Unprecedented Housing Prices Lead to Downsizing Trend—and Lack of Space
Updated: Nov 15
What does it mean when housing prices reach record-breaking levels? It depends. Homeowners might be able to sell at a handsome profit, but the past year has wreaked financial havoc. There are a lot of people who were renting and witnessed skyrocketing rent prices as well. Others may have had a mortgage but found that COVID left them without a job. Just like housing prices are at unprecedented highs, unemployment rates have been, too, in the past year.
Ultimately, what this means is that many people are getting priced out of both the chance to own and rent a home. This has led to downsizing (whether people wanted to or not). Add in the fact that Baby Boomers are continuing to downsize, a common occurrence in the golden years regardless of financial factors, and what we see is a big need for more space.
You Don’t Need to Sell Your Belongings, Get Storage
Storage units can provide a bridge during downsizing. By definition, “downsizing” means bringing down how much space and items you have. It’s rare that you can get an item’s true value (especially if you have to downsize fast) and, more importantly, you may have a number of high-valued and sentimental items. Storage units are safer than a home, making them the ideal space to store your precious belongings.
There are many reasons people rent storage units, and downsizing is just one of them. Storage units are also used for businesses. Inventory is often housed in storage units, and in the past year there has also been an increased demand for “stock space.” Since COVID shut down a myriad of brick and mortars, a lot of people took (or started) their business online. However, it doesn’t take long for inventory to dominate your home. Storage units have been providing a space to keep your business and home separate.
Preparing for What’s Next for Storage Space
Some analysts are beginning to predict a housing crash in the next ten years. Just like today’s sky-high housing prices, this will benefit some people—and devastate others. No matter what the future might hold, know that you have options when it comes to space and storage. It’s not only your home (or business) that gives you the much-needed space you need. Think of storage units as a safer and more convenient means of expanding your life. Temperature-controlled with unrivaled security, it’s a great option for whatever might come next.
By nature, humans like to collect. We’re sentimental, nostalgic, and highly driven (which leads to some becoming serial entrepreneurs). A minimalist attitude works for some, but for others, there’s great joy in holding on to important items. You can always count on Oquirrh View Storage to give you a little more space whenever you need it. There are a number of unit options to choose from, easy payment options, and our convenient location makes it feel like your unit is an extension of your home and/or business.