Self-storage continues to grow in 'pockets' across New Hampshire
Feb. 18—Daren Simoneau lives in a three-bedroom apartment in Manchester's North End with little to no room for storage.
Four years ago, he rented a 10-by-15 foot unit at Hooksett Self Storage on West River Road to store his family's kayak in the winter, along with bicycles and all sorts of odds and ends.
"We have four older children, so it's a lot of stuff with memories. There's school projects and sports memorabilia like trophies," he said. "We keep a lot of Christmas stuff in there and other decorations."
A lot of the lockers used to be vacant at the property, but now "everything is rented," he said. He even tried to get a second unit large enough for his Volkswagen convertible but had no luck.
Simoneau and his wife, Michelle, are hardly alone, especially with thousands of new apartments being built across southern New Hampshire. Many of those studio or one-bedroom units — whose rents can top $2,000 or $3,000 a month — often have little to no storage available on site.
Many newer self-storage facilities are climate-controlled, like Storage Sense's "Hudson Citadel" on Roosevelt Avenue in Hudson. That makes them perfect for antiques, electronics, clothing, photographs and more, according to the company's website.
New behemoth self-storage buildings keep popping up, including a three-story, 118,164-square-foot building on Central Street in Hudson and a three-story, 196,500-square-foot building on Manor Parkway in Salem. Both will be operated by Bluebird Self-Storage.
"They keep putting up new buildings, but they are selling out, which is crazy," Daren Simoneau said.
About 92% of self-storage units across New Hampshire are occupied, according to Alison Conlon, president of the New Hampshire Self Storage Association.
Statistics typically used by the industry show New Hampshire has an average of 6.9 square feet of storage space per capita, compared to the national average of 5.9 square feet, she said.
"You would think we are equal or oversaturated," she said. "But the reality is there continues to be more and more demand. The old figures we use are changing and increasing every year."
Most customers look for a storage unit within 3 to 5 miles of their home, so certain areas of the state have more demand than others, said Conlon, who has owned Big Bay Storage in Croydon for the past 20 years.
Self-storage facilities typically see a wide range of customers, from college students storing dorm room belongings over the summer to older couples downsizing, Conlon said. Other times, the storage is used temporarily during moves or renovation projects.
"Statistically, people stay a lot longer than they think they are going to," she said. "People think it will be for a couple months, and it ends up being longer."
'Friendly competition'
To help meet demand in Nashua, Manchester developer Dick Anagnost plans to build a new three-story, 109,575-square-foot storage building at 2 E. Spit Brook Road.
"We are a group of Americans, and we accumulate a lot of things," he said. "Self-storage has become the place to keep all those things you don't have room for in your house."
He hopes to start construction on the Nashua project this summer or fall, after appeals to the project are cleared up. The project is part of the development of a new Costco building.
The location is just off the Everett Turnpike near the Massachusetts border and close to many multi-family apartment complexes and condos. Anagnost said he and development partner Brady Sullivan Properties had a study done that showed Nashua is "a little underserved" by such facilities.
In July, the John Flatley Co. opened the 73,400-square-foot Nashua Self-Storage facility at the Gateway Hills mixed-use development about a mile away.
Anagnost isn't worried.
"It is on the other side of the highway," he said. "They are friendly competition."
On the northern end of the Gate City, U-Haul added 600 indoor climate-controlled storage units to its facility at 476 Amherst St. The two-story building totals 76,000 square feet.
Trash and treasure
A&E's reality TV show "Storage Wars" highlights the fact some lockers are filled with junk, while others contain expensive heirlooms.
The Simoneaus know this well. They recently took up the hobby of bidding for storage lockers up for auction because of lack of payment. The auction is conducted online, like eBay.
Some of the contents goes straight to the dumpster, and some is dropped off at Savers or Goodwill.
On a recent afternoon, the Simoneaus discovered an electronic device likely worth some money in a locker at 603 Storage in Raymond. He wouldn't disclose exactly what he found.
"Like anything else, it is a gamble," Simoneau said. "This one was decent. If you are lucky, you can triple your money. If you overbid, you can definitely lose money as well."
'Hole in the market'
Joe Mendola, senior vice president of the NAI Norwood Group, helps clients interested in building self-storage facilities conduct feasibility studies.
"What I'm doing for my clients is I am looking for the hole in the market," he said. "There are some markets in New Hampshire that are underserved, in particular for climate-controlled storage."
He said many people who rent luxury apartments these days are putting more valuable possessions in the units than customers would have 10 or 15 years ago.
"In the olden days what you would do is go out and buy a starter home with a one-car garage, maybe a basement, and that would become your storage market. You can't do that nowadays."
Even with the economy, the industry is expected to continue to grow. It is considered "recession-resistant," Mendola said.
Conlon's Big Bay Self Storage in Croydon is completely leased out, but the company also offers portable storage units. The containers, which are used for moving or stored at a self-storage facility, are part of a growing trend.
"It allows a facility to go from the 3- to 5-mile radius of the facility to upwards of 30 miles," Conlon said. "It expands your reach."
Anagnost stands by the fact that renting a storage unit is more economical than renting a bigger place.
"You are going to rent only the space you need," he said.
