Asia's booming middle class is fuelling a strong demand for Airbnb-style apps for storage, Australian entrepreneur Mike Rosenbaum says.
Mr Rosenbaum says Asia's $4 billion storage market is so ripe for disruption that six months after launching Spacer.com.au, he has teamed up with Europe's largest peer-to-peer digital marketplace, Costockage, to help his company break into Asia, starting with Singapore and Hong Kong.
Spacer connects people with space, or hosts, with people who need space, renters, and provides a peer-to-peer review system similar to Airbnb and ride-sharing app Uber.
It is among a flurry of similar digital platforms, including Boxly, Spacelli and Storekat, making a play for Australia's $754 million storage market.
Costockage is Spacer's French equivalent, which has been running since 2013. The partnership currently only involves the sharing of expertise and systems, but could lead to funding, Mr Rosenbaum says.
Mr Rosenbaum, Spacer co-founder and chief executive, says Asia's growing middle class and high-density living were driving a strong demand for self-storage.
"China and other markets in Asia are growing rapidly, albeit off a lower base (than Australia), at 20 to 25 per cent a year," he said.
"That is phenomenal growth, while the Australian market is growing around two per cent.
"The timing is right to expand into Asia and this is a long-term play for us."
However, the dynamics were different to Australia in that excess space would most likely come from commercial real estate rather than people's homes, he added.
Hosts in Australia range from retirees to businesses, while renters range from apartment-living professionals to people running eBay businesses.
Mr Rosenbaum said people were renting space for items as large as boats, caravans and cars.
"We have people who need more space living in smaller environments like apartments. And, then, you've got the empty nesters, where the kids have left home, and they have spare bedrooms and garages," he said.
Like other storage platforms, Spacer provides insurance protection for goods.
TYPICAL RATES (PER MONTH) ON SPACER.COM.AU:
Garage: $200-$350
Driveway: $150-$250
Attic/Bedroom: $150-$250
Yard for Boat/Caravan: $150-$250
Storage Cage/Shed: $80-$150
Share
