As land values have skyrocketed and cheap clothes and knick-knacks have proliferated from fast fashion and dollar stores, North Americans are increasingly finding their living rooms overrun with, well, a lot of stuff that you really, truly do not need. Are we right? Yep, thought so.
We’ve all witnessed the rise of the tiny house movement at the same time as Marie Kondo worshippers have exploded — it’s clear a limit has been reached.
Space Needed As Home Buyers Purchase Smaller Homes
Let’s take a look at something different; for example, a Canadian market like Toronto. Condos now make up about 30 percent of all property purchases in Toronto, and 1,727 Vancouver condos were sold in March 2019 alone.
Even smaller cities in Canada, where land is significantly cheaper, are experiencing a lifestyle shift. For example, sales for Ottawa condos, a city where single-family homes have long been the dominant home type, are up 5 percent year over year. These stats are all similar to American markets like Chicago, Minneapolis, Seattle and New York.
It’s no longer assumed a family will move to the suburbs to a 2,500 square foot house, and all prospective buyers, from boomers to those downsizing to young families are finding themselves in smaller spaces and in desperate need of more storage options around the house.
But in these smaller spaces buyers are finding out that they simply don’t have room for what they have accumulated. So, instead of buying a bigger property, they are largely choosing self-storage options.
The New Generation of Storage Solutions
Self-storage companies, like Make Space, Share Bee and Second Closet are making it easy to store small amounts of items, like winter clothes, skis and boxes of books that you just don’t have room for, and also get it back easily when you do need it.
These self-storage companies are perfect for those who want to live in a small space without trashing or donating their stuff because they know they will need it for the future. Think downsizers who want to save furniture for the grandchildren, sellers who are staging their home, or a parent storing away her maternity and baby clothes … just in case.
Unlike traditional storage, these services pick-up your goods and deliver them back to you for a small fee whenever you need. Also unlike traditional storage, they’re not located in huge warehouses on the edge of the city, but instead, they’re located in easily accessible neighborhoods.
They are digital first, and make it easy for customers to schedule pick-ups and drop-offs and only charge for the space you use.
In short, self-storage companies make living— perhaps in one of the cities Millennials love most —in a dense urban area downsizing and moving just that much easier. If you’re moving to a city like Toronto or Chicago, or even a smaller city like Milwaukee or Madison, you need to know that you have some awesome self-storage options!