Why Interest In The Self Storage Business Has Increased In A Capitalistic Marketplace

In a consumer driven capitalistic marketplace such as the United States, the average person buys many more products than he or she needs or even realistically store in a typical residential building; therefore, the self storage business has seen an explosion of interest over the last decade. This explosion has been created by a number of factors including the shift of individuals and families to smaller houses, apartment buildings and condos that offer less storage space than typical single family houses, the continuous of a consumer based economy that constantly pressures an individual to buy and consume a never ending series of products, and a counter current trend that says that it is wasteful to throw away items that you no longer use or even need.

The United States economy has always been driven by the production of products. Manufacturers learned early on that if they did not constantly innovate and improve their products, consumers would not see the need to constantly purchase newer products. They would instead rely on the products they already had. Therefore, manufacturers and businesses quickly began issuing newer and improved models of the same products. This process tapped into the average American’s urge to constantly consume products by giving the average American a reason to go out and buy a newer product to replace the older product. Thus, we have families that will buy a new vacuum cleaner because it is a newer series with some different features when they may have a perfectly good vacuum cleaner siting in their hallway closet. The average family in the United States now owns 2.5 vacuums.

Add to this almost sickening compulsion to buy unneeded products is a counter trend that has come to permeate American culture that states that it is wrong to throw away products – even if those products have been rendered useless by newer better products. For instance an individual might still have a video game console even though he or she has the newer and better version of that same console. For whatever reason, we seem to want to hold to those things that we have purchased like they are trophies – testaments to our ability to buy products that we do not need or even use.

Added to this compulsion to buy and retain items is a phenomenon that has seen a dramatic shift away from the traditional single family home to smaller, more manageable, and more affordable housing options. Thus, we see the construction of huge apartment or condominium complexes. While offering many advantages over single family homes, space is not one of them. There is usually much less available storage space. Closets are smaller, there is usually no garage, and no ability to place storage shed in your backyard.

Thus, the sudden interest in the self storage business can be explained. Like always, people are driven to buy the newest and best product available even if they do not need that product. These people tend to have a very hard time parting from their older obsolete items. At the same time families are moving into smaller, more manageable living spaces. This means that they have less space to store their unused products. Therefore, they rent storage space at self service units, thereby, increasing the demand for such businesses.