Self-storage space hard to find in Miami, NYC, LA, DC, San Francisco
The coronavirus pandemic changed people’s priorities in various ways. Some made more time for family and friends. Others wondered what they would do if they could do something, then pursued their passions or made big career changes. And for many, spending more time at home has changed what house features were important to them.
Let’s take a look at some of these changing priorities at home and how – and perhaps more importantly, where – self-storage investors can take advantage of it.
The way we live now
The sudden increase in remote work moved office space to the top of the must-have list. Being locked up with kids 24/7 made for a great play area and / or distance learning crucial area. And some workout enthusiasts settle in a home exercise area during the stoppages and decided not to return to the gym when it reopens. And of course, all of these things take up a lot of space.
“Hey, I know! I can just use this totally empty room I have for this,” almost no one said. In most cases, there were a lot of things that needed a place to go to make room for all of these new room identities. And once the cupboards, basements, and attics were jam-packed, people were turning to self-storage units to store seasonal decor, oversized children’s items, infrequently used luggage or sports equipment, and other items they needed. had no room but did not want to get rid of.
For many homeowners and tenants, these shifting priorities meant moving. Some have learned that they can work remotely indefinitely and realized that there was another place they would rather live. For others, the city they once loved suddenly felt cramped and overcrowded, and they packed their bags and towards the suburbs.
After a move, people often put things away that they think they can make room for once settled in. Sometimes it works, but often these things just aren’t a priority and stay in storage for a while.
Cities most in need of storage
Before investing in self-storage, it is important to study the market. Homes in some metropolitan areas tend to be larger, with more storage options like garages, attics, and basements. Some of the options can have fairly cramped living quarters, but offer plenty of on-site storage space to keep personal items that occupants don’t want in their living spaces. And other cities tend to combine a limited square footage per person with no real on-site storage space to make up for it. The latter is particularly where self-storage investors will want to focus their attention.
STORAGE ROOMCoffee recently implemented an analysis of US Census data and Yardi’s Matrix that reveals who easily organizes all of their possessions at home and who struggles. These are the five U.S. cities where, along with their surrounding metropolitan areas, onsite storage space is the hardest to find:
An interesting observation, but not entirely unexpected, is that it is usually the coastal subways that lack storage space. Residents of more interior subways like Atlanta, Pittsburgh, Denver, and Phoenix tend to have a lot more storage space available.
Millionacres net profit
Although many real estate sectors have experienced difficulties, the pandemic managed to create some unexpected bright spots. For investors in good metropolitan areas, self-storage deserves a place on this list. That you think about the opening of a self-storage yourself or by investing in one through a confidence in real estate investment (FPI), exploring these places where self-storage is paramount could be a great place to start.
Unfair Advantages: How Real Estate Became a Billionaire’s Factory
Motley Fool offer:You are probably aware that real estate has long been the playground of the rich and the well-connected, and that according to recently released data it is also the best-performing investment in modern history. And with an unfair set of advantages that are completely unheard of with other investments, it’s no surprise why. But those barriers have collapsed – and it’s now possible to create REAL wealth through real estate at a fraction of what it used to cost, meaning unfair benefits are now available to people like you.
To get started, we’ve put together a comprehensive guide that describes everything you need to know about investing in real estate – and made it available for FREE today. Simply Click here to learn more and access your free copy.