Self Storage Industry Likely to See Boosts After Hurricance Sandy Passes

Posted on Oct 30 2012 - 7:32pm by Kim Kilpatrick

Hurricane Sandy has managed to do something that had appeared to be impossible—it made the vast majority of the City that Never Sleeps appear to do just that. With the news of the hurricane baring down on the East Coast most people that were going to be hit by it—not just those in New York City—did the smart thing and sought shelter.

However, as the storm passes over and dissipates the totality of Hurricane Sandy’s destructive wake will become readily apparent. Already images have been all over the news and internet of trees uprooted, cars underwater, and massive destruction to the personal property of thousands of people.

Self storage companies in the New York/New Jersey area are likely preparing for an onslaught of demand as people that are looking to protect what they still have as they clean up move the belongings they still have into self storage.

“The storage needs generated by hurricane clean-up can last from 6-18 months,” stated analysts from Cantor Fitzgerald, a global financial services firm.

The self storage industry has seen a boost in the past following national disasters such as hurricanes. Those in areas where Hurricane Katrina did a lot of damage did back in 2005. 

It is also not unusual for people to make use of self storage when it comes to preparing for an oncoming hurricane. People in areas that are evacuated will often store vehicles, boats, and other valuables in self storage units prior to evacuating when time permits.

Extra Space Storage has a number of facilities in the New Jersey/New York area and is expected to see a sharp increase in business after Sandy passes.

“Demand for self-storage rises considerably as homeowners, contractors, and local suppliers set about preparing for reconstruction,” analysts from Cantor Fitzgerald have stated.

In the past a number of self storage facilities have offered free or discounted self storage units to those that have been affected by natural disasters. When people in the Dallas area were hit hard by tornadoes earlier this year, a local self storage facility, Blue Mound Self Storage, offered a free month of storage to help out those who were hit hard.

“This is one of the roughest starts to the tornado season that I can remember. We are glad to do what we can to try to make things easier for people who need to move out of a damaged home, store their possessions, and begin working with their Fort Worth insurance agents on a claim,” said Ron Sturgeon, owner of Blue Mound Self Storage

Sources Used:

“Sandy Will Boost Self-Storage Space.” CNBC; 30 October 2012. 

“Haslet, Texas, Mini Storage Company Offers Free Storage to Tornado Victims.”; 06 April 2012.

“Families Put Valuables in Storage to Prepare for Hurricane Season.” Self Storage Industry News; 25 May 2010.