Storage unit Manchester has seen an increase in demand in recent years especially in other places like Bend, Oregon. It was reported that all self storage facility operators in the area have been seeing an increase in occupancy rates during the year.
Steve Miller, assistant manager at Jamison Street Self Storage said that business was totally different in 2008 where rental rates were so low that they virtually were giving storage spaces for free. Now, according to him, people demand more spaces despite increase in prices.
The reason for this can be attributed to the also improving economy in Bend. The improvement the economy also caused a shortage in housing. This forced people to use storage spaces to store their belongings for the mean time while waiting for housing opportunities.
Economist Michael Stoll, the chair of the Department of Public Policy of the University of California in Los Angeles said in his study entitled that migration now tends towards states with cheaper housing and temperate climates. According to him, the cause of this is the increasing stability of the US economy. Other than that, the climate in Oregon, he said, allows an economically better family to do more activities for leisure.
Thus, as it was also reported in the “National Movers Study” by United Van Lines LLC, Oregon was the top state as a migration destination for Americans in both 2013 and 2014. Among those migrations, 66% of which were inbound. Thus, the increasing number of people moving into the state led to a 5% increase of movement in Oregon year after year.
The previously mentioned economic stability could be a reason for the movement inwards Oregon. The study also said that 38% of those who moved to Oregon was because of a new job while 29% said it was retirement that led them to move to Oregon. These figures lend support to what Stoll said as the reasons why Oregon is the top destination for migration in the US.
These migration patterns have led to the success of storage facilities in Oregon. Jamison Street Self Storage reported that they have seen their best earnings this year as they are operating at their maximum capacity of 320 units rented. Furthermore, Miller also reported that they still have people on lists waiting to be served a storage unit.
With more and more people expected to be moving into Oregon in the following months, self-storage facilities such as Jamison Street will be hard-pressed and incentivized to increase their capacity in order to meet the steadily growing demands for their services.