Self-storage has been a booming business across the country for decades. At the beginning of 2020, the global storage market was valued anywhere between $45 and $90 billion dollars depending on which report you check—and it is only projected to continue its rise.
Thanks to a steady trend in increased urbanization and an economic rebound from the effects of pandemic shutdowns, the storage market is expected to grow another 45% over the next five years alone.
Covid-19 is responsible for much of the spike in public storage usage. Businesses and homeowners opted for self-storage as the world began working from home. Public storage was a more economical option than paying rent for empty space and residents across the globe suddenly needed more space with everyone at home all the time.
This surge in business and the projected outlook have made self-storage facilities very attractive for real estate investors.
If you need more evidence that storage solutions is still heating up as an option for investors to earn big returns, consider how Bill Gates himself just joined one of the biggest players in the market as a leading investor.
Some reports also show the delinquency rates on loans for building self-storage facilities to be lower than in other segments of the commercial real estate market.
Life storage continues its rise because of the life circumstances it serves. Similar to medical care and many nonprofit services, the need is only propelled by atypical circumstances. When people face any kind of transition, public storage comes into play.
From divorce to the loss of loved ones or relocating for a new job, life storage provides an easy solution for countless people in their time of need across the globe. However, any life storage facility is only as valuable as it is reliable.
Unfortunately, shoddy construction has wreaked havoc on the industry as owners and investors have fallen prey to underbid projects and poor construction. This trend winds up costing investors unnecessary expenditures on major repairs and upkeep.
Price Construction is a top-notch building company who specializes in quality metal structures, which has proven the most economical method for sustainable self-storage facilities. Call Price Construction at 864-578-1008, or use ourto see how you can get in on the self-storage craze today!