The economic scenario has experienced a lot of
shades due to covid 19. This had in turn impacted the salaries, job security,
income generation, and other such factors to a great extent. These factors have
changed the space renting concept completely. Officers and individuals are both
choosing storage units as their option over renting a full apartment or godown.
We researched the future of storage and the factor
affecting it. We came across some interesting factors:
1. Upcoming new profession
Changing youth had given birth to a new and varied
profession that requires extensive travel. A profession like a travel blogger,
digital marketer, motivational speaker, etc does not require a brick-and-mortar
office. People realized that after the Covid 19 spread across the world, where
people started working remotely on a laptop. Because of this many have opted
for a rental storage unit over a rented apartment.
2. Layoff in the industry:
The layoff in today’s economic scenario is a very common practice. Many huge colongmorates have laid-off employees. It then when people have switched to houses with a smaller area. Shifting in smaller houses reduces the cost of living due to a reduction in rent to be paid. The space being smaller the extra belongings need to be stored somewhere. Storage units are a great option for this problem, as we are unaware of the situation going to end.
3. Salary Reduction:
When a person buys a house or car or any luxury
item, it generally keeping in mind the future increments and current
liabilities. But in the Covid scenario, people are working on almost half
salaries. So many have now decided to shift to smaller places or economical
societies or even to other countries offering a better salary. The situation
though is not permanent but is unfortunate and has no fixed tenure. Many people
have started storing belongings in storage units before moving out or deciding
to do so.
4. Low maintenance
The storage facilities are budget-friendly, well maintained, temperature-controlled, 24*7 access, etc. These features promote flexibility and low maintenance on part of the client. It makes it hassle-free as well as economical. The reason more and more people are opting for this trend is the not commitment feature, i.e you can avail their facility for as much time as required and later get it renewed for want to extend the period.
5. Vacant office
As the offices are now vacant due to the option of work from home, these offices have become a financial burden to many landowners. Many have now researched the benefit of converting these empty offices into storage units and open spaces into warehouses due to the increase in e-commerce companies, pharma companies, packed food industry, etc. So, the storage unit is not only going to be a solution but also the source of income for many left with empty offices and open lands.
6. Rising trend
All the above-mentioned factors indicate it is more
of necessity than a convenience. There are going to be more and more of such
growing profession, the shift in the economy leading more of such moving public
and many more such factors. The concept of permanent residency has been
replaced by global citizenship. Many have now realized working for travel can
be interesting. People have become smarter, reducing rent can compensate for
their reduced salaries.
Considering the above factors choosing a storage unit and warehousing is going to be the future for not only institutions but also a landowner.
