Tech startups that aim to disrupt existing industries must know defining industry trends and understand where the industry is moving. For my company, that industry is self storage, composed of small facility operators and a handful of big-name players that dominate the market.

Despite being a mature industry, self storage is experiencing innovations and growth that continue to make it a worthwhile investment and an interesting area to do business.

As the founder of a peer-to-peer storage marketplace in the U.S., here are my four predictions about the trajectory of the self storage industry in the coming years.

Ever-increasing demand growth is a fact of the self storage industry. Up until now, supply has kept up with demand, with over 90% occupancy rates being typical since 2015, according to the 2019 Self Storage Almanac from Mini Storage Messenger.

As baby boomers begin to downsize, the need for storage units is predicted to increase. Additionally, while some believe millennials will use storage less than previous generations, data from Marcus & Millichap’s “2018 U.S. Self Storage Investment Forecast” suggests they will continue the demand trend as they still, although slightly later in life, are forming families and accumulating material possessions.