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The Changing Self Storage Industry Landscape: 2018
- 1. The Changing Self Storage Industry Landscape: 2018 Jefferson Shreve
- 2. The self storage industry is poised for more changes in 2018 and beyond. This year has seen moderate revenue growth. Current forecasts call for growth of 3 to 5 percent in revenue increase by year’s end.
- 3. As our industry outlook remains positive, a series of significant developments in the first quarter of this year will contribute to industry growth. Briefly, here are some trends in self storage:
- 4. Automation Artificial intelligence, machine learning, and the like are redefining the landscape for many industries. Self storage is gradually becoming less of a stranger to its benefits. There are growing numbers of self storage operators who have committed to the partial automation of their properties — and a handful who have gone all-in on remote automation, as my company has.
- 5. Automation (Cont.) Centralization and automation will increasingly become a focal point for self storage operators (and in turn, the investment community) this year and beyond.
- 6. The Younger Generation Millennial influence has been undeniable in the self storage sector. As Millennials continue to gain spending power, their progressive consumer tendencies are reshaping markets, including self storage.
- 7. The Younger Generation(Cont.) For example, the advent of storage apps — which allow users to access and transport stored items through a mobile on-demand platform — have challenged self-storage operators to revisit pricing to remain competitive.
- 8. Uncharted Territory? Regardless of growth — current and projected — some suggest that self storage is entering uncharted waters in a turbulent market. Savvy operators continue to find innovative ways to leverage opportunities in secondary and tertiary markets.
- 9. Uncharted Territory? (Cont.) The self storage industry is expected to weather this process, as it continues to outperform other asset classes and attract the attention of investors.