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Real Estate Expert

Making Space for Self Storage

The Self Storage Boom

The closing of retail and department stores is paving the way for new and improved self-storage centers. Many vacant stores are left in malls, which is prime real estate for storage solutions. The cost of converting existing buildings into storage units has decreased since many of the facilities already include a good layout, a working HVAC system, and a convenient location for consumers. The self-storage boom can be traced to three factors: storage for buyers and sellers, storage for home stagers, and technological advances in facilities. 

Storage for Buyers and Sellers

Buyers and Sellers Self Storage
With the boom of the housing market, the demand for self storage centers has rapidly increased across home buyers and sellers. As a result of scarce home availability and steep prices, many buyers have decided to opt for downsizing. Storage centers feel the direct effects of downsizing by seeing an increase in the amount of customers. This is especially prevalent among the millennial generation, who currently make up a majority of the home buying population. Many millennials express interest in activities whose equipment requires additional storage, such as bikes, camping gear, and water sports equipment.  In addition to buyers using self-storage units, sellers are also taking advantage of these spaces. Sellers can utilize a storage unit during the selling process to reduce clutter in the home for staging. Removing clutter before taking photos and hosting an open house is highly recommended to get the maximum price for the property. According to a National Association of REALTORS survey in 2021, 23% of buyer’s agents reported that home staging increased offer prices between 1% and 5%, and 18% reported increases between 6% and 10%. In addition to placing belongings in storage for staging, it is also recommended that sellers continue to store these items until after the appraisal, since it can significantly impact the market value of the home. Also, because of the rapid selling and closing times of homes, sellers are sometimes required to move out of their previous home before their new home is ready. As a result, sellers will often store their belongings for a short period of time in a unit, while they wait for their permanent residence to become available. 

Storage for Stagers

Self Storage for Stagers

Not only does self storage aid buyers and sellers, it is also a great resource for home stagers. Real estate professionals who stage homes often rent multiple storage units to store their furniture, rugs, and decor while not actively in use at a listing. Storage spaces offer stagers who do not have the means or enough supplies to fill an entire warehouse, the convenience of storing everything in one place. Temperature and humidity regulation in many units allow for safe keeping of furnishings by reducing moisture to ensure everything remains mold free and bug free.

When choosing a storage provider, agents make sure that the facility is easily accessible, both time-wise and layout-wise. Since a stager cannot predict when they will need to furnish a listing, easy accessibility is needed to remove and return items at various times. Stagers also need to make sure the layout of the facility is navigable with large items, such as couches and outdoor furniture. These considerations are crucial to self-storage selection among real estate staging professionals.

Technological Advances

In order to provide buyers, sellers, and stagers with the accessibility they need in a storage unit, many facilities are implementing tech-based solutions to improve their storage offerings. Over the past year, many storage centers have developed apps that allow customers to rent and to access payments directly from their phones; some even offer contact-free entrance into the storage facility as well. 

 

Self-storage centers have also integrated technology into their internal systems, such as remote monitoring and specialized security systems. A remote monitoring system enables temperature and humidity tracking in units, allowing users to gauge the appropriate conditions for stored items. These systems can also detect movements within the unit and notify the user, which is useful for detecting water leaks or break-ins. Advanced security systems can use face, voice, and fingerprint recognition for access to units to ensure the safety of valuable items stored in the facility. With the advancement of technology, storage units can provide customers with easy access to their items and the assurance that belongings are stored safely. 

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