Self-storage facilities are among the best business opportunities in the U.S. Many factors contribute to continued success of the industry, including the principle of demand and supply economics. Rent prices for storage services are similar to those for multi-family units, when considering cost per square foot. Another plus is the Argus Self Storage Sales Network. Argus is a national network of brokers who specialize in assisting buyers and sellers of self-storage real estate, and the network helps self-storage owners to penetrate local and national markets.

Below, check out five of the reasons the self-storage industry is healthy and growing stronger.

1-The Baby Boomer Generation

The U.S. population of senior citizens is larger than the entire remaining population younger than 65. Other statistics show that a person is much less likely to live in a family household later in life. For example, about 73% of the people between 65 and 74 years old live in family households. Those who are 85 years old and older are more likely to live alone, with 48% still living in family households.

It’s normal for senior citizens to downsize at some point to move into more compact spaces. The excess possessions often end up in a self-storage facility. Upon a person’s passing, family members are frequently hesitant to get rid of storage items, sometimes out of guilt over the thought of disposing of the loved one’s things.

2-Millennials’ Preferences

Millennials represent the growing new generation of wage-earners, and this age group tends to prefer renting apartments to owning homes. Millennials like to keep their options open for moving on to a better position in a different location. The mobility of workers in the U.S. is sustained, making self-storage as in-demand as ever.

3-A Recession-Proof Industry

No matter which direction the economy is going, self-storage industries benefit. If people are forced for economic reasons to downsize, it typically means a storage facility will be used for belongings that no longer fit in the household. When the economy is strong and people are able to spend more on the things they want, self-storage becomes more in-demand for storage of expensive recreational vehicles and other prized possessions.

4-Accumulation of Things

Among U.S. citizens, there doesn’t seem to be a change in the pattern of gathering more and more possessions. Self-storage facilities make it possible to continue the accumulation of things without being crowded out of house and home. Storage Wars and similar reality shows increase awareness about the convenience and benefits of using self-storage facilities.

5-Multiple Trends

Storage facilities are useful for millions of households with more belongings than they can comfortably fit into their current home. Storage units are also useful for businesses needing to store excess inventory. Some businesses set up shop in storage facilities, and it’s highly cost-effective. The purchase of large recreational vehicles demands places to store them. Some self-storage property owners live in areas where an increase in parking for RVs would win an immediate improvement in return-on-investment (ROI).

Contact Local Self-Storage Brokers Associated with Argus

Weaver Realty Group is an Argus affiliate and offers local broker expertise throughout Florida, though not in the panhandle. Real estate agents at Weaver specialize in the buying, selling, and evaluation of large and small self-storage properties. Contact Weaver Realty Group by calling Josh Koerner at (904) 591-0140 today.