The self storage industry in Australia has been on the rise, especially with the dawning of the 21st Century. In fact, the industry is booming at this time with thousands of self storage facilities in Australia alone. The industry is also growing in other parts of the world, especially in the European and North American market.
The industry has coined the term ‘The 4Ds of Life’ and the reason for this is because they rely on four things to ensure people will want to rent storage facilities.
The first ‘D’ is death. Often times when someone dies, relatives and loved ones must move their belongings to a storage unit, whether it be because they’ve moved out of nursing home or their own home, and their belongings need to be sorted.
The second ‘D’ is ‘divorce.’ When people divorce, often times there isn’t time to find another home and people need extra room for their things, (perhaps they’ve rented an apartment with limited space).
The third D is ‘downsizing.’ Downsizing occurs for several reasons. Maybe all children have left the nest so to speak, and their parents no longer need a large home. They may buy a smaller home but they still are unsure what to do with all of their ‘stuff.’
The fourth D is ‘dislocation.’ Dislocation is common when a person needs to move to another state, town, or country and doesn’t have the time nor the means to ship or deliver all of his/her things to wherever they happen to be going.
Often times they will store their things in a local storage facility and make plans to return to get their valuables.
With the former examples it would seem as though the self storage industry has become recession proof, as there are several situations where people inevitably need to store things.