Virtual Entrepreneur

Entrepreneur Daily:
Looking for an entrepreneurial idea that will take you away to a tropical island? Then this trend’s for you. Self-storage has become a $21 billion business nationwide, nearly doubling in size over the last decade. Last year alone, 3,000 new sites opened, and now one in every 11 households rents space in nearly 50,000 self-storage outlets.

So where does the tropical island part come in? Growth of storage facilities on the space-deprived islands of Hawaii has outpaced the national average. As of last year, Hawaii only had 73 outlets, but 8 new facilities recently opened, and a dozen more sites are already in the works.

Aside from sandy beaches and picturesque sunsets, Hawaii also has the highest rental fee for storage space at about $3 per square foot per month due to the high price of land. To compare, the national average is less than a dollar per square foot per month. But Hawaiian renters seem to be getting their money’s worth – the newest facilities on the island are being compared to small resorts, featuring 24-hour access, air-conditioned hallways, fancy business centers and wireless internet service.

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