Business

How self-storage became a $22 billion business

With people relocating out of cities due to the coronavirus pandemic, you’d think the self-storage industry would be thriving. Beyond a need to store excess stuff, demand in self-storage historically comes from what industry insiders refer to as the four D’s: death, divorce, displacement and disaster.

One company that consumers and businesses have turned to repeatedly to park their goods is Public Storage. Public Storage is the world’s largest owner and operator of self-storage facilities, with nearly 2,500 locations across the U.S. In November, the company reported fiscal third-quarter revenue for same store facilities fell 2.7% from a year earlier. That drop was due mainly to lower rents and reduced late charges.

Despite headwinds due to Covid, Public Storage CEO Joseph Russell told analysts in November that a robust housing market, employees working from home and a move out of pricey urban markets were beginning to help boost demand.

Will self-storage companies like Public Storage and Extra Space Storage be able to gain momentum? And what will new disruptors like on-demand storage companies Neighbor and Clutter mean for the future of the industry?

Watch the above video to find out more.

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