Self-Storage: Ugly Duckling or Emerging Swan?
As a newly aspiring self-storage owner, I’ve had to do some research about self-storage industry growth and whether or not it’s a viable industry to enter at this time. (I’m a young buck, but I’ve been taught by the best, and I know that research is key). The industry has been growing consistently for several years now. So much so that people are starting to wonder if the bubble is about to burst. That is why I focused my research on the cutting edge developments in self-storage. Fear of the industry has been that the increase in construction will cause the bubble to burst and the industry will become over-saturated. But, I found some interesting things about the new construction of self-storage facilities that explain why this bubble has room to grow.
Goodbye lovin’ hello emptiness
Having an old ‘ugly duckling’ storage facility isn’t going to cut it much longer, the market for a standard row of single-story self-storage is the bubble that will soon burst. This is unfortunate for those of us that hold ‘traditional’ facilities in a nostalgic place in our hearts. (Guilty!) However, this also means that the influx of new construction and renovation isn’t as concerning as it looks. Life Storage says: “Design-savvy developers and eye-popping construction have helped self-storage become an industry that is trending in the public eye.”
We’ve seen a huge shift in the design, architecture, and functionality of Self-Storage facilities that are keeping the renters coming! This is one compelling reason why the industry boom is here to stay. Constant innovation is hard to beat.
Dad knows best
When I told my dad a couple years ago about my desire to get into the coffee shop industry he laughed so hard I think I saw tears in his eyes (but the man is made of steel so I’m sure it was an eyelash). His immediate shift to a completely serious business-advisor was even more disconcerting. He told me then that I needed to do my research. I came up with what I thought was a phenomenal idea: Self-Storage Coffee. I would find an old abandoned self-storage facility and turn it into several boutique style coffee shop rooms, each unit would have a theme and the coffee bar would be in the manager’s office. As the idea grew, the possible investors dwindled.
The Coffee industry is oversaturated, and the self-storage facilities I planned to purchase were too far from town. I’ll never live down my failed trip down the coffee-connoisseur lane, but I learned some valuable lessons. Do your research. Listen to your elders (yes dad *eye-roll emoji*) And go where the growth is and make it better. That’s what every one of you self-storage owners does. You make the Self-Storage industry better, cooler, more functional… the list goes on. Keep rocking it. So proud to be joining this field of amazing people.
Part two of the series is coming soon! We’ll discuss how digital transformation has taken the industry by storm and revived it before it could decline.