The self-storage industry demonstrated unique resilience to economic downturns, including the financial impact of the COVID-19 pandemic, the latest U.S. Census Bureau Service Annual Survey(SAS) highlights.
Increasing revenue trends from 2019 to 2021 for self storage owners shows how operators benefited during the pandemic as people relocated or made room for home offices to work remotely (according to the2021 American Community Survey (ACS), the percentage of people working from homenearly tripled in 2021, and 32% of millennials and Generation Zers moved back in with their parents).
The report also notes that embracing new technology that reduced face-to-face interactions during (online renting, self-service kiosks, and smart-entry tech) may have also contributed to self storage success during the pandemic.
As of March 2023, Worldwide ERC, a relocation services trade group, reports commercial office space usage was50%of pre-pandemic averages. Since the pandemic began in 2020, more businesses have been opting for ahybrid or remote work environmentwhich may continue to create an increased need for self storage for tucking away unused equipment and furniture.