Rental Rates • Section 3
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. This segment includes student renters and military renters and many proper- ties offer alternate rental rates for these two unique customer bases. Starting at the low end, only 9 percent of student
and military renters pay less than $25 per month per unit. For both military and student renters, the largest percentage group spends between $25 and $49.99 per month per unit, with 30 percent and 33 percent, respectively. While 27 percent of student renters pay $50 to $74.99 per month for rent, only 10 percent of military renters rent units that fall into that particular price range. Conversely, 25 percent of military renters are charged between $75 and $99.99 per month per unit, while only 14 percent of student tenants rent units at this price point. The large differ- ence in the last two statistics is likely due to the unit sizes utilized by the two groups. On average, student renters require less storage space than do military renters who may be storing all of their possessions while overseas.
Change *
$51.03 -0.1% $51.43 $51.97 $52.24
0.8% 1.0% 0.5%
1.2% 2.8%
$51.81 -0.8% $52.45 $53.94
0.9% 1.2% 0.9% -0.1% 0.6% 1.0% 0.9% -0.9% 1.5% 2.8%
Eleven percent of student and 17 percent of mili-
tary renters have units with rental rates in the $100 to $124.99 per month range. The percentages drop pretty drastically for both customer bases when it comes to the two highest rental rate ranges. Only 5 percent of
Chart 3.7 – Monthly Unit Cost for Military 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 7 14
Table 3.1 – National Rental Rates (Non-Climate Controlled Asking Rent) Change
Change Year
2011 Q4 $49.80 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
* Data Not Available Change Year
2011 Q4 $61.81 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
* Data Not Available
$62.13 $62.91 $63.32
0.5% 1.3% 0.7%
$63.15 -0.3% $63.44 $64.39 $64.59
0.5% 1.5% 0.3%
$63.61 -1.5% $64.18 $66.18
0.9% 3.1%
Table 3.2 – National Rental Rates (Climate Controlled Asking Rent) Change
Change
$87.80 $88.44 $89.77 $90.40 $90.24 $90.56 $91.87 $92.50 $91.34 $92.52 $95.46
*
0.7% 1.5% 0.7% -0.2% 0.4% 1.4% 0.7% -1.3% 1.3% 3.2%
$138.73 $139.30 $140.92 $142.16 $142.24 $142.89 $144.79 $146.28 $144.66 $146.94 $151.55
*
0.4% 1.2% 0.9% 0.1% 0.5% 1.3% 1.0% -1.1% 1.6% 3.1%
$182.78 $183.00 $185.10 $186.66 $187.17 $188.62 $190.54 $191.50 $189.82 $193.01 $198.66
$50.12 $50.75 $51.06
0.6% 1.3% 0.6%
$68.94 $69.54 $70.35 $71.00 $70.93 $71.39 $72.12 $72.77 $72.11 $73.18 $75.21
$108.71 $109.35 $110.59 $111.87 $111.92 $112.51 $113.60 $114.82 $113.88 $115.63 $118.85
*
0.6% 1.1% 1.2% 0.0% 0.5% 1.0% 1.1% -0.8% 1.5% 2.8%
$142.40 $143.03 $144.73 $145.97 $146.12 $146.62 $147.57 $148.72 $147.62 $149.99 $153.72
21 28 35 Percentage of Renters Source: SSA 2013 Self Storage Demand Study
Change *
0.4% 1.2% 0.9% 0.1% 0.3% 0.6% 0.8% -0.7% 1.6% 2.5%
$171.37 $172.33 $174.29 $175.48 $176.28 $177.32 $179.84 $181.11 $179.86 $182.41 $187.01
Change
5 x 5 in Rent 5 x 10 in Rent 10 x 10 in Rent 10 x 15 in Rent 10 x 20 in Rent *
*
0.6% 1.1% 0.7% 0.5% 0.6% 1.4% 0.7% -0.7% 1.4% 2.5%
Source: © 2014 REIS, INC.
Change *
0.1% 1.1% 0.8% 0.3% 0.8% 1.0% 0.5% -0.9% 1.7% 2.9%
$226.94 $227.84 $230.09 $231.96 $232.30 $234.33 $235.86 $237.13 $235.18 $239.09 $245.94
Change
5 x 5 in Rent 5 x 10 in Rent 10 x 10 in Rent 10 x 15 in Rent 10 x 20 in Rent *
*
0.4% 1.0% 0.8% 0.1% 0.9% 0.7% 0.5% -0.8% 1.7% 2.9%
Source: © 2014 REIS, INC. 2015 Self-Storage Almanac 49
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 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132
