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Four Key Takeaways from the Self-Storage Industry’s Annual Report
The self-storage industry is one of very few which has continued to thrive over the past two years, adapting and flourishing in the changing circumstances brought about by the coronavirus pandemic. The annual report by the UK’s self-storage industry (SSAUK) proves that suppliers are proving remarkably resilient in the face of numerous challenges.
Here Hamiltons Removals, who offer storage rental in the heart of East Anglia, look at some of the key facts and figures from the report, and how we can meet all your self-storage needs.
The ‘Churn’ is Down
In the past two years, the self storage market has been fairly volatile, with a lot of people renting out space on a fairly short-term basis. In the past 12 months, not only has overall occupancy gone up slightly (from 82.3% to 83.3% of the total available space), the so-called ‘churn rate’ has fallen from 118% pre-pandemic, to 76% now.
The churn rate is measured by the total number of move-outs in a year, divided by the total amount of units that were occupied during that period. However, not only does this reflect the greater stability in people’s domestic and commercial lives, it also shows that people appreciate the value of having somewhere to put their possessions, and the quality of service being offered.
It Reflects the Post-Covid Times
There are other ways in which the industry has reflected the post-coronavirus times as well. More people are now likely to sort out the details of their contract (or pay a visit to their storage facility) online rather than by phone, even if the facility offers both. Some 86% of self-storage suppliers now allow customers to reserve or pay for their unit online.
Taking an extended holiday used to be one reason for using self-storage, but since the start of the pandemic, this has been almost non-existent because of ongoing uncertainty about possible travel restrictions.
Business Use is Changing
The retail sector accounts for around 14% of all commercial use of storage. SSAUK thinks this is down to government subsidies being wound up or decreased in value. E-commerce was down for a similar reason.
However, while the retail sector has reduced, others, such as the IT industry, have increased to fill the gap. In addition, many areas (particularly in the fields of professional services and travel companies) have been using it more this year, but not quite to pre-pandemic levels.
Another interesting point from the report was that 84% of businesses that use self-storage have 10 members of staff or less, which shows that small businesses are increasingly relying on self-storage.
There is still some uncertainty surrounding the sector, with the war in Ukraine, Brexit and the possibility of further outbreaks of COVID-19 all meaning suppliers are not that optimistic about future growth.
‘Life Events’ are Still a Major Factor
A death in the family is the most common reason cited for using self-storage, with about one in three of those surveyed stating it as their reason for use. Moving house is the next most common, at just under 30%, with international moves accounting for around half of this figure.
Divorced or separated people are more likely to use self-storage compared to (married) couples, with the end of a relationship given as the reason by 12% of those surveyed. Around three out of every four users are over 40.
Other reasons for using self-storage include a change in employment (6%), children returning home (2%), and the birth of a child (2%).
Self-Storage Rental in East Anglia with Hamiltons Removals
Whatever reason applies to you, Hamiltons Removals are the people to call if you are interested in self-storage in Norfolk and Suffolk.
We have two Safe N Stored sites, at Harleston and Aldeby; the former has self-storage rooms of varying sizes, while the latter has self-storage containers ranging from 5’ to 20’ in size, making it ideal for larger items such as motorbikes and caravans.
Both sites are extremely secure and are protected by CCTV cameras. As one of the leading Suffolk removals companies, we can sort out everything on moving day, and store any items you haven’t got room for in your new home, or haven’t decided what to do with yet.
Both depots are now open as usual, and we are safely dispatching online orders for packaging materials. The Harleston self-storage centre is currently open Monday to Friday 08:30 – 17:30. If you need to visit your unit outside these hours, call our sales team on 01379 855203 to see if this can be arranged.
- The SSAUK survey was completed by 66 self-storage companies, encompassing 489 stores in total. They were all members of the SSAUK. The survey was completed in the months of January and February based on data from the 2021 calendar year unless otherwise stated.
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