You see them everywhere — storage units for rent in all shapes, sizes, and price ranges. You may have rented one when moving, traveling, or storing items that wouldn’t fit in your home. But have you ever considered whether owning a storage unit business is profitable?
Self-storage is an evergreen business, meaning it will always be in demand at any time of year. According to a recent industry report, the self-storage market is set to have a 7.5% compound annual growth rate from 2022 to 2028.
This massive growth rate is forecast to see the global industry balloon to a total market size worth nearly $90 billion by 2028. With such promising growth and potential profits, many investors are interested in learning just how profitable owning a storage unit business can be.
The annual income earned from owning storage units depends on several factors:
- The size of the facility
- The staff needed to operate it
- The location
These all play a role in how much money you can make. Generally speaking, larger facilities in high-traffic areas tend to make more money than smaller operations in less desirable locations.
The revenue and profit generated from a storage unit business can vary greatly, but owners can expect to make anywhere from tens of thousands to hundreds of thousands in annual profits. Additionally, the amount of money you can make depends on the rate you charge customers and how effectively you market your services.
With the overwhelming array of marketing avenues and tools available, knowing how and where to market your business can be difficult.
From Search Engine Optimization (SEO) and email campaigns to social media and Pay-Per-Click (PPC) ads, the possibilities are endless. PPC is one of the most cost-effective, fast ways to get your business visible online. However, developing the skills and expertise to effectively implement a successful PPC campaign is time-consuming and difficult.
This is why hundreds of business owners have turned to Adverank to manage their PPC marketing campaigns. With Adverank, business owners can put their time and focus back into running and growing their businesses, while our PPC experts and specialized software optimize their campaigns for maximum profits.