The storage unit business has been growing for years. What once began as a temporary solution for many Americans in between moves has now become a long-term storage solution for items we purchase with discretionary income.
Several decades ago, my wife and I were storage unit people. We were living in an apartment at the time and we simply did not have enough storage space in our unit for our meager accumulations. So, we made the decision to pay someone to store our junk. Not only did we embrace a monthly fee for this service, but we would need to purchase insurance and pay for the gas to and from the unit every time we needed something. After a few years of this financial investment, I unfortunately did the math and learned that I could have easily replaced the contents multiple times over, with the dollars I had invested in the storage unit.
We aren’t the only family that has taken advantage of the storage unit option. Here are a few staggering facts about Americans and the storage unit business.
-“According to IBISworld, annual self-storage revenue was estimated to be about $32.7 billion in 2016. That figure is expected to grow at an annual rate of 3.5 percent over the next five years.” (https://www.sparefoot.com/self-storage/news/1432-self-storage-industry-statistics/)
–“The catalyst behind these achievements is the everyday consumer. As found in the Self-Storage Association’s 2013 Self Storage Demand Study, approximately 64% of people who used self storage had access to a garage to store extra items. Yet, those people – representing over 10.8 Million households – decided to keep their items in a storage facility.” (https://www.lifestorage.com/blog/storage/self-storage-industry-trends/)
-Last year, Dean Jernigan, CEO of Jernigan Capital, Inc. and well-known leader in the industry stated, “The top 50 U.S. metropolitan markets need about $25 billion, an estimated 3,450 new self storage facilities, in new self storage development to meet population growth and expected consumer demand during the next five years.” (http://mjpartners.com/research/market-reports/mjpartners-market-report-2015-2q.pdf)
-“By 2007, a full 15 percent of customers told the Self Storage Association they were storing items that they “no longer need or want.” It was the third-most-popular use for a unit and was projected to grow to 25 percent of renters the following year.” (http://www.nytimes.com/2009/09/06/magazine/06self-storage-t.html?pagewanted=2&_r=1)
The storage unit business has kept currency moving over the decades. Our money becomes their money. Then, when space renters run out of money storing their stuff, it lines the pockets of TV shows like Storage Unit Wars, auctioneers, and a new breed of entrepreneurs.
So I want to ask a question, how can we turn our possessions that we rarely use toward a bigger cause? I am not asking you to stop spending money on more possessions, but how can you turn your extra possessions toward a better use? Answer: You have a couple of fun options.
Pastor, the Generosity By LifeWay app can serve your church well. It allows a giver to donate a select group of noncash items like, boats, RV’s, cars, jewelry, memorabilia, and more. As long as the item has value to it, we can usually liquidate it. Once the gift details are loaded into the app we will handle it from there. This means we will liquidate the item, distribute a gift receipt, and pass on the proceeds to your church.
Your people can do this action repeatedly. Blessing your church with important resources toward the mission. Then, when they start saving the dollars monthly from the storage unit and insurance fee, they can open the Generosity by LifeWay app again and keep having fun. Unleash giving today