A Decade of Industry Trends
Many things have changed over the past 10 years. Just for fun, we’ve covered some of the more interesting trends below …
- People are still moving: Many people in their 20s are moving to core urban centers, “from outside the largest metro areas,” according to a recent article in Forbes.com. The article also states that “geography of aging” ensures that by their 30s, these same people will move to the suburbs. Reis, Inc. notes that in 2012, “the national apartment vacancy rate fell to 4.7% in the second quarter, the lowest since 2001.”
- The need for storage is growing: Storage is the fastest-growing segment of commercial real estate. As the economy continues to recover, American’s belonging continue to expand. Storage facilities’ occupancy rates and rental rates have risen accordingly. And, the popularity of shows like A&E’s Storage Wars demonstrates our culture’s growing appreciation for storage units (and, of course, the potential treasures one can find when they are abandoned).
- The Internet is now old school: Back in 2004, the idea of buying insurance online was laughable. In fact, MovingInsurance.com was the first online insurance hub for the moving and relocation industry. Before then, business was transacted in person and on the phone, and the entire process was documented on paper, in triplicate. Now the Internet is old school with many industries transacting business through mobile platforms.
- Green is the new gold standard: In 2004, foam peanuts, tape, bubble wrap and cardboard were the mainstay packing supplies of the moving and relocation industry. Only cardboard was perceived as a recyclable material. Now, green is the new gold standard. Tape can be made from 75% recyclable or renewable material and post-consumer-waste (PCW) corrugated cardboard is the norm. There are multiple places to recycle packing material, including most municipalities. And some companies now rent reusable moving boxes.
Over the last 10 years, there have been vast changes in the relocation industry. However, one thing is for certain: Relocation Insurance Group is here to stay and will continue to lead industry innovations for the next 10 years and beyond!
