Industry News

The self storage industry has become a rather sought-after investment opportunity. While this is good news for the industry, there is a catch. MIchael Hicks/Flickr (Creative Commons) Lenders are still more apt to approve loans for converting an existing structure into a self storage facility or renovating an old one than to approve loans for new construction. Since this option is less expensive and there is a quicker turnaround (in comparison to building new) investors don’t mind. The trick is to find the right kind of building to convert. Premier...

via Roost Facebook page A wise businessman keeps abreast of the news and the changes in his industry. So it is in the best interest of self storage owners to become aware of Roost, a new self storage startup in San Francisco. Roost is an online marketplace similar to Airbnb, a company that allows people to rent out their home to others for a short-term stay. But instead of renting out living quarters, people use Roost to rent out the extra space they have in their attic, garage, or basement to people needing a place to store things. The...

It’s become difficult to turn on your computer without seeing at least one video of a celebrity or friend taking the ALS Ice Bucket Challenge. The concept is simple: A person is nominated to dump a bucket of ice water over their head. After they do so, they nominate three more people to do it. Those people will then have 24 hours to accept the challenge, or they are supposed to donate $100 to the ALS Association. Easy enough, right? The self storage industry has a reputation for getting involved in numerous charities at the local,...

via SpaceWays Facebook page David Fuchs, Martin Twellmeyer, and Rob Rebholz shared a dream to create a company that addressed a real need and yet disrupted an industry in a positive way. They focused on the self storage industry in London. The trio felt that the self storage industry in the UK was ripe for change. They knew that the market was dominated by just a few businesses, which had a gross margin of more than 60 percent. They felt that because these companies were making a nice income, they were not concerned about innovation. These...

There is money to be made in the self storage industry, and not just right now. As society continues to buy, it continues to need space. Those involved in the self storage industry are more than happy to provide it. With the success that the industry has seen in recent years, more and more investors are doing what they can to beef up and solidify their self storage portfolios. Since the majority of the self storage facilities in the United States are owned by single facility owners and small businesses, a market definitely exists. That...

When a storage facility customer stops paying on their rental unit, a facility can auction off its contents to help pay for the overdue rent. Because of the popular TV show Storage Wars, many people have become interested in storage auctions. They attend the auctions hoping to get something that is very valuable. Recent auctions have garnered treasures for some people, while others are borderline macabre. In an auction in Columbus, Ohio, the winning bidder hit the jackpot. The unit that he bought held some belongings of Terry Glenn, a...

People rent self storage units for all sorts of reasons, but there is one that everyone hopes will never apply to them: natural disasters. Many of the reasons that people rent self storage units are ones that they see coming. They can plan for them, and they don’t cause much—if any—trouble or discomfort. However, when it comes to events like wildfires, tornadoes, hurricanes, and floods, it is impossible to plan for their destructive power. After becoming a victim to a natural disaster, people are faced with the unenviable task of...

Since founding Extra Space Storage in 1977, Kenneth Woolley has built a booming self storage business. His enterprise controls more than 59 million square feet of rentable storage space in 1,071 self-storage facilities across 35 states. After almost 40 years in the business, he still sees a bright future in the industry. Woolley shared his vision in a recent interview on Bloomberg TV. He said that this is an exciting time in the self storage business and that he sees a continued growth path. This growth will happen because of the internet. The...

When people watch sports their attention is riveted to the contest—which is exactly what sponsors want. For the self storage industry this kind of devotion is a real boon. One of the toughest things about being in business for a self storage facility is the need to get the word out. You can run commercials on a local radio station, but there is little to no guarantee that they will even be heard. However, become involved with a sporting event or team and you know you are going to have an audience. SmartStop Self Storage has embraced...

Like in the United States, the economy in the UK is struggling. Even though unemployment there is down and inflation is low, there is zero wage growth. Households are struggling with the high cost of living. Because of the economic status in the UK, Attic Self Storage asked Active Supply & Design (who designs, manufactures, and builds self storage facilities) to do a study. The study compared the cost of renting a self storage unit with the amount of income a person could get if they rented out a spare room. The study reviewed information...