Storage facilities are a fixture of U. S. life, and they have become more entrenched in recent years. The classic American dream involves purchasing a home, but that has been more difficult for people in the past eight years. Since the financial crisis that hit at the end of 2007, banks are unwilling to provide loans to less-qualified borrowers, and this has forced many people who might otherwise own houses to start renting. As a result, a large portion of the population has more than they can currently fit into their living space. This has led to a massive expansion in the number of self-storage facilities in the U. S.
An increase in Rentals
Many young people came of age as credit tightened, which compounded the need for affordable home loans. When those loans were unavailable because of the financial crisis, these individuals turned to rental properties for housing. According to the U. S. Census Bureau, the rental vacancy rate decreased across the country between the third quarter of 2013 and third quarter 2014. It’s important to note shrinking rental availability occurred in a time when builders are trying to create more rental properties to meet demand. More people are moving into apartments, and that means fewer people have space to store all of their belongings.
Storage Industry Expansion
The Self Storage Association points out that the industry is one of the nation’s fastest-growing for several decades and points out that of 59,500 self-storage locations worldwide, 48,500 are in the U. S. These gains are impressive, but many may wonder if storage facility growth is sustainable. While it is impossible to see several years down the line, it’s likely that storage units will continue to be an essential part of life for many Americans in the near future. There are currently fewer first-time homebuyers than since the early 80s, according to data from the National Association of Realtors. Even if home sales to first-time purchasers increase, it’s unlikely that the demand will drop significantly. The utility of a self-storage unit is not limited to individuals who do not have enough room in their home for belongings. These spaces help individuals who need to keep their large homes organized, and provide a necessary tool for people who are moving. If you are one of the many people who needs a self-storage unit, stop by your local SecurCare Self Storage facility. The helpful staff will help you pick the perfect space for your needs.