Self Storage Services: The growth of the population is one of the most important factors behind the rising demand for self storage services. In fact, over 10% of US households and 12% of business establishments rent self storage units. Large companies in the self-storage industry include Life Storage, Extra Space Storage, Cube Smart, and Public Storage.
Demand for self-storage services is driven by population growth
The growing population is driving the demand for self-storage services. As the baby boomers age, more space is needed and families grow larger. The urban population also grows, making living spaces smaller and more expensive. In addition, the increasing number of renters means more people move around more often. London, for example, is expected to have a population of nine million in 2020 and more than ten million by 2030.
Although population growth is a significant driver of the self-storage industry, it is important to remember that the majority of customers are not new to the area. In many cases, they are simply moving to a new area. Nevertheless, these changes do not always coincide with the growth of population.
In addition to increased population growth, the self-storage market in the Portland metro area has seen steady job growth. During the year 2018, the metro added 22,348 people, an increase of 0.9 percent year over year. This is 30 basis points higher than the national average. The region also has a strong economy, with robust employment gains. Many major employers in the metro are tech companies, which attract well-educated millennials. As a result, Seattle has gained nearly 55,000 residents in a year. As of June 2018, the city’s population increased by 1.4 percent year over year.
Common amenities offered at self-storage facilities
Many self-storage facilities like Jennings Containers provide a variety of services for their customers. Some provide in-unit package acceptance, mailing and shipping services, and even presentation-ready conference rooms complete with a wireless keyboard, conference speakerphone, and whiteboard. Other facilities offer full retail stores to meet a variety of customer needs, including boxes of all sizes and packing supplies. Some even have company-branded swag for customers.
While many facilities provide drive-up loading bays, these amenities are not available at every facility. Some of them do not offer these facilities, but those that do offer these features are more likely to attract customers. Some facilities also offer helpful guides to help tenants maximize their storage space. For example, a 10×10 storage unit is roughly equivalent to half of a one-car garage. A 10×20 storage unit, on the other hand, would take up the space of two cars.
Self-storage facilities also offer security features. Many offer 24-hour video surveillance. These cameras allow the providers to monitor activity and identify suspicious activity. Some also feature adequate indoor and outdoor lighting.
Reputability of self-storage companies
When choosing a self-storage company, check its reputation online. Most companies have security measures, including password-protected gates and alarms, but a few don’t list these features. Look for a company with up-to-date security systems, plenty of lighting, and well-maintained storage areas. You can also read customer reviews online to find out how other people feel about the company.
The cost structure of self-storage companies varies by size and type. There are several factors that influence a self-storage company’s profitability, including location, management, and safety. Since self-storage companies operate in a competitive environment, cost structure and profits vary widely.