Self Storage Trends for Summer 2022
May 30, 2022
The demand for self-storage services continues to rise every year, and it’s expected to continue growing. In fact, the average cost of a 10x10 storage unit in Baton Rouge is $102/month, an increase of 2% compared to last year. Nationally, self-storage street rates for 10×10 non-climate-controlled units saw a 4.8% year-over-year increase, registering an average of $130 in April 2022.
In this post, we’re exploring the top self-storage trends for the summer in South Louisiana and beyond as well as some benefits of investing in self-storage in 2022.
Rise in Demand for Climate-Controlled Storage
Not only are climate-controlled storage options ideal for homeowners, but they are also becoming increasingly popular amongst business owners looking to store key documents and legacy assets. The obvious reason why these units are so desirable is that the temperature helps protect the items from adverse environmental conditions. Since these are typically found within a secure building, complete with sealed and insulated roofing, floors, and walls, climate-controlled storage can also protect and prevent things like pests, floods, dust, and different kinds of debris.
Increased Investment in Self-Storage Technologies
With an increase in demand comes an increase in consumers wanting ease of access when it comes to storing their belongings. While storage facilities in the past have been known to be “slow to the race” when it comes to investing in technology, this segment of the market has seen a massive increase over the last year. As 1 in 11 Americans use self-storage options today, many facilities have started investing in and partnering with big tech companies who can offer turnkey services like self-serve kiosks, digital keys, and all-in-one apps that offer mobile access to consumers at all times, from all locations. This streamlines the experience for both the facility operators as well as the consumers.
The Rise of Big Data and Artificial Intelligence (AI) in Storage Facilities
Diving deeper into the technological advances in self storage, big data and artificial intelligence (AI) have become ever more important to meet consumer demand. As the market grows, so does the importance of having real-time data analytics and AI in place. Storage facilities benefit from implementing these technologies by receiving an accurate picture of what their customers want and can use that information to improve their services. Owners can analyze customers’ behaviors, like the times of the day they’re the most active, how many times they visit the facility, and the kinds of items that are being stored. This helps in a myriad of ways operationally from planning staff schedules accordingly to creating solutions that meet the needs of the consumer.
Whether you’re looking to test the waters in commercial real estate or are seeking profitable investment opportunities, there are many reasons why investing in self-storage is the right fit. From rising demand and low investment costs to high-profit margins and high returns, reach out to our team today to learn more about how you can capitalize on the booming storage solution market in 2022.
Cypress Hall | LSU's First LEED-Certified Residential Hall
Learn about the first LEED-certified residential hall on LSU's campus with LEED AP Jeff Wilke
Louisiana Climate Action Plan Overview with LEED AP Jeff Wilke
Ongoing discussion of the new Louisiana Climate Action Plan with LEED AP Jeff Wilke
The Blum Brief
2022 Commercial Real Estate Trends from Investment Advisors
Trends and Predictions for CRE Asset Classes in 2022
The Latest Commercial Real Estate News
Signup to receive alerts on new listings, investment topics, market updates and more.