What Will Happen to Self-Storage in 2024?

Self-storage solutions have always been useful to both domestic customers and businesses. Maybe it is temporary storage that you need when moving house or office, you want somewhere to keep outside furniture during the winter, or you are refurbishing your office space and need somewhere to store your archives for a while. There are times when self-storage facilities can really come in useful.

The self-storage market has always been pretty healthy, but in the past few years, we have noticed that it has become increasingly popular, and thought that in today’s article, we’d take a look at why this might be, and what this means for the future of the industry.

The Current State of Self-Storage

It is usually the case that different industries follow the world’s economic patterns – when the economy is struggling, so are businesses (generally) across the board. With the economic turmoil that we have seen in the world in the past few years, it would be understandable to think that the self-storage industry has also suffered. This, however, is far from the truth. The self-storage market has been booming – curious, you might think, but actually very logical when you think about it more deeply.

There are three main reasons why the self-storage industry is doing well at the moment – the first is that it is very affordable, good value for money, secure, and convenient. Another is that property is becoming more expensive. The third is the rise in e-commerce.

Affordable and Good Value for Money

Self-storage facilities are very good value for money for their customers, giving they convenient space in often expensive areas, providing good security, as well as being located in areas that as convenient for you. You will find them generously dotted about towns and cities meaning that you can get to your belongings quickly and easily with peace of mind that they will be safely looked after.

Property More Expensive

As the cost of property in big cities especially increases, businesses are looking to minimise the amount of other commercial space that they are renting. This means that often businesses are looking for extra space to store items that they do not use every day, but still want access to from time to time. Items such as archived documents, spare equipment, or stock can easily be stored in self-storage facilities, giving them secure and easy access whilst being off-site and at a lower floor space cost. The perfect solution! This, we believe, is why it is becoming ever-more popular for businesses.

For domestic customers, living spaces are becoming smaller as prices rise, and many people would rather pay a small fee for a storage container than for a larger house or flat.

The Rise of E-Commerce

We have seen an astronomic rise in the amount of e-commerce in the past few years – especially since the COVID-19 pandemic. Many of these businesses involve drop-shipping and the delivery of products, requiring storage space. The fact that businesses are often storing goods means that they are often looking to rent warehouse space or self-storage, where they have easy access to their goods, as well as being in locations where deliveries can easily be dealt with.

Self-Storage in 2024

With the world as it currently is, it is difficult to predict what 2024 has in store for us. But we can give you some sort of idea of what we think is going to happen. And for the self-storage market, we are thinking good things! The cost of property is not looking like going down – especially domestic property and the e-commerce market is looking robust and like it will be growing again. This is creating a growth in demand, which leads to a healthier sector.

A big trend that we are beginning to see and expecting to see in the next year is more adaptation to sustainability. Government targets, business requirements, and a general move in the ‘green’ direction mean that more and more self-storage businesses are looking to improve their green credentials.

In this industry, it means features such as a move towards digital booking systems and paperless processes, for example. It could also mean offering more and better recycling facilities on-site, as well as solar power and energy efficiency (using energy-efficient, motion-sensor lightbulbs, for example) – without sacrificing quality. More and more self-storage companies are looking at sustainability guidelines and options to make themselves more appealing to domestic and business customers who are conscious of their impact on the environment.

The final trend that we are expecting to see in the self-storage market in 2024, is the increased use of technology and AI in both making the customer experience better, as well as giving self-storage companies useful information to ensure that they are as successful as possible in the market as well as to adapt the way that they work in their customer’s best interests.

Some of these ideas could include bolstering security in self-storage facilities, improving booking and payment systems, ensuring that access is easy for customers (and not easy for others!), engaging better with customers, and, ultimately, retaining as many customers as possible.

 The continually increasing demand for warehouse space (especially in good locations) is also likely to have an impact on the self-storage industry, as businesses look for other affordable options.

Final Thoughts

The signs are all there that 2024 could be a bumper year for self-storage solutions. With several different factors feeding into the market, it is likely that we will see a still increased demand for these spaces. This is good for everybody – of course, the self-storage companies, but also customers as we will likely see ever-better customer experiences and potentially more location options as more people look to get involved in the sector.

Here at Boxpod, we have self-storage options for businesses looking to store equipment or products for you to peruse. We can also offer a platform for self-storage companies to advertise their spaces and find their next customers.

So, why not take a look at our website and see what we can do to help you?