Image from The Wall Street Journal
Move over traditional industrial park-style storage unit facilities and make way for luxury storage units. According to The Wall Street Journal, basic storage units are being replaced by customized spaces referred to as luxury storage units, and for good reason. Some come with gourmet kitchens, others include Indoor basketball courts, and there are even storage units featuring reclaimed wood and stylish seating areas. The newest trend in luxury amenities can’t be found at your home: It is in your storage unit.
The reason these luxury storage units are popping up is simple: as land gets more expensive, builders have become motivated to think of new ways to get a return on their investments. Experts say the rise of luxury storage units is one-way builders can maximize every square inch of a building. And in New York, it’s more than just storage units that are being transformed into a living and entertaining space. Building hallways, rooftops, basement storage and even unused dumbwaiters are becoming a revenue opportunity to sell it separately.
But it’s not only in New York. Across the U.S, the number of self-storage warehouses has more than doubled in the last 15 years as Americans continue to accumulate more stuff. To date, there are 48,500 storage facilities in the U.S.
In recent years, storage prices have risen alongside residential prices. In fact, demand for storage is outpacing supply and prices are rising as a result. Thanks largely to a lull in construction during the recent recession; self-storage occupancy rates are at 90% nationally.
Check out this video about luxury storage units from The Wall Street Journal.
We who are lucky enough to call Santa Barbara home might not need luxury storage units. With the size of our luxury estates, we can easily spread out with enough room for every amenity we could ever want. If you’re searching for a luxury estate in Montecito, Hope Ranch or any of Santa Barbara’s upscale communities, please call me at 805.886.9378 or email me at Cristal@montecito-estate.com. I also have all the intel on pocket listings in the area, perfect for my discerning buyers.