More is always better, right? Storage customers in Western Canada are bound to say so. Recent changes in the population growth in Western Canada will give residents greater availability of storage space along with lower cost for storage.
Storage Industry Overview
A brief overview of the history of the self storage industry in Western Canada shows a traditional expansion in the market. However, there has been a shift in the dynamics of the local industry. Take for instance the case of Saskatoon, a great example of a shift in dynamics of the industry where the development of self storage facility is increasing faster than the population growth.
Saskatoon currently has an estimated 600,000 square feet of storage. Roughly 0.75 square feet per resident. Current expansions could potentially total 185,000 square feet of storage space coming available to the market online in the next 6 months. These numbers are expected to increase total self storage supply in Saskatoon by over 40% based on the ISS estimated current supply self storage.
These expansions in the self-storage industry were based on estimates of a higher population growth. However, a recent decrease in population growth in Saskatoon due to dramatic drops in local industries has resulted in a surplus of self-storage space. This can only mean good news for residents in the area since the extra space only means greater availability and affordability for them.
What Extra Storage Space Means to Consumers
Consumers benefit the most from this shift in the market. StorageMart has operated in the local marketplaces for more nearly a a decade and places a priority in providing clean, convenient, easy storage to residents and business owners. Consumers now have more availability and therefore more options. At StorageMart, we are happy to provide extra storage space and all of its benefits for our customers.
Data gathered from “Self Storage Industry in Danger of Over-Supply in Western Canada, Reported by StorageMart” by PR Newswire. Read full article.