Is Now a Good Time to Invest in Self-Storage?
When you have some money to invest, it can be challenging to choose between your options. When the economy is in flux like it has been during COVID-19, it’s a good time to look for investment opportunities that are secure that do well in uncertain times.
As living conditions change quickly — due to job loss or simply rethinking what’s necessary — people need self-storage options. That means it’s a great time to get in on the action.
Here are several reasons why you should invest in self-storage today.
People Need Time to Sort Things Out
A lot of people are downsizing, changing where they live, or moving for a new job opportunity. All of that requires them to store their personal belongings while they decide what’s next.
People have an emotional attachment to their stuff, and tossing it isn’t easy. It’s especially difficult right after the COVID-19 pandemic when basic supplies were suddenly unavailable and people had to get very creative.
It’s going to take months or even years for people to decide what to do with the stuff they have, and that means there’s an opportunity for a savvy investor.
Businesses Are Struggling as Well
It’s not just individuals who use self-storage. Businesses are looking for a place to store inventory temporarily as they change storefronts or look for a new retail location.
The nationwide shutdowns have put thousands of business owners behind on rent and it will take time before they figure out what to do. Some will have to find a new, smaller space or even move their business to another state.
All of this requires inventory to be stored, and self-storage is a good choice for smaller companies.
Downsizing Due to Work-at-Home
It isn’t just struggling businesses that are downsizing, successful ones are too. While consumers buy more office supplies to equip their work-at-home space, offices are deciding what to do with extra office furniture and equipment.
Many items can’t simply be signed out to employees because they are unique to a shared office setup. However, companies aren’t sure yet that work-at-home arrangements will be permanent, so they can’t sell the equipment.
They’ll need to store it until the situation becomes more clear, boosting demand for self-storage.
It’s Time to Invest in Self-Storage
It’s been a rough 2020 and 2021 looks equally challenging. Finding an investment that does well in difficult times isn’t easy, but when you invest in self-storage you’re likely to do well.
People are in transition — from more expensive cities to cheaper areas, from one job to another, or from one living space to a smaller one. Businesses are also shifting, with some struggling with rent and others adjusting to work-at-home arrangements.
Now that the vaccine is rolling out, things are slowly returning to normal, but the damage won’t be fixed overnight. That’s why investing in self-storage is a great idea.