Why Millennials Make A Good Market For Self Storage
Businesses today are trying to discover the magic formula to attract millennials – those born from the early 1980s to the early 2000s. The self-storage industry is no exception. And because of the increasing number of occupancy rates and facilities, the competition is also getting tight.
Some millennials consider themselves to be the most cluttered generation. Their busy lives can often leave them with less time to care for their homes. In fact, most of them are working for more hours so they can keep up with the cost of living. This is exactly where self storage solutions come into play.
Our team at The Box, a reputable storage facility in Dubai, shares other reasons why this generation is a good market for self storage.
4 Reasons for Millennials to Opt for Self Storage Solutions
1. Interim Storage When Moving
Most millennials are choosing to rent a house rather than buy one. Also, they are more likely to settle down later in life as compared to the previous generations. This is great news for the self storage industry because those who rent and move often will rely on self storage.
2. Inadequate Storage Space in Apartments and Dorms
Millennials in college often suffer from insufficient amount of storage spaces in their apartments and dorms. When sharing with a roommate, they may even have less. As they head home over the summer, they will also face issues when deciding what to do with all their stuff while they are gone. A self storage unit is indeed a great option since this provides the best place to store things that no longer have a place in the living space, like their text books from last semester and out-of-season clothes.
It is very tricky to fit everything when sharing a space with another person, especially for bulky items like furniture. Instead of getting rid of these, store them in a self storage unit instead. This will help keep the living space uncluttered as well as keep the furniture safe.
3. Storage for Personal Items/Collectibles/Inventory
Millennials who are settling into their careers may have decided to buy a budget-friendly home which provides only a small space for all their belongings. Other millennials may have started a family and realized that children are accompanied by an endless amount of toys and gear that will take up a huge amount of space.
The best solution to this problem is to rent a self storage unit. This is very ideal for storing all the out-of-season clothing, clothing and toys for the next child, furniture, lawn tools, seasonal decorations, sports equipment, and those priceless collectibles and keepsakes.
4. Instant Gratification
Millennials tend to think that items can solve problems, so they often end up buying all kinds of things. For instance, a treadmill may seem like a great idea to achieve a healthy and fit body, but it may not actually help them exercise more. Another example is a juicer to help make the green juice they swore to drink daily, but they may lose interest in it after some time. Possessions can be easily abandoned just as fast as they are acquired, and although these items are considered abandoned in their minds, they are still physically lingering in their homes. And since they have spent a significant amount of their hard-earned money to buy such, they often decide to just store them, believing that they will use it later on.
Most millennials may be experiencing economic hardships so they are hesitant to become independent renters or homeowners. As such, they often opt to move in with their friends or even go back home with their parents. Others may choose to live in small spaces that are closer to work and are more affordable, or they buy budget-friendly houses. Unfortunately, shared and small spaces will offer less storage space.
Good thing there is an excellent solution for storage shortage – and that is a self storage unit.
How to Attract Millennial Customers
Capitalize on this trend by offering flexible lease terms and other excellent facility features like moving-truck rentals and an on-site shop that sells packing material and moving supplies. And since most millennials are crippled by a slow job market and student loans, it is your job to show them how inexpensive self storage can be by informing them about discounts, promotions, lower priced units, and anything that will make your facility the best option.
Millennials are said to love disruptors or those who love to innovate. In the self storage industry, becoming a disruptor will mean offering services and features that will reflect the ever-changing needs of tenants. Your venture can innovate by offering mobile storage or something that is unique in your market.
Most people get their entertainment from the Internet, so it is crucial for storage companies to maintain an online presence. This means having a website that is user-friendly and modern, along with active social media channels where you can post your offerings and promotions regularly. Since most Millennials trust the advice of the people they know, they often look for service providers that are reviewed online, so make sure to get good reviews from your existing customers.
By integrating affordability, innovation, and a strong online presence in your business practices, you can surely see a boost in occupancy. Keep it up and you will attract self storage users who won’t just reward you with loyalty but will also encourage their family and friends to do the same.