How Self-Storage Rentals in the U.S. Have Been Affected by Covid-19
The COVID-19 pandemic has had hard-hitting effects on many types of businesses, and this includes some self-storage facilities. Recently, the Canadian Self Storage Association, or the CSSA, conducted a survey of its members to determine the specific effects that the pandemic has had on the industry. Results from this poll have been combined with those from a comparable poll in the United States to create a more detailed picture of the situation.
Canada’s Survey Results
Notably, in the CSSA survey, 85 percent of respondents did not shut down during the lockdown. Between April 2019 and April 2020, 24 percent of the respondents had relatively stable move-in numbers, and 13 percent saw an increase. However, 16 percent of the respondents noted a marketed decrease of more than 30 percent during that period.
Regarding move-out-data, 32 percent of those polled stated that their move-out rate was unchanged over the last year. Only 21 percent indicated a drop in move-out rates of up to 10 percent. Generally, the combined move-in and move-out stats indicate that the pandemic has not dramatically affected the operation of Canada’s self-storage facilities overall.
Survey Results for the U.S.
In the U.S. survey, no respondents indicated that they saw an increase or no change in their move-in rate for the same period of time. In fact, 38 percent of the respondents saw a decline in move-ins of 30 percent or greater. Approximately 23 percent of the respondents stated that their move-in rate had decreased between 41 and 50 percent.
The move-out data for U.S. self-storage facilities is also starkly different. Move-out rates decreased by more than 10 percent for approximately 70 percent of the survey respondents in the U.S. Approximately 15 percent of facility owners responding to the survey experienced a decline in move-out rates between 30 to 50 percent. While Canada’s facilities largely operated with business as usual, U.S. facilities found a balance through decreased move-in and move-out rates.
These stats indicate a sense of balance in the industry overall, but individual businesses on both sides of the border have struggled. Insurance for self-storage facilities through StorInsure may provide these businesses with extra support during these difficult times and beyond. To learn more about insurance for self-storage facilities, contact StorInsure today.