items that simply do not fit in their current tiny living spaces.
A Simple, Safe, And Affordable Solution
When the population in an area increases, there is always a similar increase in the demand for living space. However, we all know that buying a larger home or renting a bigger apartment can be a budget buster. The simple solution to getting added storage without breaking the bank is an affordable and safe self-storage unit. They are the cost-effective resolution to the needs of college students, young couples, growing families, and empty nesters. They are also the solution for wise investors who want to work with the experts at Legacy Built to grow their current wealth. Please reach out to our experts today to discuss the latest opportunities we have to offer new investors.
