The self-storage industry is booming in 2018, but that doesn’t mean it isn’t important to pay attention to current market trends. Self-storage facility owners need to be proactive about understanding their customer bases and making appropriate changes in order to cater to changing demographics. Read on to find out about a few trends that have been playing a large role in industry changes in 2018.
Millennials and the Digital Connection
Millennials constitute one of the largest demographics renting storage units, so it’s important to recognize and accommodate their differing expectations. They prefer to do as much of their business as possible online, using document e-sign apps, text reminders, and online payments rather than in-person interactions. Current business owners need to do more than just update their websites and should focus on installing new features such as digital gate access in order to cater to the younger crowd.
Paperless Storage Solutions
Given how much technology has advanced in the past decade, it should come as no surprise that customers have different expectations when it comes to information access. Most renters prefer to use mobile apps to access their information from their smartphones, so business owners should be sure to offer paperless document storage. Making this change may require some investment, but it will also allow self-storage facilities to decrease their spending on paper and ink and help them keep track of necessary documents just as easily.
One factor influencing the current boom in the self-storage industry is the contemporary tendency toward residential downsizing. This trend can be attributed primarily to baby boomers who are moving out of their homes and into much smaller assisted living apartments. These older customers often rent storage units in order to accommodate their keepsakes, family heirlooms, important documents, beloved furniture, and other items that they can’t take with them when they move.
As the demand for housing has risen in recent years, so has a trend toward increased urbanization. This, in turn, has resulted in the construction of many smaller homes with higher price tags and an increase in the number of property renters compared to property owners. This combination has triggered an increase in the demand for self-storage that is unlikely to change in the coming years.
Keeping up with modern trends in self storage in barry wales allows business owners to make appropriate changes so that they can remain competitive. The best way to stay on top of important industry changes is to join a trade association that supplies up-to-date information on what’s happening in today’s markets.