What Happens to Self-Storage in a Market Crash?

What industry do you think of when someone asks for a recession-proof business? The most typical answer is healthcare because people will always need medical professionals and healthcare. However, when you speak to the masses, you will find that many people are unable to afford the healthcare they need in the current economy. Others are delaying necessary treatment or care because they fear falling into medical debt will lead to lifelong financial issues. Utilities, housing, and food are other areas that many feel are recession-proof. But when you fall into tough times, you downsize your home, move in with a family member, or move to a cheaper rental. That hits the utilities and housing markets. Finally, you look for creative ways to slice your food budget. These industries face a ripple effect when consumers face challenging economic times.

The Single Recession-Proof Industry – If Once Exists

When consumers are looking for ways to cut costs and live on a tight budget, downsizing is the first and often most beneficial choice. They reduce monthly mortgage or rent costs, and utilities drop along with the square footage, as does the need for maintenance and upkeep. But history tells us that eliminating the collections, mementos, and childhood treasures will not be part of the casualties of tough economic times. People are willing to invest a bit of their monthly savings to house these items in a self-storage facility because, as humans, we always have hope for a better future. They can imagine things turning around, getting a better job, moving back to a larger home, and having a place to display all their sentimental items. They cannot fathom the economy picking back up and not having those items they have kept with them for a lifetime.

If The Market Crashes, What Can You Live Without?

Asking the average person what they could live without, they might tell you their large house, a fancy car, or maybe even any car. Apartments and public transportation are standard solutions when it is time to reduce the monthly budget. They can also change their diet, cook more meals at home, and get by with fewer visits to the doctor. But if you ask them to sell or throw out the china, they never used but have been in the family for generations, the toys their children played with, or their childhood artwork, the answer is a resounding no! Instead, they find an affordable yet secure and reliable self-storage facility to act as the guardian for their emotional treasures and memories that they are sure will await them as times get better.

Trust The Experience Of Decades In The Self-Storage Business

At Legacy Built, we understand the meaning of family and memories. Our business was founded on the premise of investing in protecting the future of our loved ones and our investor’s loved ones. We have seen over the years that while Americans are willing to give up the luxuries in their lives, they are not willing to part with their past and the items that remind them of what got them here and what is genuinely important to them. Even when the market has crashed, consumers find a way to cover the cost of protecting those items that will be passed down as part of their history and legacy.

Please reach out to Legacy Built today to learn more about Fund 43 and the next project that will deliver the self-storage space residents of Tucson need in good times and in bad.