While immensely popular in the United States, self-storage solutions have remained pretty uncommon throughout Europe… that is, until now.
More and more entrepreneurs are recognising the untapped opportunity presented by the storage industry and as a result we are seeing a major increase in the availability of facilities in Europe.
This super informative infographic from 2Flow examines in-depth the rise of the self-storage industry in the United States and looks at the growth of this emerging business in Europe.
What’s Behind the Rising Demand for Self-Storage?
There are a number of different factors that are contributing to the increased appetite for self-storage among Europeans. Much like in America, Europeans have steadily been accumulating more goods over the decades.
However, increased urbanisation and rising house prices means that our living spaces are getting smaller and smaller. In other words, we have more stuff than ever but less space to pack it all into.
Self-storage offers a cost-effective and convenient way of freeing up space at home by storing items that we simply do not have space for.
A Potential Goldmine
As it stands, the United States makes up almost 90% of the global storage market and for every one-million Americans, there are 163 storage units. Across the water however, it is a much different story with only 3.7 storage units available for every one-million Europeans.
Then factor in the fact that a facility requires only a 45% occupancy rate to break even. In other words, you will start making money when it’s not even half full.
Considering that demand for self-storage is on the rise and that there is a limited availability of facilities, it is clear that there is huge potential in the self-storage industry. Find out more about the untapped opportunity that is self-storage in the infographic below.