Are Millennials Driving Revenue for the Storage Industry?

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By Jacob Maslow

Most people have noticed that the millennial generation is different from prior generations. Most notably, they tend to prioritize experiences over material items and don’t seem to care what other people think. At the same time, they still command a large chunk of the market and are responsible for a significant amount of spending in the consumer marketplace. Because of the way the younger generation thinks, they tend to skimp on living.

This generation loves to attend concerts, go out for gourmet meals, and travel the world. They are willing to fly to the other side of the world just to go to an important festival. All of this costs money. Because of the massive albatross that is student loan debt, millennials have to cut spending somewhere. This cost-cutting takes place in the area of ownership.

As a result, millennials tend to live in small apartments. They might rent a house with a bunch of roommates. Some millennials will even move back in with their parents. A significant portion of young adults who are in their 20s live in homes with multiple generations. With the ability to work remotely, millennials don’t feel the need to put down roots in a certain location by buying a home. They might even work while they travel the world.

The side effects of living in such cramped quarters in small apartments, with parents, or with roommates are that there isn’t a lot of room for stuff. This problem is magnified when millennials go on extended trips and don’t have a spot to place their stuff. With this in mind, millennials are also driving up revenue in the storage industry. Like other people, they still need a place to put their belongings. This might include a self-storage unit located in a major city,  or even renting out a long-term unit. With the low cost of storage units compared to renting a larger apartment, it is easy to see why millennials love the idea of placing their items in storage. A larger percentage of millennials are already renting a storage unit when compared to baby boomers and generation X members. At the same time, millennials are also picky about the storage units they use.

This generation wants to make sure their storage units have controlled temperature, controlled humidity levels, pest control, flexible contracts, and multiple payment options. With this in mind, millennials are truly driving the storage industry forward. It will be exciting to see what happens in this industry in the future. Now, storage units are taking the time to invest in improved security measures and customizability in an effort to cater to the younger generation.

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