Section 3 • Rental Rates Chart 3.3 – Tenant Mix


Military 6.2% Student 6.3% Business 17.5% Residential 70%


Source: MiniCo Publishing


areas is between $25 and $49.99. This price range is the monthly cost for 28 percent of units in urban areas, 25 percent of units in suburban areas, and 31 percent of units in rural areas accord- ing to the SSA Survey. Coming in as the second most common price range, $50 to $74.99 per month, is the cost for 19 percent of units in urban areas, 21 percent of units in suburban areas, and 29 percent of units in rural areas. In addition, 15 percent of units in urban and rural areas cost between $75 and $99.99 per month and 18 percent of units in suburban areas fell into this category. Fourteen percent of units in urban areas, 12 percent of units


Chart 3.4 – Monthly Unit Cost


Less Than $25 Per Month $25 to $49.99 Per Month $50 to $74.99 Per Month $75 to $99.99 Per Month $100 to $124.99 Per Month $125 to $149.99 Per Month $150 Per Month or More


0 6 12 18 24 Chart 3.5 – Monthly Unit Cost for Business Renter


Less Than $50 Per Month $50 to $74.99 Per Month $75 to $99.99 Per Month $100 to $124.99 Per Month $125 to $174.99 Per Month $175 to $299.99 Per Month $300 Per Month or More


0 5 10 15 Chart 3.6 – Monthly Unit Cost for Student Renter


Less Than $25 Per Month $25 to $49.99 Per Month $50 to $74.99 Per Month $75 to $99.99 Per Month $100 to $124.99 Per Month $125 to $149.99 Per Month $150 Per Month or More


0 48 Self-Storage Almanac 2015 7 14 21 28 35 Percentage of Renters Source: SSA 2013 Self Storage Demand Study 20 Percentage of Renters Source: SSA 2013 Self Storage Demand Study 30 Percentage of Renters Source: SSA 2013 Self Storage Demand Study


Trends By Tenant Of course rental rates typically vary depending on who is paying the monthly storage bill. Most self-storage facilities charge residential customers different rates than commercial customers pay. Many storage properties offer various amenities and services such as package acceptance, confer- ence rooms, and packing/shipping services in an effort to obtain and retain commercial tenants. The reason is simple: Commercial tenants tend to rent larger units and rent for longer durations than non-business customers. And it makes sense to be accommodating to this customer base when more than half of business renters (53 percent) pay more than $100 per month per unit. Although commercial customers tend to pay


higher rates than do non-business tenants, accord- ing to the SSA 2013 Self Storage Demand Study, the majority of business renters (18 percent) are paying less than $50 per month per unit. Seventeen per- cent of business renters are spending between $50 and $74.99 per month. Only 12 percent of business renters pay $75 to $99.99 per month and 11 percent spend between $100 and $124.99. The next high- est percentage of business renters, 15 percent, pay $125 to 174.99 per month. On high side of the price scale, 14 percent of business renters are charged $175 to $299.99 per month and 13 percent pay $300 or more.


in suburban areas, and 10 percent of units in rural areas cost $100 to $124.99 per month. Lastly, the least popular price range is $125 to $149.99 per month per unit. Only 3 percent of units in rural areas, 4 percent of units in urban areas, and 8 percent of units in suburban areas have a monthly cost in that price range.


Since the bulk of self-storage tenants are not commercial customers, an additional


breakdown is typically used to gain a better understanding of exactly who is renting units when it comes to residential tenants.


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