Booming Self-Storage Industry in the US
In US companies which lease out storage spaces to people are booming with profits. Self-storage rents are rising with an 87.4% occupancy rate for self-storage facilities. Occupants seek self-storage space owing to life changes occurring in good times and bad. Some of the chief factors responsible for growing self-storage services are death, divorce, downsizing and dislocation. This also includes people finding new jobs, getting married or moving away or back home from college.
Apart from providing people with ready-made solutions to store their stuff, self storage companies also generate employment. Around 172, 000 people are employed by self storage companies. The total number of self storage facilities in US is 58, 000 which is expected to rise in the coming years. The storage space tends to be “sticky” for many people who hardly move to a different storage facility even if the rent is slightly lower.
Self-storage companies in US have been the fastest growing companies among US real estate companies from the last forty years. People are emotionally attached to their possessions, the chief reason why US is mushrooming with self-storage establishments. These self storage spaces are piled up with stuff people don’t want to see but can’t bear to lose.
