Due to the sudden shift in everyone’s lives last year, many businesses in different sectors were severely affected. Various businesses suffered the economic downturn that the pandemic caused. However, recovery and growth potential are still present, especially for some sectors like self-storage rentals.
The self-storage industry is seen to have an ever-increasing demand despite the challenges in our economic landscape today. It has shown resilience in the face of a volatile market, and forecasts say that it’ll be worth more than it was last year come 2024. This is a welcome signal to many consumers and investors who are looking for such facilities.
2021 is expected to be a great year to invest in self-storage units. This article will talk about things to look out for in the growing self-storage industry. Read for yourself so that you can make informed decisions regarding your storage space needs.
Downsizing will fuel demand
Downsizing is the fuel of the fire of progress in self-storage. Downsizing is a lifestyle trend that favors storage space rental businesses. Many homeowners and tenants see the appeal of living a minimalist lifestyle, which drives the demand for temporary storage space.
Current trends in the housing market also spread downsizing since there’s an increase in people choosing compact living spaces like condos. This prompts homeowners to think about whether they should keep or dispose of their larger belongings. Houses are also adopting a more modern aesthetic which also has the same effect.
Businesses are also downsizing in anticipation of a challenging route to recovery this year. Because of downsizing in homes and business establishments, the need for space will increase, which is excellent news for self-storage owners.
More online transactions
Because of the pandemic, transactions between self-storage unit owners and customers shifted to an online setting. Out of an abundance of safety, self-storage unit owners have been dealing with customers online. The use of technology and the internet isn’t just limited to communicating but also inspecting units.
This year, more self-storage businesses will be investing in virtual tours, online bookings, and payment options. You’ll also see self-service kiosks as part of the social distancing response, which will be a carry-over effect of the pandemic.
The push towards a more digital approach in renting storage space will reduce the advantage of physical location. It will provide new opportunities for emerging innovators to take the industry in a different direction.
While we’re on the topic of technology, a related trend that will be prevalent is remote monitoring. It’s another way for renters to safely “visit” their units from another location.
Remote monitoring addresses the concerns of possible theft or temperature damage. Through it, renters and hosts can communicate if they find any issues with items stored in a unit, even when they’re outside the storage facility’s vicinity. They’ll be able to intervene should they need to take necessary action.
Remote monitoring options will be typically provided for climate-controlled units. Renters can track the temperature inside the unit and be notified if something goes wrong.
This year, we can expect more innovative solutions integrated into the self-storage sector. It signals the industry’s readiness and acceptance of the new ways of the world to provide a better tenant experience. This year, self-storage will be more accessible and a feasible solution for homeowners and commercial purposes.
William Ross worked for a storage and logistics company before he finally decided he wanted to pursue his writing career. Today, he writes about the importance of storage facilities and organization, and how this will be the future of the storehouse industry.