Deciding to go in to business—self storage and otherwise–is an extremely tough decision to make. You want to do something you like and enjoy if you can, but most of all you want your business to be in a market poised for growth. You certainly don’t want to join an industry that is already saturated with competition and with little apparent room for growth.
That is where the self storage industry gets interesting. It’s been around for a long time and there are around 50,000 self storage facilities in the United States alone. Seems like it might be kind of saturated, right?
Not so fast.
More and more these days people are discovering their need and desire for more space. They want clean garages and houses—without having to throw anything out or give it away—so they head to the local self storage facility.
Almost anything goes (nothing illegal of course), and in many facilities does.
“We have everything from trash bags full of clothes to family heirlooms, antiques,” said Jeff Smith, president of The Storage Bin and of Beaver Creek Mini Storage in Hagerstown, Maryland.
As more and more businesses discover how to use the self storage industry to their benefit the need for the industry becomes even more apparent, but
need doesn’t always translate to growth. That could just mean prices are going to rise. How do we know it is actually growing?
While new facilities are not springing up everywhere they are being built. For example, the good people of Trumball, Connecticut, recently welcomed their first self storage facility to town, Trumball Self Storage (a 42,140-square foot facility with 362 units).
One could even look at the desire by investors to find alternate ways to get in to the industry as a sign of growth as well. People may see the potential, but may not have the finances to get involved themselves. Thanks to a company like Realty Mogul they now can via crowdfunding.
Business has been going well enough for them that they recently decided to bring on a new chief production officer, Elizabeth Braman.
“Elizabeth is one of the most impressive real estate professionals in the industry with an impeccable track record and she shares our core focus on using technology to disrupt the real estate markets,” Realty Mogul CEO and Co-Founder Jilliene Helman said. “I have no doubt our originations will experience exponential growth under her leadership,” she added.
“Elizabeth Braman Joins Realty Mogul as Chief Production Officer Spearheading Equity and Debt Investments.” PRNewswire; 02 July 2014.
“Self-storage facility opens on Spring Hill Road.” Trumball Times; 02 July 2014.
“Self storage businesses have leg up on the economy.” Herald-Mail Media; 29 June 2014.