The self storage industry is alive and booming. In fact, it's thriving.
Despite the 2022/23 recession that has hit the world like a ton of bricks, self storage companies worldwide have continued to see jaw-dropping profit growth. The self storage industry has always been a profit-turning business, and the changes over the past four years due to the recent COVID-19 pandemic and subsequent worldwide recession have only helped propel the industry into further profitability.
In short, the self storage industry outlook is incredibly positive. It is excellent news for investors, current self storage providers, and those looking to start their journey into this lucrative industry.
This self storage industry report will look at the statistics that prove why this industry is constantly growing despite the recession, as well as take a look at the self storage industry trends that drive them.
Before we go into the specific self storage industry trends and statistics behind the sector's growth, let's start with a self storage overview to get you up to speed with the industry.
The storage industry is often thought of as recession-proof, thanks to the fact it is the cheapest alternative to exist in a time when real estate continues to price out overwhelming proportions of the population. That's why the self storage market is valued at just over $ 54 million1, which is expected to rise to almost $ 90 million by 2028.
Many trends have driven the profitability of the self storage industry, especially over the past four years.
Many businesses have changed their company structures drastically to move to a remote working or hybrid work structure (primarily forced by the pandemic and having to accommodate social distancing). In addition, many businesses are downsizing their infrastructure and looking for better, more affordable storage options.
As a direct result of the uptick in remote working, the idea of having a single home base has been changed, with more people than ever choosing to move around more frequently, leaving their homes for long periods and relying on self storage facilities.
Finally, the biggest self storage industry trend is the use of technology. In the face of the rise of AI technology, the self storage industry has developed sophisticated software that helps automate all business functions, from accounting to security to marketing.
Now that we have the self storage industry overview out of the way, it's time to put on our investigative hats and look closely at what's happening in the self storage industry.