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.
Homebuyers and sellers are demanding more self storage due to the housing market boom. Due to low inventory and high prices, many buyers are downsizing. Downsizing increases storage center customers. The majority of homebuyers are millennials. Millennials like biking, camping, and water sports, which require storage.
Sellers use self-storage units too. A storage unit can help sellers declutter their homes for staging. To maximize property value, remove clutter before photos and open houses. In a 2021 National Association of REALTORS survey, 23% of buyer’s agents reported that home staging increased offer prices by 1% to 5%, and 18% by 6% to 10%. Since it can affect the home’s market value, sellers should store their belongings until after the appraisal. Due to fast home sales and closings, sellers may have to move out before their new home is ready. As a result, sellers will often temporarily store their belongings in a unit while they wait for their permanent residence.
Self-storage helps buyers, sellers, and home stagers. Stagers rent multiple storage units to store their furniture, rugs, and decor between listings. Stagers without the resources or supplies to fill a warehouse can store everything in a storage space. Many units regulate humidity and temperature to keep furniture mold- and bug-free.
Agents choose a storage provider based on accessibility, both in time and layout. Easy access to remove and return items is needed because stagers cannot predict when they will need to furnish a listing. Stagers must also ensure that couches and outdoor furniture can navigate the facility. Real estate staging professionals choose self-storage using these factors.
Many storage facilities are using tech-based solutions to improve accessibility for buyers, sellers, and stagers. Many storage facilities have developed apps that let customers rent, pay, and enter the facility without touching anything in the past year.
Self-storage centers use remote monitoring and specialized security systems. A remote monitoring system tracks unit temperature and humidity, helping users determine storage conditions. These systems can notify users of water leaks or break-ins by detecting unit movements. To protect valuable items in storage, advanced security systems can use face, voice, and fingerprint recognition for unit access. Technology makes storage units easy to use and safe.
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