The Storage Unit Business Profits From Human Nature: These Entrepreneurs Quit Their Jobs To Cash In On The Hype
Portfolio Pulse from Adam Eckert
The storage unit business is proving to be extremely profitable due to the human tendency to avoid the hassle of moving items. Once a customer stays for a year, they typically stay for five, according to Joseph Russell Jr., CEO of Public Storage (NYSE:PSA). Entrepreneurs are capitalizing on this trend by buying run-down storage facilities, fixing them up, and raising rates. The demand for storage facilities has been soaring over the last two decades.
August 10, 2023 | 12:59 pm
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Public Storage (NYSE:PSA) is benefiting from the high demand and profitability of the storage unit business. The company's CEO noted that customers tend to stay for long periods, which could indicate stable revenue streams.
The article mentions that the storage unit business is extremely profitable and in high demand. Public Storage, being a major player in this industry, is likely to benefit from this trend. The CEO's statement about customer retention also suggests stable and potentially growing revenues for the company.
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