The self-storage industry in the United States is sometimes described as immune to the changing economic climate. In many ways, this assessment tends to be accurate due to the product itself. A booming economy leads Americans to acquire more and seek storage space for those items that won’t fit in their homes, garages and sheds. When the economy turns downward, the population tends to downsize, and self-storage is often a primary option during the transition period.
Self-Storage Industry Post-Recession Rebound
The self-storage industry felt the pain of the Great Recession, but it also rebounded more quickly and more robustly than other real estate sectors. That growth continues today. Recent surveys indicate that demand is growing, rents are increasing, and the supply of new facilities is growing at a slow but steady pace.
Some of the factors contributing to the positive growth trend include the diversity of the industry’s customer base, the stabilizing influence of commercial customers with long-term leases, and the quick-response capability of the typical short-term lease that allows facilities to respond to changing market conditions.
Opportunities for Independent Agents
As an independent insurance agent or broker, you have an opportunity to partner with self‑storage businesses to help ensure they have adequate insurance coverage as they continue to grow. Contact MiniCo’s Customer Care Department at firstname.lastname@example.org or 800-447-8383 for more information about the self-storage industry in your state.