Site Information • Section 5 L
aying out the best possible unit mix is critical for storage businesses. Facilities with too many of one unit size may find themselves managing empty spaces that languish
without tenants and fail to generate income. On the other hand, self-storage operations with too few of a very popular unit size may end up turning away customers and even referring these prospective tenants to competing self-storage stores. Some self-storage facilities are able to hedge these kinds
of risks with systems that allow for unit-size adjustment, when needed. This enables operators to combine two smaller units into one large unit or divide one large unit into two smaller stor- age spaces based on customer demand. Self-storage profes- sionals who work in areas where large spaces are in-demand can also offer customers the option of renting two smaller spaces for the same price as a large space if the units are available and the arrangement makes financial sense for the self-storage business. Self-storage operators also attempt to understand current
demand cycles in order to make predictions about the wants and needs of future self-storage customers. There are several methods owners can utilize to help pinpoint the best unit mixes for their self-storage stores, such as reaching out to competing facilities. Occasionally, self-storage professionals will mystery shop nearby storage stores to gain insight, including some un- derstanding of which unit sizes are available and which may be filled. This kind of information can then be used to determine which unit sizes are undersupplied in the area. Tracking cus- tomer inquiries and following historical rental data can also help owners and operators identify trends in demand. Although customers’ wants and needs can change quickly,
many industry professionals like to monitor current demand in order to make educated estimates about the future. While every local market is different, national and regional data can provide important insights into which sizes customers are currently rent- ing and which sizes may continue to be in demand.
Choosing Unit Size As seen in Chart 5.1, self-storage renters reported that 10-by- 10 units were their spaces of choice across the country. Nearly three of every 10 tenants selected a 10-by-10 unit. Coming in as the second most common unit size, almost one in four tenants rented a 5-by-10 storage space. Approximately 16 percent of customers indicated they rented a 10-by-15 foot space and the same number chose a 10-by-20 unit. One in 10 renters rented a 5-by-5 unit, the smallest sized analyzed. The remaining 7 per- cent of customers rented a 10-by-30 unit. Customers living in areas with varying population densities
often have different needs when it comes to self-storage spaces. However, those living in rural, suburban and urban locations showed only slight differentiation in the unit sizes they chose to rent. Following the overall national average, the 10-by-10 space was the most commonly rented size for customers liv- ing in all population areas. Approximately 31 percent of rural customers indicated their primary storage spaces measured 10-by-10 square feet, while 30 percent of suburban renters and 28 percent of rural tenants leased 10-by-10 units.
Chart 5.1 – Size of Primary Unit Rented 10 x 30 or Larger
5 x 5 or Smaller 5 x 10 10 x 10 10 x 15 10 x 20
0 7 14 Percentage of Renters 21 28 35
Source: SSA 2013 Self Storage Demand Study
Chart 5.2 – Unit Size by Location 10 x 30 or Larger
5 x 5 or Smaller 5 x 10 10 x 10 10 x 15 10 x 20
0 7 14 21
Suburban Rural
Urban
28
35 Percentage of Renters Source: SSA 2013 Self Storage Demand Study Chart 5.3 – Unit Size by Region 10 x 30 or Larger
5 x 5 or Smaller 5 x 10 10 x 10 10 x 15 10 x 20
0 7 14 21
South West
Midwest Northeast
28 2015 Self-Storage Almanac
35 Percentage of Renters Source: SSA 2013 Self Storage Demand Study 67
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