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Research Outline

Prepared for Jared K. | Delivered January 17, 2020

Self-Storage Units

Goals

The goal is to find drivers for consumers to use self-storage units, as well as look at the role of valet self-storage companies in the overall industry.

Early Findings

  • The vacancy rate of self-storage units in the United States is 10.3%.
  • In 2018, the value of the investments (items in storage) in US storage units was over $6 billion.
  •  Home rennovations are a typical life state where people choose to use self-storage facilities. This is because they need items out of their home temporarily, but need to be able to retrieve the items easily when they are ready to bring them home.
  •  Changes in relationships are also a top reason for using self-storage units. Whether a person is moving in or out of a home and relationship with someone, they often find themselves with extra items that they cannot accommodate in their new residence, but don't want to completely get rid of. Self-storage is a temporary solution for this issue.
  •  Business storage is another common occurrence in self-storage. Businesses often need extra space to store inventory or equipment and turn to self-storage as a cost-effective solution.
  • Approximately 10,000 baby boomers turn 65 everyday. People of this age tend to downsize their homes, so there is a growing need for this generation to obtain self-storage units for items they want to keep outside of their new, smaller residence.
  • Valet self-storage centers are still a niche area, but are a growing trend. Customers appreciate the availability of movers to properly pack, move, and store their items so they don't have to do so themselves.
  •  Portable storage units are also trending. These are units that can be moved to and stored at a customer's home or business, and then removed when the lease is over.