New Report Details How a Potential Relocation Boom, Tech Advances, and Economic Shifts Are Transforming Self-Storage
AUSTIN, Texas, Oct. 17, 2024 /PRNewswire-PRWeb/ -- Storable, the leader in integrated technology solutions for the self-storage industry, today released a comprehensive report shedding light on the future of the self-storage industry. The "2025 Self-Storage Industry Outlook" report, based on a survey of over 1,000 U.S. consumers across various demographics, offers valuable insights into storage demand, technology adoption, and shifting customer preferences.
The report paints a picture of an industry on the cusp of transformation. With a perfect storm of increased mobility, shifting economic tides, and technological advances, self-storage operators stand at the threshold of a potential boom. For example, the report found that 37% of Americans are either considering or planning a move within the next 6-12 months – a surge that could offset a recent dip in self-storage rental rates and position the industry for a notable rebound. The Outlook's findings offer a roadmap for savvy operators to thrive in this evolving landscape.
Key findings from the report include:
- Surge in Relocation Plans: The nearly 4-in-10 (37%) of Americans that are either considering or planning a move within the next 6-12 months is a notable increase from the 25% who reported the same in a previous Storable report released last March. A further 23% said they were "maybe" considering a move, potentially increasing the total percentage to over 60%.
- Economic Factors Driving Demand: 13% of those considering a move cite lower interest rates as a key factor, with this sentiment even stronger among younger adults. Further Federal Reserve rate cuts could unlock significant pent-up demand in both real estate and self-storage sectors.
- Regional Preferences: The South emerges as the most popular destination for relocation, chosen by 40% of potential movers, followed by the Northeast (23%), West (12%), and Midwest (10%).
- Price Sensitivity and Value Perception: 83% of respondents cite price as the most critical factor when choosing a storage facility. This is a marked increase from the 69% who said the same earlier this year. Additionally, 33% of tenants claim a price increase of 10-20% would trigger them to leave their self-storage facility.
"Our '2025 Self-Storage Industry Outlook' isn't just a report—it's a blueprint for success in a rapidly changing market," said Chuck Gordon, CEO of Storable. "We're seeing a perfect storm of economic shifts and increased mobility that's reshaping tenant demands. Operators who can pivot quickly—balancing competitive pricing with tech-driven, value-added services—will be the ones who thrive. This report gives them the insights to do just that."
From leveraging cutting-edge tech to tapping into emerging customer needs, the report equips industry players with the insights needed to turn challenges into opportunities and position themselves for success in the years ahead.
Download the full "2025 Self-Storage Industry Outlook" here.
About Storable
Storable is a leading provider of integrated technology solutions powering the self-storage industry. Storable is committed to pushing the boundaries of innovation, offering a suite of products that includes management software, marketplace, websites, access control, insurance, payments, and more. Storable takes pride in supporting operators and managers along each step of their journey and enabling them to achieve their operational goals. For more information, visit http://www.storable.com.
Media Contact
John Eidson, Storable, 2035617112, [email protected], www.storable.com
SOURCE Storable
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