Self storage has been trending for a while, and it received an enormous boost during recent challenging years. Not only did people stuck at home or in newly enlarged households need extra storage space, but businesses also became more aware that renting a storage unit could greatly assist their operations.
Self Storage Responds to Many Business Requirements
Whenever a business had to close its physical offices, a storage unit was a temporary home for the chairs, desksand cabinets. But businesspeople found this solved other problems too, keeping raw materials, stock and even equipment there instead of at permanently rented premises.
With its short-term leases and huge range of unit sizes, self storage is far more flexible than the more traditional warehouse. And in addition, computers and other electronics — not to mention sensitive documents — can be kept in a unit with climate-control to protect them from extremes of temperature and moisture.
Both Individuals and Businesses Increasingly Rent Storage Units
A recent survey about self storage usage was conducted by StorageCafe, an online platform that provides storage unit listings across the US. They found that 21% of Americans rent storage right now, with 15% more planning to do so in the future.
Roughly 5% of storage users said they rent units primarily for business purposes, an increase from the number in the previous year’s survey. Also, as businesses usually have greater needs for storage space than any individual will have, chances are they will account for a lot more than 5% of the rented square footage.
Typical Business Storage User: A Male Gen-X or Boomer Homeowner
But what types of businesspeople rent storage? The age groups renting most were approximately the Gen-Xers and baby boomers — those between the ages of 40 and 74 — and men outnumber women by a ratio of three to two overall.
In terms of their living situations, business renters were over six times more likely to be homeowners than renters and almost four times more likely to be living in a house — generally one with several bedrooms —than in a condo.
Over all categories of self storage users, half rented standard non-climate-controlled space, just over 40% preferred units with climate control, while the rest made use of vehicle storage and other specialist services.
Booming Cities and States Are More Interested in Self Storage
By analyzing Google searches, the survey also looked at where in the US people most look for storagesolutions. It is not always the most populous cities’ residents who are searching the most: Las Vegas beats Los Angeles while in Florida Orlando beats Miami and Colorado Springs’ residents search more for storage thanDenver’s do.
State-wise, California witnessed the most storage searches between 2019 and 2022. Texas and Florida had the next highest numbers — and increases in storage searches during that period around double what California saw— while Arizona was in fourth place. These three states have been attracting both new residents and industryrecently, so businesspeople are no doubt among the growing number of storage enthusiasts there.
Self Storage Hotspots Don’t Necessarily Charge the Most
The cost of a storage unit varies greatly across the country, but prices are often reasonable in places where interest is highest. According to Yardi Matrix data, the monthly cost of a 10’x10’ storage unit is currently $119 in Las Vegas and $127 in Orlando, compared to a national average of $133.
In addition to the overall enthusiasm for storage in Las Vegas and Colorado Springs, these cities also have the nation’s highest interest in storing vehicles, including cars, RVs and boats. And these prices can be reasonable too — for example, an average cost of RV storage in Colorado Springs of $133 per month compared to a national average of $162.
The appreciation businesspeople have for self storage will surely continue to grow. Many have found advantages in working from home and in not taking out long-term leases on workplaces or warehouses. And it is also a win for storage providers. Business clients’ requirements tend to be more regular and long-term than those of other renters, and some storage facilities even provide business centers to accommodate them further.
The post A Growing Number of Businesses Use Self Storage appeared first on Enterprise Podcast Network – EPN.
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