Cube Smart, Extra Space Storage, Public Storage, and Life Storage are some of the top self-storage companies in the USA. They are well-known names in the field, with millions of loyal followers.
They are known for their impeccable service, clean and spacious storage units, and high-end security measures to keep your belongings safe. As a result, Google lists them as the best self-storage companies across the USA.
They are one of the fastest-growing industries. It is one of the few industries that was not affected by the wrath of COVID. While the entire world saw a recession and businesses suffered losses, the self-storage industry saw profits. You might be wondering how it is possible. If you want the answer, then read the article below.
The pandemic has affected lifestyles, jobs, habits, etc. The growth of the self-storage industry is also an attribute of the pandemic. The advent of COVID increased in hybrid or work-from-home modes.
As a result, company owners decided to cut down on office rent costs and vacate their offices. It is where self-storage units have been helpful. This shifting process has also been tough for other businesses like cafes, salons, etc., that remained shut for months and had to vacate their spaces due to the inability to pay rent.
Even if stores did not suffer a loss or problems, most of their inventory susceptible to rust and climate damage was shifted to climate-controlled storage facilities to prevent damage.
Similarly, other important official documents, equipment, etc., were shifted to self-storage units. As a result, while other industries ran out of business during COVID, self-storage units saw a high rise in their rate of income.
Increased Work From Home
As people returned home and the work transitioned to a hybrid mode, rented apartments became increasingly vacant. However, COVID was a period of uncertainty. Lockdowns were relaxed every few weeks.
As a result, employees were unsure if they should take their furniture back home or not. As a result, storage units proved helpful. Such employees and students move their belongings to self-storage units. TESE was more affordable than apartment rents and offered more security.
As the units are always clean and disinfected, they offer greater security in terms of hygiene and the well-being of their belongings. As a result, there has been a high demand for storage facilities.
Storing belongings in a storage facility gave them a second chance in case offices and universities opened on short notice. It would have saved them time and effort in moving things back to their new homes from their hometowns away from the city.
Higher Apartment Costs
Everyone knows about the effect of inflation. The price of goods and services increased rapidly post-lockdown. Everything from food to clothes, transportation, and accommodation witnessed a price increase. Rents for apartments increased as a result.
Many people have shifted to smaller apartments to tackle this problem. To cut down on rent, they moved their belongings to self-storage units. Many families had to sell their large homes to save mortgage costs or arrange funds to sustain them.
As a result, they shifted their furniture and other things to self-storage units.
If we carefully observe this pattern, we can see how the self-storage unit is more beneficial in larger cities than in smaller towns.
As cities offer more opportunities and consequently see more population, self-storage units do better business in cities compared to smaller towns, where they are more affordable.
In the above points, we have discussed only the loss that businesses and people suffered, resulting in an increase in business for the self-storage industry. However, COVID also saw a rise in small businesses. Many of these businesses succeed by leveraging digital marketing and increasing the screen time of those forced to stay indoors.
The internet is filled with COVID entrepreneur success stories. As a result, the need to store inventory and supplies led to the shift to a storage facility. Storage units are the most cost-effective option for these small business owners’ inventory, documents, and supplies. It offers them healthy storage space, security, and a guarantee that their belongings will be untouched.
Even before and after COVID has come under control, the demand for storage units is constantly rising. There are multiple factors responsible for this. People have and will keep moving to cities for better opportunities.
As a result, the need for storage will keep increasing. As new businesses take form, they will need space for storing inventory, products, and other things. Apart from commercial and professional reasons, personal milestones like marriage, kids, divorce, retirement, etc., also lead to the need for storage space.
People prefer renting storage units to renting larger houses with larger attics and basements because the fees are comparable to apartment rents.
It is because of its steady growth and ability to withstand recession that people are becoming increasingly interested in the self-storage industry. Many Americans have left their full-time jobs to turn to self-storage facilities.
As rents rise and more people move to cities, there is bound to be a requirement for storing belongings. As a result, affordable self-storage units will come into use.
You can find a number of expensive and cheap self-storage units near you with a click of a button. Therefore, we can conclude that self-storage units have become a necessity in the present times.