Meeting new demand in a changing economy
From the beginning, life changes have driven our business – many of them wholly separate from the ebb and flow of the economy. Couples get married and have babies; children graduate and move out; people buy a house, get a new apartment or change jobs – and they all need a place to store their things in these times of transition.
In the current economic environment, downsizing is driving new demand for storage. Across the country, one in 10 borrowers in America was either delinquent on their home loan or in foreclosure at the end of 2008 (Source: Mortgage Bankers Association). The nation is bracing for the next wave of mortgage defaults. From 2009 and 2012 it is estimated that eight million homes will go into foreclosure, according to a Credit Suisse report.
People facing this life change are entrusting us with their valued personal items. Additionally, many parents are moving in with their adult children to make ends meet. More than 3.6 million parents lived with their adult children in 2007, according to the U.S. Census Bureau, up 67% from 2000. We are ready to meet these new areas of demand in a changing economy, while we help people prepare for the next chapter in their lives.
Businesses are also increasingly using self-storage to augment their space. Whether they are moving, rightsizing or growing, businesses are turning to Extra Space Storage to keep important documents, furniture and inventory safe and secure while they prepare to make their next move.
