Business Magazine

Five Interesting Facts About the Self Storage Industry

Posted on the 28 February 2013 by Mdelp


five interesting facts about the self storage industry
I was channel surfing the other night and I came across the TV show Storage Wars on A&E. This show follows professional buyers who purchase the contents of storage units at auction after the renter has failed to keep up with the payments. The goal is to turn a profit on the merchandise they buy.

Much like seeing red cars everywhere as soon as you purchased a red car, once I saw that show it seemed everywhere I turned there was a self storage business. This made me curious as to how big the self storage industry is. Here are five interesting facts I came across:

  • The five largest self storage companies operating in the industry are: Public Storage, Extra Space Storage, CubeSmart, Sovran Self Storage, U-Haul International.
  • There are approximately 49,940 self storage facilities in the US (as of Q2 2012)
  • Total self storage rental space in the U.S. is 2.3 billion square feet (as of Q4 2011). That figure represents more than 78 square miles of rentable self storage space or an area well more than three times the size of Manhattan Island.
  • These units generated 2011 revenue of $22.45 billion or about twice what Americans spent going to the movies that year.
  • 1 in 10 households in the U.S. currently rent a self storage unit. That has increased from 1 in 17 households in 1995.
  • Source: Self Storage Association

Now that I knew how big the self storage industry was I became interested in potentially buying some of the stock in these companies, but before I invest in anything I first ask myself a few basic questions:

  • Is the industry or product easy to understand?I believe the answer to this is yes.
  • Is the industry large enough to support more competition?I believe the answer to this is also yes.
  • Would I personally use their product? The answer to this is not so clear to me.

As a business owner I see value in storing records in a location that charges me lower rent than the same space would in my office building.

As an individual I don’t see any benefit in paying a monthly storage fee for stuff I could hardly sell at a garage sale or if the stuff does have value (such as a jet ski/quad, etc.) I feel the cost to rent it when I wanted to use it would be less than the combined cost of renting the unit and the maintenance, licensing and insurance of the jet ski/quad, etc.  

What are your thoughts about this?

You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Big Food Giants Manipulate Public Health Policy in China

    Food Giants Manipulate Public Health Policy China

    Coca-Cola is at it again. As soda sales decline in the United States and Europe, beverage companies look to emerging economies like China for growth. And, it... Read more

    The 15 January 2019 by   Dietdoctor
  • Jewellery for a Precious You

    Jewellery Precious

    Jewellery is always close to a woman’s heart. It completes her look and boost confidence. Considering the changing trends in jewellery fashion, it becomes... Read more

    The 15 January 2019 by   Dr.jenifer Sayyed
  • Rajshri Productions’ Next Is A Film On Friendship | Hum Chaar | Trailer

    Abhishek Dixit’s debut feature film Hum Chaar is a Bollywood film made under the banner of Rajshri’s film. Hum Chaar is written and directed by Abhishek Dixit. Read more

    The 15 January 2019 by   Themoviean
  • Saint Paul the First Hermit

    Saint Paul First Hermit

    Today is the feast day of Saint Paul the hermit. This is a sweet and delicate Oatmeal Bread topped with rolled oats and naturally sweetened with agave. Saint... Read more

    The 15 January 2019 by   Veronica46
  • Irupathiyonnaam Noottaandu | Teaser | Pranav Mohanlal | Arun Gopy

    Arun Gopy’s Irupathiyonnaam Noottaandu is an upcoming Malayalam action-drama feature film starring Pranav Mohanlal and Zaya David in the lead roles. Read more

    The 15 January 2019 by   Themoviean
  • A Year Of Body Positivity

    Year Body Positivity

    Last January, as I sat there on New Years eve all set to make the same old resolutions I've made year after year for as long as I can remember, I realised how... Read more

    The 15 January 2019 by   Sparklesandstretchmarks
  • Garden Bloggers Bloom Day – Jan 2019

    Garden Bloggers Bloom 2019

    Euphorbia rigidaWhen I went out to take the photos for this blog post I was surprised at how much was in flower dotted around the garden. Read more

    The 15 January 2019 by   Patientgardener