Over half [54.4%] of young UK consumers rely on self storage due to lack of space, according to new research from leading self storage provider, Ready Steady Store.
The research, which surveyed 500 consumers on their current level of clutter within their homes, also revealed that 81% of Millennials and Gen Z respondents all required more space in their homes.
Of these, nearly 50% struggled with space in their properties due to storing sentimental or keepsake items, with 52% cluttered by seasonal items such as holiday decorations and winter and/or summer clothing.
However, due to rising mortgage rates impacting 28% of young consumers and the cost of living affecting 51%, growing numbers are turning to self storage instead of being able to move into a larger property. This is also affirmed by the fact 24% of respondents are opting to downsize and rely on self storage to safeguard excess items.
Other key take outs from the research include:
- When investing in self storage, proximity to their home [68%], price [82.9%] and security [51.8%] are deemed as the most important factors.
- Despite 56.6% of consumers requiring more space in their homes, only 16.9% of respondents live in a property with four people, whereas 41.9% live in a household with 2 people and 22% live in a household with 3 people.
- 66% of consumers who live in London confirmed they require more space in their homes Vs 47% who live in Yorkshire.
This research comes as The Bank of England holds the base rate at 5.25% for the sixth time in a row, with the average mortgage rates still unaffordable for many at 5.41%, according to the latest stats from Rightmove.
Discussing this latest research, Mehran Charania, Director of Ready Steady Store, said: “This latest research is extremely interesting and highlights that although a massive 81% of young consumers believe they don’t have enough room, many are unable to move into a larger property due to high or uncertain mortgage rates.
As such, it is no surprise that the younger generation are having to increasingly rely on self storage to declutter and free up vital space. This is something that we have seen at Ready Steady Store sites across the country, and work hard to ensure we provide cost-effective, secure, and accessible units to all of our customers.”
Established in 2005, Ready Steady Store is a fast-growing self-storage provider with cost effective storage units located in the Midlands, and South, North and East of England.