Customer & Site Information • Section 6 U


nderstanding the customer demographics of the sur- rounding market area is essential for storage develop- ers, owners, and operators. Accurately identifying the


types of customers, as well as their wants and needs, is critical in order to form the necessary operational and marketing de- cisions for a facility. Moreover, it empowers facility operators to provide the amenities and services their tenants need.


In a market area comprised of a high percentage of com-


mercial or business tenants, add-ons such as on-site confer- ence rooms, free Wi-Fi, central workspaces, climate control, or other amenities that carry special appeal for business customers can be profitable. In areas with older renters or senior citizens, convenience-oriented services such as profes- sional packing and moving assistance could prove valuable.


The bottom line is that educating one’s self is essential. If


you don’t know your customers or their needs, chances are they will turn to a competitor who has done their homework.


Understanding the customer demographics of the surrounding market area is essential for storage developers, owners, and operators.


Accurately identifying the types of customers, as well as their wants and needs, is critical in order to form the necessary operational and marketing decisions for a facility.


Understanding Customers Self-storage customers generally


categories: •


Residential • Business or Commercial fall • into four distinct 68% Military • Students The largest proportion of tenants is typically residential


customers, as seen in Chart 6.1. While approximately 70 per- cent of all storage tenants tend to fall in this category, it is im- portant to understand that these numbers can change from market area to market area.


In those areas with a predominantly residential customer


base, operators need to keep in mind that life changes often drive the decision to need storage. This can range from a divorce or death in the family to remodeling or selling a home. Depending on the housing specifics in the market area, resi- dential customers may also consist of apartment or condo dwellers who do not have enough storage space where they live. On a national basis, as seen in Chart 6.2, while 68 percent of residential customers tend to live in a single-family home, nearly 30 percent reside in multi-family housing.


7%


Chart 6.3 – Five Types of Business Customers 8%


9% Service Distribution


Non-Profit Industrial


Retail 59% 17% Source: Universal Storage Group 27% 70% 18% In terms of business or commercial customers, there are typically


five types of renters. As seen in Chart 6.3, based on information re- ported by Atlanta-based Universal Storage Group (USG), 59 percent of these customers operate service related businesses.


Chart 6.1 – Tenant Mix 6% 6%


Residential Business Student Military


Source: MiniCo Publishing


Chart 6.2 – Residence of Renters 5%


Single Family House Apartment or Condo Other


Source: SSA 2013 Self Storage Demand Study


2016 Self-Storage Almanac


67


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