The sharing economy has taken another step into the home, with the launch of Spacer, an Australian marketplace for self-storage.
The company, founded by Ex-Deals Direct CEO Michael Rosenbaum, is not the first to target the self-storage market, which IbisWorld research estimates to be worth $750 million and growing. Rocket Internet-backed startup Spaceways launched earlier this year, rolling out in the US and throughout Europe.
But Spacer operates more like a traditional sharing economy company, with consumers on both sides of the equation — renter and rentee. And since Spacer also rents larger storage areas, such as those for caravans or boats, Rosenbaum tells Business Insider the addressable market is actually closer to $3-4 billion.
“Many councils are looking at ways to get boats, caravans and other large items, such as trailers, off the streets to reduce congestion within local communities. We are currently in discussions with a number of councils about partnerships to support their local community needs, as well as a number of sporting clubs, and industrial real estate providers to secure listings of under utilised commercial properties on the platform,” he said.
Spacer raised $1 million in funding from angel and private investors before it’s launch, and hopes to differentiate itself from incumbent self-storage through price and availability. 50 users have been testing the service and Rosenbaum claims their prices are typically 50% below traditional self storage.
“Space is the new tradable commodity in the sharing economy which is not surprising given the high density living in Australia’s capital cities,” Rosenbaum said.