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|November 21, 2017|
Storage Wars: What to do with all that stuff?
Baby Boomers are creating a huge demand for self storage.
They make up about one-third of the country’s population. And although they have indicated that they will likely remain employed in either a full-time or part-time capacity after reaching retirement age, they continue to buy second homes and many other “toys” in anticipation of reducing the number of hours devoted to work.
An increasing number are also turning to self-storage facilities. The graying of the nation’s populace will call for new demands in storage and ease of use in accessing units and enhanced services, such as free pick-up and/or delivery of goods.
We will be losing a portion of our country’s boomers as they reach the end of their lives, which will trigger another need for storage.
Many owners of self-storage facilities are already seeing an increase in occupancy caused by the settling of estates when a loved one passes on. Once the house is sold, many of the goods and heirlooms are either kept by the family, or staged in a self storage facility until they can be sold or auctioned at another date. Some remain there for years because the heirs just can’t stand the thought of parting with their family’s belongings.
So to sum it all up, I’ll quote Ben Stein, one of America’s foremost economists, from his keynote speech at the Self Storage Association Annual Conference and Trade Show Last year where he said “I can’t think of one single long term trend in our country and our economy that doesn’t benefit self storage – It’s the perfect storm – a hurricane of profits”.
Story Date: July 17, 2017