The Rise of Self-Storage

While we’re all living in a post-pandemic economy, not all markets are suffering as you might think. As a matter of fact, the self-storage industry is on the rise in recent years. According to the Forge Building Company (FBC), the industry is anticipated to increase in value from $14.5 million in 2022 to $64.71 billion on 2026. This astronomical increase is due to more people using self-storage for longer periods of time, and planning to use it again. But what brought on this increased need for storage?

Pandemic Clean-Up

Many people had to stay home and begin working remotely during the pandemic. This lead to people spending more time in their spaces and becoming more likely to clean them out and organize them. Self-storage benefited quite a bit from people’s sudden organizational tendencies because they started removing clutter from their homes by placing items in storage facilities.

Additionally, the sudden lack of in-office employees lead businesses to downsize, resulting in a corporate need for storage as well. All these variables helped push self-storage in the right direction.

Economical Changes

When the pandemic hit, the economy certainly suffered when everyone had to stay home. Many would think self-storage would suffer due to the sudden lack of disposable income many people experienced–they would simply own fewer possessions. However, what we’ve come to realize about self-storage is that it seems to be immune to the ups and down of the economy. When the economy is thriving, people are buying more stuff with their disposable income–this stuff has to be stored somewhere! On the flip side, when the economy is on the low, many people may have to downsize. What do they do with the stuff that doesn’t fit in their home anymore? It also goes in storage. This makes self-storage resilient to economical changes in a way other markets may not be.

Improved Self-Storage Facilities

For many people, when they hear “self-storage facility”, they think of a crusty metal, box-shaped building with grass growing up around the fences and through the cracks in the pavement. However, as self-storage has grown in the United States, the facilities have greatly increased in their quality and style. From an updated office to a climate-controlled storage area, these new facilities are only increasing the growth of the storage industry.

Greater Self-Storage Accessibility

Storage facilities are also relocating to more urban and accessible areas. Rather than finding a self-storage place in the middle of nowhere, people are now able to store their items in cities or suburbs as well. Some storage facilities are even combining with roof-top bars or office spaces in urban areas. This allows the storage to remain accessible to residents without taking up an entire building with just storage units.

Now you know–if you’re looking for a market to invest in, self-storage may be a good option! Here at AAA Storage in Asheville, we know how to maintain nice, climate-controlled, professional looking storage facilities. If you find yourself in need of self-storage for any of the reasons above or otherwise, come check us out!