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Joseph Woodbury, CEO of Neighbor.com, explains how many natural lifestyle behavioral shifts that have emerged as a result of the pandemic, are also natural demand-drivers that we historically see in the self storage industry. The catch? They sort of all happened at once which created a huge jump in recent 12-month storage demand.
Not only are people spending more times in their homes, they are also remodeling spaces, redecorating home offices/gyms, as well as increasingly relocating to alternative cities and communities. Independently each of these behaviors will act as positive demand-drivers for the industry.
What's interesting about Joseph's business is that he also watched as their supply-side also saw unprecedented growth, primarily due to many Americans seeking alternative ways to earn passive income.