Why are storage units an essential industry in today's world?

Storage units, also known as self-storage, is an industry in which storage units such as rooms, lockers or outdoor spaces are rented to tenants often on a month to month basis. Individuals mostly use it for storing household goods, or to businesses for storing excess inventory or archived records. These facilities offer assistance in packing and safekeeping the tenant’s goods. Unlike in a warehouse, theses rented spaces are generally secured by the tenants own lock and key and employees of the facility do not have casual access to the contents of the space and, thus space is not liable for common theft.

Self-Storage in Today’s Day and Age

Statistics say that there are more than 2.3 billion square feet of available storage spaces in the United States alone, which is a land area equivalent to three times Manhattan Island, under roof.This is enough to prove that storage units have been up and going in business for a long time and have made their place quite incomparable to other storage facilities.

Self-storage businesses lease various unit sizes to businesses and residential customers or tenants. These units range from something as small as a walk-in closet, 5x10ft., to something the size of a two car garage, roughly with the dimensions of 20x20ft. Storage unit security increases with the increase in the value of what you store in it. Generally a lock and key are not enough if you store something valuable inside. That is when; a controlled access facility may employ security cameras and door alarms or use some means of electronic gate access such as a keypad or a proximity card, maybe even some security guards, to ensure access only to those that rent.

With the increase in demand for storage units, there has been increased competition too. Self-storage facility operators usually provide 24-hour access, climate controlled storage, outdoor storage for RVs and boats, and lights and power outlets inside the storage units as amenities to set themselves apart from competitors. Factors like a full covered tin roof instead of a wire mesh roof (open roofs) are also considered while leasing a storage unit as a closed roof provides more security and privacy.

The self-storage sector is profoundly broken up concerning ownership, which is in contrast to other asset classes in the industry. Most storage units near me, in fact, 80 % of self-storage facilities are owned by individuals or small investors.

Recent surveys of self-storage companies indicate an upward trend in market demand and occupancy rate. This is mostly created due to the increased migration of people to other countries, and due to various lifestyle transitions such as marriage, retirement, etc. Self-storage units are beneficial when shifting to a new place or someone needs a place to keep his valuables for a certain amount of time, providing security and peace of mind.