Is Self Storage Recession Proof?
We are living in uncertain times. 'Recession' is on the lips of our financial professionals, media, economists and politicians. A recent poll shows that more Americans are uncertain about the economic future. Investors are thinking about what to do with their money during a recession. Could a Self Storage Business be the answer?
According to a recent article in the San Antonio Business Journal, the Self Storage Industry is touting itself as a recession proof or recession resistant industry. Why? There are a number of factors:
- As people cut back or get foreclosed upon, they are moving into smaller homes. However, they are reluctant to get rid of all that stuff, so they will get a storage unit.
- Businesses that are downsizing or going out of business need a place to store the inventory they have been unable to unload. Self Storage provides an answer for them until they are able to find another answer.
- Recession can mean a time of transition for many families. Perhaps they need to relocate in order to find a new job. A move often includes the use of a Self Storage Facility.
The other side of the argument is that as disposible income shrinks, people will choose not to use a self storage unit. I certainly see merit in this. I'm sure that some people will choose to move out of a self storage unit as the money dries up. Even as the desposible income dries up, I find that people are very emotionally attached to all that stuff, and are unlikely to let it go.
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