In general, Americans are obsessed with things. According to Psychology Today, when polled, over 61% of respondents thought of themselves as a collector of something. Some people are looking for a financial payday, while others are capturing memories of their youth or happier times with these items. However, the simple fact is that Americans want to have items they do not need or often have a place to store, which is excellent for the self-storage industry.
When you look at the numbers, self-storage facilities have maintained a 90% occupancy rate for over a decade with no decline in sight. Even during the most challenging time in recent history, the COVID era, 35% of all homes in the country had a storage unit. At that time, they were trying to add space to their homes to work and live without access to other public spaces. But even after COVID, the use of self-storage facilities remained steady. That has many investors asking a simple question: why?
Downsizing Is Never Easy
As the economy has become more questionable and consumers feel the impact of increasing costs for food, housing, and other necessities, they have to make tough choices. One of the most common ways to trim the household budget is to reduce the monthly mortgage by purchasing a smaller home or moving into an apartment or rental house. The smaller living space brings decreased utility costs and less maintenance and upkeep costs.
While many are ready to live in a smaller space, they are unwilling to part with their treasured memories and items that no longer fit into their limited living space. The simple solution to save these treasures is reasonably priced real estate in a self-storage facility. They are reducing monthly rent or mortgage by $1K a month and are happy to invest $150 of that savings to house their sports memorabilia, antique china, old photos, and childhood toys.
The Choice To Live Nomadically
The technology offered today means that many people are happy to call home a mobile space such as an RV or motorcoach. We learned during COVID that many careers can be remote. So, why not give up that large house and live the life of a nomad? From young families who homeschool to older adults who are testing the feel of retirement with life on the road, these options are becoming a reality for many.
But while they are willing to give up a house’s four walls and ceiling, they cannot part with family treasures and collections that took a lifetime to build. These folks are turning to self-storage facilities to become their safe place to store all the memories and heirlooms that will be part of their legacy. They are happy to invest a few hundred dollars a month to know they can return to that self-storage unit and see those items whenever they choose.
Self-Storage Is Always In Demand
In good times, we overshop and need added storage space. In tough times, we downsize and cut costs, but need added storage space. There is never a time when the masses in this country will be ready to stop hanging on to the memories and items that make them happy. And there is no better team to help them find that comfort and security they need than the one at Legacy Built. These industry experts saw the trend before most and have perfected the three-step system that will provide exceptional returns for investors ready to help meet this ever-growing need in the United States for self-storage facilities.
