The inheritance boom is here, and it’s not just about money—it’s about stuff. Mountains of it. As baby boomers and the silent generation pass down their lifetimes’ worth of belongings, a quiet revolution is unfolding in the storage and decluttering industries. But here’s where it gets controversial: while some see this as a practical solution, others argue it’s a symptom of our overconsumption culture. So, what’s really going on?
On a sunny weekday afternoon in Auckland, a woman in gym gear steps out of an elevator at National Mini Storage, clutching a plastic box labeled ‘December/Xmas’. Outside, a steady stream of cars comes and goes, some loaded with boxes, others empty-handed. Inside, the multi-storey facility feels like a labyrinth of personal belongings, each unit a snapshot of someone’s life. For as little as $217 a month, you can rent a 2x1-meter space—or splurge on a ‘single car garage’-sized unit for $532. But why are so many people paying to store their stuff?
The Inheritance Tsunami
New Zealand is on the cusp of the largest-ever transfer of generational wealth, with $1.6 trillion expected to change hands in the next 25 years. Alongside cash and property, heirs are inheriting decades’ worth of belongings. But where do you put it all? Housing intensification, particularly in cities like Auckland, is shrinking living spaces, leaving families scrambling for storage solutions. Sam Scott, a self-storage specialist at CBRE, sums it up: ‘Homes are getting smaller, but we still have lots of stuff.’
And this is the part most people miss: it’s not just about personal belongings. E-commerce businesses, often run from home, are driving demand for storage as well. With only 2.39 self-storage units per 100 people in New Zealand—compared to the U.S., where one-third of people have rented a unit—the industry is poised for explosive growth.
The Big Players Are Moving In
The storage industry is no longer a mom-and-pop affair. Corporatization is taking over, with giants like Kennards acquiring smaller facilities. Take National Mini Storage, for example, now part of Kennards’ $4 billion empire. Or Australia’s National Storage REIT, which recently accepted a AUD $4 billion takeover offer. These deals signal a shift: storage is big business.
But it’s not just about size. Specialty storage is booming too. Need a climate-controlled wine cellar? That’ll be $100 a month for a 24-case unit. Storing a car in Invercargill? Just $140. Location matters, and so does what you’re storing.
The Decluttering Counterpoint
While storage businesses thrive, another industry is gaining traction: professional decluttering. Beks Holmes, founder of The Decluttering & Organising Co., helps clients let go of what no longer serves them. ‘It’s emotional work,’ she says. ‘Many clients inherit their parents’ possessions and feel overwhelmed.’
Here’s a thought-provoking question: Are we storing too much because we’re afraid to let go? Holmes encourages clients to ask their families if they actually want the heirlooms they’re holding onto. ‘So often, the answer is no,’ she says. ‘They don’t want the family crystal or silver.’
The Bigger Question
As storage facilities expand and decluttering services grow, we’re left with a deeper question: What does our relationship with ‘stuff’ say about us? Is storing it a practical solution, or are we avoiding hard conversations about consumption and legacy? Let’s discuss—do you see storage as a necessity or a symptom of something larger? Share your thoughts in the comments.
