The self-storage industry is booming, with more and more businesses and individuals opting for storage units over traditional office spaces. In a world where office rents can be exorbitant, renting storage space is a cost-effective solution that allows businesses to utilize their office space more efficiently.
In Toronto, Apple Storage is a prime example of this trend. The facility is bustling with activity, housing a variety of businesses from candle makers to e-bike repair shops. According to owner David Allan, 70% of the facility is rented by businesses looking for affordable storage solutions.
The self-storage industry is not just thriving in Canada, but worldwide. In the UK, the industry made over a billion pounds last year, while in Asia, the side-hustle culture is driving growth as individuals use storage units for their e-commerce businesses.
Entrepreneur Dean Booty is one of the many success stories in the self-storage industry. After a failed restaurant business, he turned to self-storage and now operates multiple facilities across the UK. His podcast, Hacking Self Storage, has gained a large following, showcasing the growing interest in the industry.
While the industry is booming, not everyone is thrilled about the trend. Housing campaign groups like Generation Rent criticize the industry for profiting off the lack of living space and mental health challenges faced by individuals living in overcrowded homes.
Despite the criticisms, the self-storage industry shows no signs of slowing down. With demand outpacing supply in the UK and around the world, the future looks bright for self-storage entrepreneurs like Dean Booty and businesses like Apple Storage in Toronto.
