The Medical University of South Carolina reports that by 2030, South Carolina’s senior population will reach 1.8 million. Considering the total population of South Carolina was 5,373,555 in 2023, this means a significant proportion of the population will be in this demographic.
Among the many implications for a growing population is an increasing demand for self-storage for seniors.
The Older Population in America
Many seniors choose to downsize to smaller homes as they age, often choosing this instead of moving into a senior community. Anyone who makes this move can face storage challenges with less space for their belongings.
For the senior population, however, this is often several decades of accumulated belongings that no longer fit in their home. Fortunately, self-storage is a practical solution for anyone who needs more storage, and inside their home isn’t an option.
This trend isn’t unique to South Carolina, either. The senior population is growing across the country. With the average lifespan increasing and U.S. births reaching a 40-year+ low in 2023, the aging population takes up a greater proportion of the entire population.
The Growing Demand for Self-Storage for Seniors
The self-storage market is growing and showing no signs of slowing down. As of 2023, it was valued at $58.26 billion. With an impressive Compound Annual Growth Rate (CAGR) of 4.37%, the market is expected to reach $72.15 billion by 2028.
America's self-storage market, valued at $44.33 billion in 2024, is the largest in the world. Consisting of a significant proportion of the global market, the U.S. self-storage market is expected to reach $48.73 billion by 2028.
A 2023 self-storage study found that more than one in every five Americans currently rents a self-storage unit, and 21% of renters are in the 56-to-74 age group. Among those who do not yet rent a self-storage unit, at least 20% are considering it for the future.
Self-Storage Demand for Other Age Groups
So, where do other age groups fall in terms of who is driving the storage sector growth?
Some of the answers might surprise you.
Gen Xers (40-55) are currently the age group most likely to rent self-storage
The millennial age group (roughly 24 to 39 years) is tied with the 56-74 group as the second-highest age demographic to rent storage space
Among Gen Zers (18 to 23 years), 11% rent self-storage
Benefits of Self-Storage Facilities
Let's examine some of the many benefits of self-storage to explain why so many older people are turning to it.
Accessibility
Seniors (or anyone else who needs more accessible access to their storage) can find self-storage facilities with ground-floor units. Some even have wider aisles to accommodate mobility aids, including wheelchairs and walkers.
Even storing their belongings in their homes can lead to accessibility challenges for certain populations.
For example, getting things out of tight spaces (including attics or packed closets) or climbing stairs or ladders to access their things can be challenging.
It’s much easier when people know their belongings are safe in a self-storage unit they can easily access.
Security
Modern self-storage facilities have advanced security systems to protect stored items.
This can include:
Surveillance cameras
Secure access points
Individual unit alarms
Temperature Control
Temperature-controlled self-storage units help protect sensitive items from extreme temperatures and humidity. In South Carolina’s humid subtropical climate, accounting for these factors is extremely important for preserving valuable or sentimental items.
Flexibility
Self-storage contracts tend to be flexible. Depending on their needs, seniors can rent space on a month-to-month basis without long-term commitments or find something longer-term.
Cost-Effectiveness
Compared to the expense of moving to a larger home or adding onto an existing one, self-storage can be a more economical solution for added storage space.
Learn more about why self-storage is a great investment in this article.
Other Factors Contributing to the Demand for Self-Storage
A growing, aging population isn’t the only thing driving the self-storage demand.
A Rise in Urbanization
As urbanization increases, living spaces become smaller, meaning more people need extra storage outside their homes. With urbanization projected to reach 89.16% by 2050, the demand for self-storage will likely continue rising alongside it.
High Population Densities
States with high population density are subject to greater self-storage demand. South Carolina is only the 40th largest state in the country, but it is the 19th most densely populated.
Consumer Spending
As Americans spend more on goods and services and need more space to keep these purchases, the demand for additional storage space also grows.
Market Expansion by Self-Storage Developers
Self-storage developers are responding to the growing demand for self-storage properties.
For our part, Streams Development develops modern, accessible, safe, secure, and temperature-controlled storage facilities. We prioritize things like ensuring storage units are secure, well-lit, and bright.
One of our completed projects is renovating an existing storage facility in Anderson, South Carolina, with plans to build 562 units.
Another project projected for completion in 2025 is the ground-up development of 661 temperature-controlled storage units in Greenville, SC.
You can see our portfolio of property development projects in South Carolina next, or contact Streams Development today to discuss your property development needs.
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