The current population of the world is estimated to be 775.28 crores, and it is projected to hit 825.92 crores by 2026. This is an enormous number and has led to the demand for storage solutions to increase manifold.
The need to have extra storage space to house one’s valuables and belongings is where the self-storage industry comes in. A large demographic of people in the USA utilises self storage units. Parham group states that 88% of customers who rent storage units fall in the age group of 21 to 55, and 78% of all storage renters belong somewhere between the lower and upper middle class.
From household belongings, furniture, kitchenware,etc., to cars, boats, and RVs. There is a storage unit for everything. There is a variety of self-storage companies in Calgary, Louisiana, Idaho, New York, etc.
Traditional storage facilities, climate-controlled facilities, heated and unheated facilities, facilities with driveway access and those with hallway access, outdoor and indoor facilities- there are a whole lot of features that the top self-storage companies in the USA provide.
It is a vast, growing market and if you have the money, now is probably the perfect time to invest in buying or building a self-storage facility of your own. To help you make the final decision, here are three reasons why investing in the self-storage is a great idea for you.
1. Rising Demand
There has been a rise in the popularity of the self-storage industry, and understandably so. Self-storage units are versatile and easy to use, in addition to their helpfulness in freeing up space at home.
Further, individuals who are downsizing or moving to a different place can also rent storage units to help them with their belongings. Really, storage units have a variety of uses. This has led to rising demand for self-storage companies in the USA and the world.
The global self-storage market was worth as high as over $48 Billion US dollars two years ago, a.k.a in 2020, and the number is predicted to increase over $64 Billion US dollars by 2026. While keeping this point in mind, it makes sense to invest in building or buying a self-storage facility in the US. Because 90% of the global self-storage industry was concentrated in the USA in the year 2018.
So if you are looking for a somewhat unconventional investment with less risk, then the self-storage industry might just be your cup of tea. You could do this in two ways, either by buying land and building a facility from the ground up or by purchasing a premade self-storage facility to rent out.
While finding the perfect location in your budget and then building the facility can be a hassle, finding the ideal self-storage company in a suitable place can be a time-consuming task too. But the latter is a better option if you wish to attain a facility and start renting out quickly.
Additionally, you can check out our blog about the Best websites to consult and find a self-storage facility for sale (insert inbound link of the published blog) to help you with finding the best self-storage companies for sale in the USA.
2. Passive income with minimal work
The second reason to invest in this business is for the passive income that it generates. Yes, undoubtedly, finding or making your perfect self-storage in the USA can be daunting. But once it is up and running, it does not need as much hard work and attention to run it. With some trusted employees and a good facility, you can be sure to make a good buck with minimal work.
Although, if you are set on buying a self-storage company, there are a few things you should consider. There are a lot of specifications and variables that can affect your revenue generation and customer satisfaction.
– Location of the facility
– Type of storage units
– demand of that type in your desired region
– Accessibility to the storage facility
– Security measures installed
– Condition of the storage units
– Pest control and maintenance
These are incredibly important in determining whether you should or shouldn’t buy a specific facility. Why? Read our blog about The 7 Most Important Considerations When Choosing A Self Storage Unit to understand the reasoning behind the points.
3. Easy to construct and maintain
The third reason is that the construction and maintenance of storage companies in Calgary, or any other location. Self-storage companies and facilities are much easier to construct than habitable buildings. There is either very minor or no need for additional plumbing, and the units are comparatively easier to plan and build.
That being said, it is essential to mention that some of your construction decisions do depend on the type of units you are building. If you are making an indoor unit, it needs accommodating hallway access along with indoor lighting and ventilation. If you are building a climate-controlled unit, there is one thing you need to be mindful of.
Climate-controlled units require extra measures which allow the temperature inside the unit to be controlled and regulated as needed. So it is vital to do some research beforehand to know what to do and how to do it. Also, don’t forget to consider which types of units are the most in-demand in your region.
On the other hand, if you are buying a self-service storage facility, it can save you a lot of time. Especially if alterations aren’t needed. This is possible only if you find the perfect company. That is where it gets complicated. Finding the ideal facility with the perfect units and features can be a tad difficult sometimes. But it will probably turn out to be a good investment of your time.
These were the three main advantages of investing in the self-service storage business. Whether you wish to run the best self-storage company in the US or if you are looking for that extra income, investing in the self-storage business might lead you to achieve both!