Livible Releases Recent Survey Results on On-Demand Storage Versus Traditional Self Storage
With 50,000+ self-storage facilities in the United States it
is pretty clear that Americans love having ample storage space at affordable rates. But before investing, developers may want to review a recent consumer survey conducted by Livible, an on-demand storage company. The nationwide survey asked consumers what they wanted when it came to self-storage.
The survey comes in response to some interesting performance
in the self-storage industry over the last decade. Investors were surprised
with how well the industry performed during the economic downturn. That surprise increased as the industry continued to perform well as the economy improved. Now developers are not just looking to provide consumers with more storage space—they are trying to give consumers exactly what they want.
“The self-storage industry is booming — with record revenues
and a true ‘space race’ to build more facilities to meet the seemingly
insatiable consumer demand,” Terry Drayton, CEO of Livible, said in a recent press release. Thus, the nationwide survey. And, many of the results are not surprising.
According to the survey, there is an ongoing need for more self-storage. Of the respondents. 55 percent of them said they wished they had more storage space in general, and 17 percent said they wished they had a whole lot more.
When asked whether they would prefer traditional self-storage or on-demand storage, the majority responded in favor of on-demand. This is a new trend, as Livible had once before conducted this survey and at the time found 42 percent of respondents preferred on-demand; this time that number was 63 percent.
On-demand storage has changed the self-storage landscape a
bit as it allows for the storage company to pick up the required storage,
rather than for the consumer to deliver it to a personalized, self-storage
unit. Most survey respondents said the convenience of on-demand and time saved was a primary reason (62 percent). Many liked not having to transport what they want stored (42 percent).
“What our latest survey reveals is the rapidly growing preference and need for more convenient on-demand storage alternatives. Millennials and downsizing boomers — who are increasingly living urban lifestyles — are driving this,” Drayton explained.
As convincing as the survey results may be, it may help to
have more details before drawing conclusions. The sample size was 522
respondents over a three-day span in January when the survey was made
available. Livible did have a good cross section of the population represented as the age range was between 18-65 with an equal split between men and women. Most lived in single family houses (56 percent) with the rest calling an apartment home (44 percent). Only three tenths of a percent had ever used on-demand self-storage before.
Respondents were all located in cities that currently have on-demand self-storage available (New York City, Washington D.C., Chicago, San Francisco, Seattle and Los Angeles).