{"id":111006,"date":"2020-12-21T01:01:34","date_gmt":"2020-12-21T09:01:34","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=111006"},"modified":"2022-11-25T02:31:10","modified_gmt":"2022-11-25T10:31:10","slug":"moving-lack-space-home-keep-self-storage-growth-path","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/self-storage\/moving-lack-space-home-keep-self-storage-growth-path\/","title":{"rendered":"Moving and Lack of Space at Home Are Making Self Storage Increasingly Popular"},"content":{"rendered":"

Self storage has proved many times that it is a resilient industry, and most of its strength comes from the needs it serves. Demand is varied<\/a> and can arise from various important events at all stages of life \u2014 some age groups need it more than others and for different reasons. Generations of young adults with expanding families can put household items in storage while they make necessary renovations<\/a> or perhaps rent a nearby unit as a cost-effective overflow for their possessions. Gen Xers who are now at a stage when financial stability allows them to upgrade their living situation can use storage when they move to larger houses, and seniors can do likewise if they need to downsize or relocate to realize their retirement ambitions. Then there are students who find themselves living back at home and can rent a locker for their stuff until they return to their college rooms. In these days of changing circumstances, the self storage industry is staying positive and providing a valuable service for all generations.<\/p>\n

The industry also does a great job at adapting to changing times and changing needs \u2013 whether adopting online property management solutions or implementing smart tech for their daily operations \u2013 with confidence remaining relatively strong among self storage operators and investors.<\/p>\n

The US Self Storage Industry Continues to Be Positive<\/h2>\n

With demand remaining strong, the industry continues its growth, albeit at a relatively slower pace than in previous years. The US is now home to over 1.4 billion square feet of self storage space<\/a>, of which 190 million square feet, or 13%, were built in the past five years. Yardi Matrix<\/a> reports that in October 2020 New York led the way in terms of the amount of storage space planned or under construction, this being no less than 17.8% of the city\u2019s existing inventory. Sacramento and San Jose took the other two places on the podium, with equivalent figures of 16.4% and 15.0%, while the national average is 8.5%. All these numbers quoted are increases over the previous month. And after a period of adjustments, the street rates for standard 10\u2019x10\u2019 units in most large US cities have been growing recently<\/strong>, with national average now being $116.<\/p>\n

In a study<\/a> carried out by StorageCafe, Rentcafe\u2019s sister division focusing exclusively on self storage, about a third of respondents reported having rented self storage at some time, and 11% of those who hadn\u2019t said they would in the future. The industry has cemented a place for itself in the lifestyles of many Americans, helping anyone who has to move to a new home<\/a> or rent accommodation temporarily. And as self storage is much cheaper per square foot than residential space, it can be a great option for anyone living on a budget and with limited living space who finds they have too much essential stuff but no place for it at home.<\/p>\n

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