In the video “Self Storage Renters by Generation,” Copper Storage Management debunks assumptions about current generations and offers insights to optimize growth from future generations.
In light of the 2023 Self-Storage Association Demand Study, earlier predictions about the self-storage industry’s decline in the face of millennial habits have been debunked. Initial assumptions suggested that self-storage demand would dramatically decrease over the next 50 years.
One rationale behind this belief was the observation that millennials often opted to discard low-quality goods rather than store them. The ease and affordability of disposing of such items diminished the need for storage facilities. Additionally, there was speculation that millennials, characterized as a generation questioning traditional consumerism, might reduce their purchasing habits. However, these assumptions have proven flawed. Millennials, constituting a robust 35% of the renting population, continue their regular consumption patterns, thereby sustaining the demand for storage spaces. Furthermore, the combination of lower wages and escalating housing costs has led to the trend of smaller homes, creating a pressing need for additional storage.
Notably, each generation’s homeownership rate has decreased in comparison to the preceding generation at the same age, highlighting a shifting housing landscape. Given these evolving dynamics, it is imperative for self-storage facility owners to adapt their strategies. Focusing on the needs of today’s renters, particularly millennials, and anticipating the demands of future generations is crucial for building resilient and successful businesses in the evolving self-storage industry landscape.