COVER STORY Younger renters tend to rent less
costly, smaller units (10-by-10 or smaller), and they expect to be there for shorter periods of time. While these tendencies may generate less rental revenue for the facility, the SSA Self Storage Demand Study data below shows that younger renters generate more ancillary revenue through pur- chases of items they need for storage, like boxes, tape, and packing supplies. They are also more likely to rent trucks than older renters. See Chart 3 below.
They also want more flexibility in
contract terms, pricing, and means of payment, including a wide variety of payment options, from autopay via debit or credit card, to Apple Pay and Google Pay. They want to be able to get in and out of contracts easily, and they want to be able to lock in pricing. While pricing is still the most
important decision-making factor for all generations, millennials also place greater value on temperature and humidity control, as well as in-unit fire sprinklers and security features. They are also willing to pay more for the features they prioritize.
Finally, especially in dense urban
areas, younger renters are more likely to walk, bike, or take public transit to their storage units. Not many boomers do that! See Chart 4 on page 11.
You already know
that younger renters spend more time on their phones. That’s where they do
research and make
their decisions, based on online reviews.
Finding A Facility You already know that younger renters spend more time on their phones. That’s where they do research and make their decisions, based on online reviews.
They want to be able to do every
step of the rental process from their beds, on their phones, at any time. That means comparing facilities, reading reviews, selecting a facility, selecting their space, signing the lease, obtaining access to their space, buying merchandise, and renting a truck. Even if they don’t do all those steps
every time, they want to be able to do it all 24/7. Excellent digital presence and functionality, including online rent- als, are critical for younger renters.
Where Younger Renters Move Millennials and Gen Zers are on the move, as are many Americans. According to This Old House (https://
www.thisoldhouse.com/studies/moving- by-generation), reporting on the U.S. Census Bureau’s 2022 American Community Survey 1-Year Estimates, about 8.2 million people moved to a different state in 2022, up 4 percent from 2021. This continues a decade- long trend of increasing state-to-state migration. While California experienced the biggest population decrease in 2022, the following sunny states grew
10 Self-Storage NOW!
SECOND QUARTER 2024
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46
