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Baby Boomers and the Self Storage Industry
By Shaila Bringhurst
Photo Used With Permission
If you are part of the real estate industry, the topic of baby boomers reaching the age of 65 and downsizing is old hat. However, it is not something discussed as much in the self storage industry. While the effects of 10,000 baby boomers reaching the age of retirement each day for the next 15 years1 are still under debate, it is clear storage facilities will benefit from the change.
In a recent Bank of America Merrill Lynch study, 3 out of 4 baby boomers said they plan to downsize their homes. Surprisingly, 47% of total subjects said they would highly consider moving into an apartment, foregoing home ownership altogether.2 These statistics are encouraging for the storage industry as downsizing typically requires storage space.
Additionally, the big retirement states can expect an influx of market. Of the western states, Oregon has the greatest percentage of inbound movers, with 1 or 4 who move west generally do so for retirement purposes.3 Florida, however, is most popularly know as the retirement state since the state government does not tax individual income.4
A Good Time to be in the Business
Whatever your current situation as a business owner or prospective owner in the self storage industry, expect great things to come within the next several years.