With hit shows like Storage Wars on A&E and more realtors looking for safe spaces to store people's valuables during house staging, the self storage industry is currently on cloud 9, The Wall Street Journal reports.
There may be a recession in the U.S. and Canada but one market that continues to grow due to consumer need is the storage industry.
Profits within self storage, "far exceeded where most thought they would come in," Michael Knott, an analyst at Green Street Advisors, told the publication. "Almost every situation in life can create demand for self-storage, like moving, divorce and getting married, [that is] irrespective of where the economy may be."
Insiders also reported that most people are drawn to newer facilities or ones that offer extra amenities. Many look for extras such as top of the line security systems, 24-hour access to their portable storage containers and facilities that have sprinkler systems and concrete flooring and ceilings in case of emergencies.
People looking for affordable self storage in Toronto should base their searches on companies that offer such bonus necessities, as well as facilities that have solid insurance plans. Jiffy Self Storage owner Allan Barkin told Global Toronto about the different types of insurance policies, saying most people opt only for short-term options that will typically only pay out 10 percent of damages. Barkin said that renters should go for the better plans that will cover fire, damage and theft.