Self-storage buildings are everywhere, with more popping up each day! The main reason for this is because the self-storage industry has grown significantly over the past ten years, with more storage options than ever before. When you consider that the storage business has grown by nearly 8% each year for the past ten years, it’s no surprise that they are a regular feature when you head off on a drive or walk!
If you are wondering why there has been such a sharp increase in the number of self-storage buildings, then there are a number of different answers. Firstly, many people have chosen to downsize their homes, especially those of retirement age, and instead of getting rid of their things, they have chosen to store them securely instead.
There are also a growing number of people who are moving from larger country properties to smaller city homes, and they don’t have enough space for all their items. Rather than getting rid of them, they are storing them so that if they move in the future, their belongings can go with them.
Finally, many small business owners are using self-storage buildings as an economical way of storing overstock, allowing them to get the best discounts on bulk buying, without having their business premises over run with items.
As more people look to storage buildings for their storage solutions, more demand is created for metal storage buildings. Find out more about how metal storage buildings work by checking out our information below.
The Growth of the Storage Business
As with all types of business, when demand grows, so does supply. This is the same for the number of storage buildings that are currently in use and being built across the United States. However, unlike other industries, the storage business has exploded in recent years, seeing growth that is unprecedented, and that shows little sign of slowing down.
As with any industry growth, annual revenue has grown, and the storage industry enjoyed a total revenue that was 49.4% higher than the 2010 revenue (IBISWorld)! This growth sees little sign of slowing down, with predictions of gross annual revenue of more than 115 billion dollars by 2025 (Mordor Intelligence), making it one of the fastest-growing industries in the country.
Did you know that just under 10% of American households used storage buildings in 2017, with that number growing significantly year on year. In fact, in 2015, there was just 18.5 million square feet of storage space in the US, but by 2017 this had virtually doubled to 36 million! It’s clear that mini storage buildings are in demand, making them a great business opportunity for you.
Key Stats from the Storage Building Industry
If the growth information is not enough to sway you, take a look at some of the key statistics from the storage industry to get a better idea of the potential on offer:
The American storage business was valued at just under $40 billion in the year ending 2019 (IBISWorld), with the expectation that this figure would significantly increase each year thereafter.
With more than 60,000 storage facilities in America in 2020, the industry is bigger than the combined locations of all US Starbucks, Wendy’s, Pizza Hut, McDonald’s, and Dunkin Donuts!
Did you know that around 1 in 10 Americans make use of some form of storage building every year, paying on average $91 each.
Owners of mini storage buildings enjoy around a 40% profit margin which is nearly double the 22% average that other industry owners receive.
Finally, back in 2018, there was around 1.7 billion square footage of storage buildings across the US that was divided between 45,000 different facilities. These storage buildings were owned by over 39,000 different companies, showing that just one set of mini storage buildings has the potential to produce excellent returns.
Understanding the Global Impact of Metal Storage Buildings
Storage buildings have not just proven to be popular in the US! Many other countries are also increasing their usage of storage buildings, with the fastest-growing being found in the Asian/Pacific market (Mordor Intelligence).
There are a number of reasons for this global growth, with the main one being due to the increased rate of urbanization and people choosing to live on simpler terms, with less items being stored at home. The other main reason is both the ongoing decision to downsize, made by people who are looking to save money and reduce their bills as well as those who are upsizing but entering into multi-generational living arrangements where families combine property and need to store excess items.
With an aging population, increased financial pressure, and people working towards a more minimalistic lifestyle, it’s clear that the storage business is set to be as important as ever, with money to be made for anyone who is willing to invest.
Want to Invest? Try a Metal Storage Solution from Storage Building Central
At Storage Building Central, we provide a number of metal storage buildings that can help you to get your storage business up and running. These include:
- Self-Storage Buildings – to provide your clients with a dedicated space to store their belongings where they can be confident that their items will be safe and secure, yet accessible when they need them.
- Mini Storage Buildings – if you are keen to invest in a storage business but don’t have much land, then our mini storage buildings will help you to do the business you want. We have customizable options for you to choose from.
- Climate-Controlled Buildings – when you want to provide a specialist space in which people can store highly valuable and delicate items, then our climate-controlled options are a great choice.
- Metal Warehouses – if you want a large, accessible space suitable for storing machinery, RVs, and more, then our metal warehouses have everything you could need.
Make Your Storage Building Investment Today
If you are worried about storage building costs and getting a return on your investment, then you don’t need to. Storage Building Central work hard to produce the most cost-effective options and offer fast and free delivery and installation so that you can get to work sooner than you ever imagined.
We have years of industry experience and have helped many storage businesses get off the ground. Our team of dedicated experts is ready to help you design and install the building you want, so get in touch today at +1 (844) 315-3151 and find out more!