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California Exodus, COVID-19 Factors Boost Northern Nevada Self-Storage Market

The Northern Nevada self-storage market has recently benefited from increased demand due to factors stemming from COVID-19 and an influx of former California residents and business owners seeking relocation. “We do get a lot of out-of-state people coming in. We have a lot of California residents coming up and renting, and it looks like it’s increasing this year,” Deana Cain, manager at Silverado Self Storage in Northwest Reno, told the source.

Factors related to the health crisis include local businesses seeking storage for equipment and supplies after downsizing or closing office space. Residents who have switched to remote-working environments have also sought storage after decluttering homes to clear space for home offices, the source reported. Other drivers include business startups seeking somewhere to store inventory, and residents who have cleared out their garages in favor of a home-gym setup.

“We haven’t seen any slowdown because of the pandemic,” said Todd Whear, owner of Stor-All, which operates five facilities in Northern Nevada. “For temporary storage, people tend to move and store when they’re in transition a lot more during these times. We found that demand is actually greater than ever.”

Stor-All saw its revenue increase 5 percent last year compared to 2019, and the company is in the process of adding up to 400 units at its Dayton and Gardnerville, Nev., locations. Those projects are expected to be complete by year-end, Whear told the source.

There’s also been new-development activity in the region. Reno-based Mardian Development Co. is building a 724-unit facility for Our City Storage in Reno. The property at 2975 Northtowne Lane will comprise 104,000 square feet of storage space. It’s expected to be complete by early April, according to Mike Mardian, owner of Mardian Development.

“As our economy continues to grow, so will self-storage,” Mardian said. “And it always depends on the area, that’s very critical. For us, it’s a business model that we certainly are enjoying.”

Source:
Northern Nevada Business Weekly, California Exodus, COVID Impacts Aid Northern Nevada Self-Storage Industry Growth

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