NC State Economist Mike Walden: Self-Storage Facilities

There’s something relatively new we now see across the landscape – self-storage facilities.   Here people store things they don’t have room for at their homes.  Why have these facilities developed and what’s their outlook?

  1. Virtually non-existent 15 years ago
  2. In recent years, $5 billion invested annually in new facilities
  3. Main reason for growth – we have a lot of stuff
  4. Electronics, clothing, and furniture have all become relatively cheaper, and we have bought more
  5. disagreements on outlook
  6. some say the millennials – the most numerous generation today -are more minimalistic, so are not accumulating as much
  7. but others say the retiring baby boomers will need more storage space as they are downsizing
  8. but one trend is being seen – upgrades in quality of units, such as climate controlled