Four Self Storage Trends to Watch in 2021
Despite the challenges of 2020, the self storage industry has shown an ever increasing demand. According to a recently published Global Industry Analysts report the global market for self storage and moving services is estimated to be currently worth $80.8 billion. Potential investor returns are expected to grow at a rate of 6.6% year over year for the next 7 years.
If you’re facing an uncertain financial future and looking for alternate ways to build wealth, now is the time to take a look at investing in the self storage industry. Read further to learn about the trends to watch in the next year.
Trends to Watch in 2021
Increased Demand Due to Downsizing
If unemployment levels continue to rise, people will have to reassess their living situations. Their only options may be downsizing or moving in with family. They may be forced to give up their homes, but they are resistant to giving up their possessions. Keeping these items in self storage gives people hope that they will eventually regain their financial status and return to normality.
Businesses, as well, have not been exempt from the disappointments of 2020. Unfortunately, the imposed lockdowns forced approximately 140,000 businesses to close. Some will never reopen, and many have been pushed into downsizing or working remotely to reduce costs. This translates into vacant space and companies looking for storage for their supplies, equipment, and inventory. Self storage gives them an affordable option to keep their belongings while trying to determine their next move.
Expansion of Online Channels
Many prospective self storage tenants not only look for but expect the convenience of online options for renting self storage. They’re already shopping on their mobile devices and desktop computers for everything from vitamins on Amazon to cars on CarMax. Why not given them the option to rent a self storage unit online?
In response to the desire for convenience and Covid19 distancing recommendations, many potential renters are searching for digital self storage options. Online channels for reservations, account management, automated access and online rental platforms are all examples of digital trends that prospective renters will look for in 2021.
Biometric Security Solutions
One of the key reasons that self storage is so popular is that tenants know that their belongings are safe. Most people have a strong lock on their units, and the majority of properties are well lit and regularly observed by staff and management. To gain access, a secure code opens an electronic gate. Many facilities have Bluetooth access control systems that enable customers to easily enter the facility and monitor their unit with a smart device.
A new trend has emerged that provides an even higher level of security and is almost impossible to breach – the use of biometrics to increase security. If you’ve ever used your fingerprint or your face to open your smartphone, you’re using biometric security. Biometric security can read your fingerprint, face, signature, voice and iris. A nearly foolproof biometric system that uses your unique characteristics to gain access to the property will give you an unprecedented level of protection.
Successful self storage facility owners stay ahead of the curve when it comes to security. The major threats to self storage safety are theft and damage due to temperature fluctuations. Remote monitoring enables renters and owners to address these issues immediately via computer, smartphone or tablet by text, voice or email.
Remote monitoring can track the internal temperature of a unit and send an alert if there is a problem. These systems can also detect the unauthorized opening of unit doors and send a notification to the tenant. These systems can save time, prevent damage to temperature-sensitive items, and protect the reputation of the storage business.
A self storage business can no longer survive and thrive on drive-by interest. In the current environment of convenience seeking, security conscious prospects, the industry has to rise to the challenge of following industry trends to meet the demands of today’s prospective customers.