Self-storage has been our focus for decades. When we first developed an interest in this industry more than 40 years ago, we saw the tremendous investment potential and the ability to grow in any economy. Our last article focused on self-storage and its unique ability to weather challenging economic conditions. “Why self-storage is the best investment” provides insight into why we love this industry and feel it is the best way to grow your portfolio.
Four factors contribute to the success of the self-storage industry. These four factors are common regardless of where you live or your background. These factors occur for many people without regard to circumstance. The four factors are death, divorce, dislocation, and downsizing. Currently, 100% of the population faces death; sadly, at least 50% of the population faces divorce, and many still will face dislocation or the need to downsize at some point in life. These four factors drive the demand for self-storage across the United States.
Death
The death of a loved one is life-changing. Amid grief, there are now many big decisions about the residence, the vehicle, the belongings, and more. The decisions can be overwhelming and time-consuming for those left behind. There are also legal issues regarding the estate of the individual as the will goes through probate.
When a loved one dies, the easiest solution to deal with the belongings of that person is to rent storage and move items until a time when all family members can work together to go through the items. A suitable unit can easily be located that allows for month-to-month storage.
Divorce
In the unfortunate case of divorce, it becomes necessary to store belongings as a household prepares to split. Difficult decisions are required, and storage of items might be the best solution for one or both parties. If the parties involved were tenants before the dissolution of marriage, it is important for the owners of the self-storage to follow the law about the property and to maintain an updated lease agreement that may be required for the legal process.
Downsizing
The need to downsize happens for a variety of reasons. During the last four years, we have seen shifts nationwide where families and individuals needed to relocate or downsize. Downsizing can occur at all stages of life. Many people are willing to part with a lot of their belongings, but there are always a few precious items they would rather store than part with. Self-storage provides an easy and accessible option for downsizing.
Dislocation
Dislocation is a stressful situation that forces someone to store their belongings and find a new place to live quickly and unexpectedly. Dislocation can also be a college student moving out of a dorm or apartment and needing a place to store items until school commences again in a few months. Whatever the situation, the need for self-storage in these situations is apparent. Businesses are smart to market to individuals facing dislocation for whatever reason and to work to meet their needs.
Self-storage is a service industry that provides an immediate answer to people facing difficult situations. People from all walks of life face difficult situations daily and may need self-storage as they navigate the hard seasons of life.
At Coastal Storage, we believe that self-storage is the best investment. We work with curious clients to show them the great potential in the industry. We partner with them through acquisition or construction to create a business that is the best investment for their unique needs. Call us today at 904-591-0140 and connect with our team of experts at Coastal Storage. We would love to work with you.