What Makes Self Storage Services So Attractive?
Recent consumer spending trends indicate that the popularity of self storage units is on the rise
. The reasons for the sudden upward surge and booming profit margins vary. However, one fact is certain, savvy entrepreneurs in the storage industry will enjoy record-breaking revenues in the next few years. The popularity of storage units has continued to grow since the early 1990's, when people discovered that they could store their mountains of stuff somewhere other than the garage, attic, or storage shed.
Since then, people are realizing that it's impossible to own it all and have enough space to store it in. At least not in their own homes, anyway. Likewise, with a record number of household relocations over the last decade (1.5 million), a large percentage of household goods must be given away, sold, left behind, or put into storage. Finally, homeowners have come to realize that it is much more financially feasible to store extra possessions in other facilities or location than to add on to their home or purchase a storage shed.
Self storage units provide the services that these and so many other Americans need, giving them peace of mind and extra storage space for a small monthly fee. According to The National Self Storage Association, there are now more than 51,000 storage facilities located across the nation, in every state. These units account for more than 2.2 billion sq. ft. of storage space, and consumers are treating it like prized real estate. The demand for space is so much in demand that, in many locations, customers who want to rent a self storage unit must be placed on a waiting list and pay an upfront deposit.
Even rural towns and communities across the nation now have at least one self storage facility, and more are being built every day. The self storage unit industry presents a unique business opportunity unlike no other. Once the facility has been constructed, the property owner has little to no overhead, with the exception of security and structural maintenance. He or she may choose to live on the property, hire security guards, use security cameras, or install a security key pad outside of a gated fence.
Most structural maintenance issues do not arise until after the business has been operational for a few years. Even in those cases property insurance will cover most repair expenses. The self storage unit owner does not need to hire employees, pay for health insurance, make purchase orders, or engage in complicated accounting. Simply stated, the consumer rents the unit and then does with it as they please, while business owners enjoy a 90% profit margin.
But storage unit rentals are not limited to the single household, college student, or recently divorced gentleman. In fact, many businesses and corporations use storage facilities for important files, records, office equipment, furniture, maintenance goods, and much more. Manufacturers use storage units for excess inventory, returned merchandise, items to be repaired or replaced, and document storage. And since storage space comes at a much cheaper price than extra office or manufacturing space, it stands to reason that businesses will continue to bolster the self storage unit trend.
In any case, parties on both sides of the fence can rest assured that self storage units are here to stay. Consumers can now find reliable storage space within 15 miles of their homes. Businesses can gain extra space at a reasonable price. Storage unit owners can know that business will always be booming, no matter what the rest of the economy might be facing.
by: Nick Messe
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