More than 650,000 Americans have been infected with COVID-19, and over 16,500 have died. COVID-19, otherwise known as the coronavirus, has changed life across America and the world as we know it. Sporting events have been cancelled, schools – from pre-k through to college – have closed, people have been told to shelter in place, and nearly 20 million people are expected to lose their jobs.
Since the economic impact of the coronavirus will undoubtedly be felt for years to come, countless politicians and activists are doing their best to determine tangible solutions to lessen the blow, as the government looks to enact further stimulus measures. Even the President of India, Ram Nath Kovind, who implemented some of the strictest quarantine measures worldwide said, “The outbreak of COVID-19 has created an unprecedented situation around the world.” Which explains the unprecedented response.
With almost every industry affected and nearly every worker in America touched in some way, we decided to determine if and how the self-storage industry has been affected by COVID-19. Here’s what we found:
1.) Storage Prices Have Increased.
The rental price per storage unit increased across cities throughout the United States, especially within major metropolitan areas. For example:
While some cities saw a decrease, the majority increased 10-20% for 5’ x 5’ units, 5’ x 10’ units, and 10’ x 10’ units alike.
2.) Demand for Storage Has Gone Up.
Since college students have been mandated to leave their dorms, moves have been placed on hold, and businesses are shutting down, people have needed to find affordable locations across the United States to store their belongings on an interim basis. Most storage facilities offer great move-in specials for new renters, so the cost has been minimal, even though the demand continues to grow.
3.) Long-term prices have increased, but move-in specials have never been better.
Storage facilities across the country are offering 1-3 months of free rent, 1-3 months of rent being just $1, and rent prices that are reduced 25-50% for several months at a time. These price breaks have not only been beneficial for renters who have found themselves in a compromising position, but have also driven up the number of storage units being rented as a whole.
4.) Facilities are enacting stricter safety measures for customers and employees.
Increased sanitizing measures and social distancing have been enacted at businesses across the country, including self-storage facilities. Some facilities have also decreased the number of hours which customers can access their units to help limit exposure. And, while hours may be reduced, 24-7 security measures are still in place to ensure customer belongings remain safe
5.) Most storage facilities will continue to be open for business.
If you are in need of a self-storage unit, there are various sizes and amenities to choose from. Most facilities offer climate control, pest control and security measures standard, with drive-up access available for larger items. Plus, with facilities in nearly every neighborhood, finding a unit that meets your needs is simple, affordable and secure. You can even compare and reserve units online for free from the comfort of home!
According to the CDC, you can help stop the spread of the coronavirus if you:
- Wash your hands often with soap and water for at least 20 seconds, especially after blowing your nose, coughing, or sneezing; going to the bathroom; and before eating or preparing food.
- Avoid touching your eyes, nose, and mouth with unwashed hands.
- Stay home when you are sick.
- Cover your cough or sneeze with a tissue, then throw the tissue in the trash.
The CDC also recommends social distancing in order to limit transmission. In a recent press conference, White House Advisor and top Immunologist Dr. Anthony Fauci said that, “We’re starting to see glimmers of hope” because of these measures, which is why we need to continue to adhere to them.
Though we will go through immense financial, medical and emotional trials, we will come through this stronger, wiser and more resilient than ever before. In the words of Franklin D. Roosevelt, “There is a mysterious cycle in human events. To some generations much is given. Of other generations much is expected. This generation of Americans has a rendezvous with destiny.”