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Self Storage Companies



Who Uses Self Storage Companies?

Self storage companies have a widespread presence in the United States and global markets. The US alone boasts an astonishing 47,000+ individual locations, offering self storage services to businesses and private customers. These companies provide convenient solutions for a wide range of storage requirements, whether it's for short-term or long-term needs.

Who needs self storage?

With self storage units available in sizes from around 25 sq. feet to over 300 sq. feet then there is a suitable unit for individuals and companies alike. A family may rent a locker for a short term while preparing to move house or for a greater period of time where they may have run out of storage space at their home. Businesses find temporary self storage financially viable due to the availability of a short term for any contract and the flexibility in increasing or reducing the size of their storage needs. Reasons for an individual or family renting a self storage unit include having building work done to their property, being involved in a divorce or moving in with a new partner, or not having a basement in the home in which to store things. The popularity of self storage is confirmed by the industry generating almost 40 billion dollars in revenue in 2019. Turnover within the industry has increased by around 50 percent during the past 10 years. Previously most self storage units were single storey constructions located on industrial land on the outskirts of towns and cities. However, there is a growing trend for this type of unit to be developed by changing the use of multi-storey property, in metropolitan and down-town areas, to become self storage units.

Is self storage a good investment?

With so many billions of dollars being made from renting out self storage space it is of no surprise that investment in the industry is growing each year. While the market is dominated by a number of large companies such as 'U-haul and 'Life Storage', there are also many smaller, individually owned self storage units available throughout the country. For many who already own suitable land it is an inexpensive project to develop the site to become a self storage depot. A suitable amount of land would be between 2.5 to 5 acres. Demand is growing each year and many 'mom and pop' self storage units are now available throughout the United States.

With such a huge turnover and an expanding market it is not surprising that more and more people are choosing to invest in self storage facilities, either directly or by investing in one of the established companies. From the consumer point of view, these facilities provide a very useful space in which to securely store property while their normal property is unavailable. The key to using these units is similar to using a credit card, when used for a short term, or for a prearranged period of time, it can provide a useful solution to a problem. To continue renting a unit or units over a long period of time may not be a financially sensible option as the TV show 'Storage Wars' shows that many storage units are abandoned by their owners who never return to collect their belongings. Once a self storage unit is considered to be abandoned by the renter then the property within may be sold to try to offset any outstanding fees and charges owing to the unit owner.




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