by Corinne Gangloff
October 27, 2021
Cleveland, OH, October 27, 2021 — US revenues for self-storage and moving services are forecast to advance 2.5% annually in nominal dollars, according to Self-Storage & Moving Services: United States, a report recently released by Freedonia Focus Reports. Service providers will benefit from increased mobility, as residents and businesses relocate in response to economic recovery as well as ongoing economic changes stemming from the COVID-19 pandemic. Industry participants will continue to benefit from household, business, and government need for additional storage space. Faster gains will be restrained by a competitive environment that results in downward pricing pressure, as this industry does not feature high barriers to entry. However, as more geographic areas become saturated with participants, quality of service will become an increasingly important competitive factor, supporting price growth and revenues. Self-storage firms are increasingly retrofitting old malls and department stores into storage facilities in areas where demand is high, providing a convenient location to consumers while avoiding the cost of building entirely new facilities.
Revenues are projected to increase nearly 12% in 2021, as home sales are forecast to expand by 17%. Low interest rates and high disposable income are expected to continue to encourage moves, while work-from-home practices enable workers who were once geographically tethered to their workplace to move. Many businesses are now able to downsize their commercial space, encouraging moving activity. Furthermore, the lifting of the eviction moratorium put in place during the COVID-19 pandemic has driven some people to move out of necessity.
These and other key insights are featured in Self-Storage & Moving Services: United States. This report forecasts to 2021 and 2025 US self-storage and moving services revenues in nominal US dollars. Total revenues are segmented by service type in terms of:
Total revenues are also segmented by region as follows:
To illustrate historical trends, total revenues and the various segments are provided in annual series from 2010 to 2020.
Self-storage and moving services include fixed and mobile self-storage as well as full-service moving and DIY truck rentals. Self-storage services also include those establishments offering boat, recreational vehicle, and automobile storage. In this report, “employees” are defined to include all those who work in the industry, whether owner/workers or employee/workers. Furthermore, the revenues of both employer and nonemployer establishments are included in this report.
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