mpty nesters are parents whose children have moved out of the family home. This life stage marks a significant shift, as empty nesters navigate decisions about their financial and personal lives and figure out the lifestyle they wish to pursue in this next chapter. While these choices primarily affect the empty nesters, their transition also has a notable impact across various industries, especially the housing market. These trends can influence useage and open new opportunities for self-storage businesses to potentially capture the business of empty nesters.

This article aims to explore how empty nesters plan on adjusting to this new stage of life, the implications on the housing market, and how self-storage can transform an empty nester’s experience during this life-changing time.

If you know someone who is an empty nester, or you are one, there are options on how to go about living. Typically, empty nesters would stay in their current home or downsize to a smaller home.

STAYING PUT
There are many reasons that empty nesters choose to stay in their current home. Empty nesters can experience an emotional attachment to their current home due to the space holding a ton of sentimental value. From raising their children to celebrating important milestones, the emotional attachment to the house can outweigh the practical considerations. Alternatively, empty nesters might have a retirement plan already set and feel confident in their income (Duncan & Zimmerman, 2024). Ultimately, staying put is a smarter financial choice for many empty nesters, especially those without a mortgage.

DOWNSIZING THEIR DWELLING
Downsizing to a smaller home is another viable option for empty nesters, especially if they no longer need the extra space. Moving into a smaller house means reduced maintenance costs and utility expenses. Additionally, it also means that it’s easier to manage daily, given there’s less square footage, and much easier to move around, which becomes more important as empty nesters age. Downsizing can be an amazing opportunity to explore a new neighbourhood or city as empty nesters enter this new phase of life. This can be especially true if the empty nesters are retired or nearing retirement, proving that while this can be a daunting chapter, it can be an exciting one as well.

As discussed, those entering the empty-nest chapter of their life are more than likely making decisions about what to do with their current home, whether to put it on the market or continue to live in it post raising children.

So which direction do empty nesters favour? Many may assume the majority of empty nesters will decide to sell their house and downsize to a condo or apartment. However, data on U.S. and Canadian demographics suggest otherwise; a good portion of empty nesters are choosing to stay in their current homes.

In fact, according to Redfin News in the U.S., “Empty-nest baby boomers own 28 percent of the nation’s largest homes (Anderson & Bokhari, 2024).” This finding also aligns with a survey conducted by Fannie Mae, where most Americans over the age of 60 don’t ever intend to move and 56 percent stated they would never sell their homes (Duncan & Zimmerman, 2024).

The Canadian market echoes a similar sentiment; the majority of boomer homeowners intend to live in their current homes as long as possible, according to a 2020 Generational Real Estate Trends Report by Mustel Group and Sotheby’s International Realty Canada (White, 2024). A trend that many empty nesters are adopting is renovating their existing homes to fit their new lifestyle, per a Royal Lepage survey (White, 2024).

Regardless of whether empty nesters are staying in their current home or downsizing for this next chapter of their lives, self-storage can play a critical role in empty nesters’ housing plans.

Self-storage can either serve as a short-term or as a more permanent solution during this phase of life for empty nesters. For instance, if an empty nester is looking to move or relocate, storage can be particularly beneficial for storing their items safely and securely during the move, which they can then retrieve when needed. On the other hand, an empty nester who is looking to declutter and make more space in their home, whether they are moving or not, may want a more permanent storage solution for their belongings, specifically sentimental items, such as family heirlooms and photo albums, or items that belong to their now-grown children.

Additionally, if an empty nester has plans to do renovations, like creating new hobby rooms, self-storage can provide the extra storage space and flexibility for them to commit to those major house changes. Therefore, more time is spent exploring passions and enjoying the current space where empty nesters reside with friends and family (White, 2024).

Renting a storage unit provides empty nesters space to securely store their items regardless of their plans. Depending on the self-storage facility, they’ll have access to various features and amenities, including but not limited to flexible rental terms, various unit sizes, top-notch security, and temperature-controlled units to protect valuable items.

So what does all this mean for self-storage companies? There is an opportunity for self-storage to serve a complimentary service to empty nesters experiencing a change in lifestyle once their children leave home.

Companies can follow the lead of XYZ Storage, a Canadian-based self-storage business known for its dedication to supporting individuals, families, and businesses as they navigate big life-changing transitions. XYZ Storage has been an expert in the storage industry for almost 30 years and has become the No. 1 reviewed self-storage business in Canada.

The company caters to the needs of empty nesters to provide them with flexible, affordable, and convenient storage solutions across all five of its facilities across Toronto and the Greater Toronto Area (GTA). Here are all the ways that XYZ Storage caters specifically to empty nesters:

• 24/7 Video Surveillance and Monitored Access: Many empty nesters are storing valuables and sentimental belongings that hold a significant emotional value. XYZ Storage is equipped with 24/7 video surveillance in place, which includes limited entry after business hours (only granted upon request) to ensure those belongings are always kept safe and secure. This way, empty nesters will feel confident in leaving them in storage.
• Drive-Up and Drive-Thru Units: Depending on the location, drive-up or drive-thru units are available, which are especially beneficial for empty nesters planning on downsizing. Empty nesters will be able to experience a more seamless and stress-free moving process with convenient access to their units.
• Truck Rentals: To further assist with the moving process, XYZ Storage has a fleet of truck rentals available for new customers to rent, making it easier for empty nesters to move their belongings within Toronto and the Greater Toronto Area (GTA).
• Professional Shredding Services: Professional shredding is a service that XYZ Storage offers to help empty nesters declutter their homes efficiently. The service is created for personal and business usage while ensuring all destroyed papers are 100 percent securely recycled to reduce impacts on our planet and environment. This can be useful for empty nesters who are seeking an eco-friendly way to get rid of old documents, resulting in a more clutter-free home.
• Moving and Packing Supplies: To support the packing efforts of empty nesters, all self-storage locations have moving and packing supplies available for purchase, making it an easy one-stop shop for absolutely everything needed for moving and packing (for example, packing boxes, bubble wrap, furniture coverings, and much more).

Self-storage companies can benefit from customizing their offerings to empty nesters who choose to downsize or even look to create space in their current homes.

In conclusion, self-storage companies can play a pivotal role in supporting empty nesters during this significant life-transition period by offering practical support, specifically flexible storage solutions, whether to help them downsize or declutter their space. Self-storage can be the ultimate solution to help empty nesters navigate this new phase of life with ease and confidence to embrace this new eye-opening life chapter.