Think you know everything there is to know about self-storage units and storage auctions? Think again. While you may have a general understanding of this ever-growing industry, there are some facts that you may surprise you, which is what we’re going to discuss in today’s blog post.
Self-Storage is Primarily US-Based
You can find a few self-storage facilities scattered throughout other countries, but an overwhelming majority are located here in the United States. According to some estimates, there are approximately 58,000 storage facilities worldwide (give or take). Of those 58,000, roughly 46,000 are located in the U.S. The nation’s self-storage industry is booming, with new facilities popping up left and right, which is why we’re the leading country for this industry.
Self-Storage is a Multi-Billion Dollar Business
Of course, there’s a good reason why the U.S. is the leading country for self-storage facility: there’s plenty of money to be made. The business of renting/leasing self-storage facilities in the U.S. topped $6.6 billion. People are willing to pay big bucks for storage units, and for good reason: there are only so many places you can store stuff in your home. Once you’ve filled the closet, garage and spare bedrooms with your belongings, you’ll need to look for other storage solutions, which is where self-storage facilities come into play.
1 in 10 US Families Rent a Self-Storage Unit
Here’s another fun fact about the self-storage industry: nearly 1 in 10 U.S. families are currently renting a unit. That’s a pretty impressive number considering the fact that there are more than 322 million people living in the U.S.
Reality TV Made The Storage Auction Business Popular
Self-storage facilities have been holding auctions for decades. However, it wasn’t until the past five or so years when this business blew up. The popularity surge of storage auctions is believed to have been caused by reality TV shows like Storage Wars, which reveal the inner workings of this industry and how it operates. Many people first learned about storage auctions from watching these shows, at which point they took it upon themselves to enter the business.
Storage Auctions Can Be Lucrative
Okay, this isn’t exactly a shocking revelation — especially if you’ve been in the business for any length of time — but storage auctions can yield some huge profit margins when done right. You may spend a couple hundred bucks on a unit, acquiring valuables that can be resold for thousands of dollars. Very few industries have profit margins like these.