Why Self Storage Businesses Are Booming – Part One

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Though most industries are badly affected by the economic recession, this is not true for the self storage businesses . The business of safekeeping facilities is doing well as people are hiring store units in order to get an extra storing space.

Some reasons why warehouses are doing a brisk business despite slowdown are

Foreclosures

Many people who had bought homes during the housing boom are now unable to pay their mortgages due to the economic crisis caused by the downturn. Consequently, they are selling their homes. Some of them are selling homes before getting the foreclosure notice, while others are bearing the brunt of foreclosure. All such people who have lost their homes are shifting to either smaller rented accommodation or have decided to stay with their extended families. As a result, they have less storing space than before, and are therefore, renting storage units to keep their belongings.

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.