by What is Self-Storage?
Self-storage refers to rental storage units that are rented to businesses and individuals to store their possessions. These storage units, also known as mini-warehouses, come in different sizes – from small spaces sufficient to store boxes and furniture to large garage-sized units. Self-storage facilities provide an affordable and flexible option for both short-term and long-term storage requirements.
Advantages of Self-Storage
Some key advantages of opting for self-storage include:
Flexibility in Unit Size
Self-Storage offers a wide range of unit sizes starting from small 5×5 lockers to large drive-up units measuring 10×30 or more. This allows customers to choose the right size as per their storage needs. Whether you need to store a few boxes or an entire household’s belongings, self-storage facilities have options to meet all requirements.
Affordability
The cost of renting a self-storage unit is significantly lower than other traditional storage solutions. On average, individuals and businesses can store their possessions for $50-200 per month depending on the city and unit size. This makes self-storage a budget-friendly option for temporary or long-term storage needs.
Convenience
Self-storage facilities provide easy access to rented units 24/7 without appointment. Customers can conveniently load and unload at their preferred time of the day using drive-up loading docks available at many facilities. With an access code or key, individuals can come and go as they please during operating hours.
Security
All reputed self-storage operators offer robust security systems including electronic locks, security fences or walls, security cameras, bright lighting in common areas and on-site management. Some facilities also provide additional security features like motion sensors, limited-access gates for drive-up units etc. This ensures possessions are kept safe and secure.
Insurance Option
Many Self-Storage providers offer optional insurance that customers can purchase to protect their belongings from various perils like fire, theft, damage etc. This provides an additional layer of protection and peace of mind for valuables stored.
Why do People use Self-Storage?
There are many common scenarios where self-storage proves useful:
Home Renovation or Construction
If homeowners are renovating parts of their house or have major construction underway, they often need an off-site place to temporarily move belongings that are not in active use. Self-storage comes in handy to Clear such items from the house during renovation works.
Downsizing or Move
Relocating to a smaller home or moving to another city requires sorting through years of collected possessions and getting rid of extras. Self-storage is a popular option to box up items not needed immediately post move for easy access later on.
College Student Storage
College students frequently use storage units near their university to stash away seasonal clothing, textbooks, dorm décor and other essentials in one place between academic terms or over summer break.
Business Storage
Commercial storage space is utilized by businesses to archive documents, store seasonal inventory, backup equipment and more in a secure and weather-protected area away from the primary office location.
Estate Storage
Executors of estates facing sorting and distribution often use self-storage to temporarily keep decedents’ possessions together until heirs have determined how to handle them.
Apart from the situations above, self-storage also comes in handy for temporary overflow storage of sporting goods, holiday decorations, vehicles, boats/RVs and more. Whether short-term or long-haul, it provides an off-site solution for storage needs.
Industry Experiencing Continued Growth
The self-storage industry has experienced steady growth over the past few decades driven by increasing population, smaller household sizes and busier lifestyles that require temporary or long-term extra storage.
One factor positively impacting demand is rapid growth of secondary and vacation homes. This requires temporary housing of furnishings and accessories when seasonally changing residences. Digital access also saw increased adoption during Coronavirus allowing tenants to access units and make payments online.
With economic recovery and housing recovery in towns and cities, demand for commercial storage space is expected to remain buoyant. The self-storage real estate investment will likewise continue expanding. Investors see attractive cash flow and low capital expenditure benefits of the sector. Overall, favorable demand drivers indicate robust future growth opportunities for self-storage facilities across regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
