Video: The Minneapolis Self-Storage Industry

The self storage industry has a promising future in Minneapolis, Minnesota. The diverse population, established job market, and overall culture of Minneapolis continues to appeal to college students, young professionals, and families looking for a change of scenery or new opportunities. A growing population along with recent urban development of new apartments and condos would suggest that some residents will need to downsize, meaning that the need for self-storage would rise. Storage facilities in the Minneapolis metro-area are reporting some of the highest occupancy rates, with 98.3 percent or higher since 2011, mirroring the population growth.

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Full Video Transcript

Minneapolis manages to blend the big city bustle with the close-knit neighborhood feel almost seamlessly. The diverse population, established job market, and overall culture is especially attractive to young professionals. Big name companies like General Mills, Best Buy, Target, St. Jude Medical, United Health and more offer great job opportunities, and the city’s unemployment rate is well below the national average. Minneapolis has also enjoyed a steady population growth over the past few years, with a current estimated population of over 400,000. New apartments and condo developments in urban areas may mean that many residents are having to downsize – leading to a growing need for self storage. According to Storage.com data, storage facilities in the Minneapolis-St. Paul metro area have seen some of the highest self-storage occupancy rates with 98.3% since 2011, mirroring the city’s growth and development. Minneapolis will continue to be a promising market for the self-storage industry as the population and job market both continue to grow and appeal to a wide variety of age demographics.