COVER STORY
willing to spend more for the conve- nience of state-of-the-art technology and goods and services they believe are more sustainable. But they don’t want to drive far to a storage unit. This combination makes millennial buying habits a bit confusing: They want the cheapest space, very close by, and they up-sell themselves on tech and green features. Confusing or not, it does chart a
course for your response. First and foremost, focus on that age-old adage: location, location, location! Buy or build facilities where the demographics are favorable. Offer the features today’s young consumers want: convenience, technology, and value. If your local market has a sig- nificant segment of millennials, be sure to lead with technology and sus- tainability in your marketing. See Chart 2 on page 9.
Using Self-Storage Younger renters, like millennials and Gen Z (born 1997 to 2004 and currently 20 to 27 years old), tend to use self-storage as an extension of their homes, as opposed to older renters, who tend to store memories. According to the SSA’s 2023 Self Storage Demand Study and StorageCafé’s 2023 Annual Report (
https://www.storagecafe. com/blog/self-storage-demand- and-trends/), several factors fuel this trend: • Millennials are more likely to live in apartments than older generations.
• They are more likely to live in urban areas.
• Apartments are getting small- er, especially in urban areas.
• Self-storage costs up to 30 percent less than apart- ments by square feet.
Millennials store their kayaks and
snowboarding equipment, which they use often. This means they go to their units more often than baby boomers, who don’t tend to visit their stored memories. As shown below in the photos of a
“Millennial Closet” in Phoenix, Ariz., younger renters use storage units more like an extra closet. They visit more frequently to swap out clothing, furniture, holiday decorations, and other “season of life” items, such as baby furniture, car seats, and toys. All of this generates more traffic at self-storage facilities from millennials than older generations.
Generational Differences Generally speaking, millennial self-storage renters are more likely to be female, and they are more ethnically and racially diverse than older renters.
8 Self-Storage NOW!
SECOND QUARTER 2024
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