Ready for the senior wave?

Welcome to the self storage blog, a diary of the self storage industry.

The U.S. census bureau projects that the 60 and over population will increase 81% by the year 2030. The 18-59 market is said to increase by only 7% in the same period. What is this going to do to the self storage business? What is it going to do to your little sub-market that you operate in? I’m not sure self storage insiders have dealt with this issue specifically, have they? Some people in the apartment industry are starting to see more and more seniors keep an apartment near the grandkids, while having their “permanent” residence somewhere else. Many are finding an apartment is the ideal part-time residence.

The self storage association’s market survey found that home owners are storing more often and more belongings than apartment dwellers. But the survey did not, I believe, ask about 100% residence or part-time residence. How different are the part-time residents than the full-timers in their storage habits and needs?

Will these two-residence seniors store on both sides or on only one?

How will we build, market and run self storage properties differently when the majority of customers are 60 and older? Will we have “muscle” on hand to move the belongings for people? Will we need a more “valet” attitude? Who knows?

Will we have craft rooms or community meeting rooms, so our customers can practice their hobbies and meet with their hobby friends at the same storage unit where they store their hobby supplies? Maybe so.

What about the slow growth in 18-59 year olds? Will this mean we see a contraction in our business when the tipping point comes between the two population groups? Will it mean that the younger group will use storage more as home price increases price most younger people out of the home market, or force them to seek smaller homes? Will it mean the younger group will rent apartments because the home prices are too steep? If so, will They need to store more or less?

These are things we need to think about. Tell me your thoughts on these topics. I realize few of us have a 25 year plan. Those of you who were in storage in 1980 may or may not have been able to anticipate and prepare for what we see today.

bye for now, Tron

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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