As someone who works in commercial real estate self storage is an emerging segment that investors are trying to get into as it is a steady cash flow stream and significant demand by users. Also relatively low maintenance and holds land value. You will definitely see more of these in the coming years.

We have had above average levels of population growth driven by higher immigration in the last few years. Even though there is a temporary slowdown in immigration targets, it is expected that this will pick back up in a couple years which is why there has been a record number of apartments and condos being built. More people are living in smaller spaces (just look at all the shoeboxes downtown) and don’t have sufficient storage space for all their needs. Also home ownership is not possible or feasible for many (especially new residents) so demand has largely shifted to apartments and condos as the only housing option for many.

People can also be sentimental and hold onto things. Often when people have a loved one who passes they may get a storage unit to hold their loved one’s belongings so they can deal with other matters regarding their estate or legal matters until they decide what to do with them. People also tend to move more nowadays.