Demand for self-storage has never been higher. Industry figures* released by the Self Storage Association (SSA) show that most of the UK’s 2,050 storage facilities are currently enjoying 83.3% occupancy rates (86.2% for mature stores) and a 9% increase in average rental rates across all unit sizes.
*2022 SSA UK Industry Report
But if you’re running a self-storage facility, you’ll already know that potential revenue is directly tied to the number of units available to rent. Being at or close to maximum capacity may look good on paper, but the reality is that running out of room limits your potential profits.
Your self-storage site can - and will - generate more revenue if you can find a cost-effective way to add more lettable space to your facility – and expand the scope of your business by broadening the mix of different unit sizes available to your customers.
Some operators choose to tackle this challenge by moving premises, trading up for a location with more usable real estate and a better long-term outlook, but this process can be prohibitively expensive. Safely relocating all the items currently in storage is always a hurdle. Then there are the unavoidable costs always associated with moving a mature business to consider.
Some staff members may be unable or unwilling to commute to your new premises. You may have to pay for expensive redecorating and rebranding work or even fork out to have new, secure and accessible self-storage units built before you can start taking on new customers.
More often than not, simply expanding the space available at your existing location will be much more cost- and time-efficient.