The Great Inheritance Dilemma: Why Our Stuff is Taking Over and What We’re Doing About It
Imagine a bustling storage facility in the heart of Auckland, New Zealand, on a sunny summer afternoon. A woman, dressed in workout gear, steps out of an elevator, clutching a large plastic box labeled ‘December/Xmas.’ This scene, playing out at National Mini Storage, is just one snapshot of a growing trend: the business of storing our ever-accumulating possessions. But here’s where it gets controversial—while we’re amassing more ‘stuff’ than ever, our living spaces are shrinking, and the question of what to do with it all is sparking a multi-billion-dollar industry.
Outside, a steady stream of vehicles comes and goes, some loaded with boxes and bags, others returning to retrieve items from their rented units. Inside, the facility resembles a labyrinth of garage-like spaces, each secured with a roller door and monitored by cameras. It’s like renting a tiny apartment for your belongings, with prices ranging from $217 for a 2x1-meter space to $532 for a unit the size of a single-car garage. But why are so many people paying for this? The answer lies in a perfect storm of generational wealth transfer, housing trends, and changing lifestyles.
The Inheritance Boom and the Storage Crunch
New Zealand is on the cusp of the largest-ever transfer of generational wealth, with an estimated $1.6 trillion changing hands over the next 25 years. Alongside cash and property, baby boomers and the silent generation are passing down decades’ worth of accumulated belongings. But where do all these heirlooms go? Housing intensification, particularly in cities like Auckland, is squeezing living spaces, leaving families with less room to store inherited items. 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—the self-storage industry isn’t just about personal belongings. E-commerce businesses, often run from homes or small offices, rely on external storage for their inventory. With the rise of online shopping, this demand is only expected to grow. In New Zealand, the supply rate of self-storage units is 2.39 per 100 people, a fraction of the U.S. rate, where one-third of people have rented a unit at some point. But as the population ages and housing density increases, that number is set to balloon.
The Big Players and the Big Money
The storage industry is becoming increasingly corporatized, with smaller facilities being snapped up by larger players. Take, for example, the AUD $4 billion (NZD $4.5 billion) takeover of Australia’s National Storage REIT by a consortium backed by Brookfield Asset Management. Closer to home, Kennards, an Australian-owned business with a market value of over $4 billion, acquired National Mini Storage and its 13 Auckland sites this year. These deals highlight the industry’s lucrative potential, but they also raise questions: Are we prioritizing storage over sustainable living? And at what cost?
The Decluttering Counterpoint
While the storage industry booms, another sector is gaining traction: professional decluttering services. Companies like The Decluttering & Organising Co., founded by Beks Holmes, are helping clients let go of items that no longer serve them. Holmes, who works primarily with women aged 40 to 60, emphasizes the emotional toll of holding onto belongings, especially those inherited from loved ones. ‘So often,’ she says, ‘people don’t want the family crystal or the silver. They don’t want that stuff.’
But here’s the controversial part: Is decluttering just a band-aid solution? Or is it a necessary step toward a more mindful approach to consumption? Holmes encourages her clients to have honest conversations with family members about what they truly want to keep. ‘That space is yours,’ she reminds them, ‘and you should fill it with things that make your life easier or bring you joy.’
The Bigger Question: What Does This Say About Us?
As we navigate the tension between storing and decluttering, a larger question emerges: What does our relationship with ‘stuff’ say about our values and priorities? Are we holding onto the past at the expense of the present? Or is storage a practical solution for an increasingly transient lifestyle? The growth of the storage and decluttering industries reflects not just our material accumulation, but also our emotional and psychological struggles with letting go.
Your Turn: What Do You Think?
Is the rise of storage facilities a sign of progress or a symptom of overconsumption? Do you see decluttering as a necessary step toward simplicity, or is it just another trend? Share your thoughts in the comments—let’s spark a conversation about the ‘stuff’ that defines us.
