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America Counts: Stories Behind the Numbers
Self-Storage Industry Withstands Economic Volatility Through COVID-19
The self-storage industry has demonstrated unique resilience to economic downturns, including the financial impact of the COVID-19 pandemic, according to U.S. Census Bureau data.
Census Bureau’s latest Service Annual Survey (SAS) shows increasing revenue trends from 2019 to 2021 for Lessors of Miniwarehouses and Self-Storage Units.
Lessors of Nonresidential Buildings (except Miniwarehouses) experienced a downward trend of -5.6% from 2019 to 2020 but rebounded in 2021. Lessors of Residential Buildings and Dwellings saw a change of -0.6% from 2019 to 2020 (this change is not statistically significant based on a 90% confidence interval) and also rebounded in 2021.
Self-storage units are a service that can be used by those planning a change in residence, downsizing or in need of more storage space.
A report suggests that self-storage may have benefited during the pandemic from people needing more storage as they relocated or made room for home offices to work remotely.
Continue reading to learn more about:
- Changes in living and working environments
- Low operating costs and flexible leases
- Service Annual Survey data
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