Self Storage Demand Study 2017
2017 U.S. Consumer Self Storage Market by Generation
Self Storage Demand Study 2017 Figure 3-16: Region 2017 U.S. Consumer Self Storage Market by Generation Figure 3-17: Employment Status 19% 25% 22% 33% 25% 16% 48% 11%
16% 27% 18% 22% 38% 14% 52%
11%
Though still the predominant location of most rentals, the percentage of renters in the South is most common among Gen-X and the Greatest generation.
The majority of Boomers are essentially split between employment and retirement.
For Generation Supporting Tables, please see Appendix tables 1-45 34 ©2017 Self Storage Association
Self Storage Demand Study 2017
Figure 6-1: Residence of Renters 4%
(Figure ) 28% 68%
Single Family House Apartment or Condo Other
Basement Attic
52% 41%
0% 20% 40% 60% 80% 100% % of renters
Figure 6-2: Renters with Extra Storage Garage 65%
Future Consumer Renters Profile
Figure 6-3: Household Income of Renters (Figure 6 3)
$125,000 or more
$100,000 to < $125,000
$75,000 to < $100,000
$60,000 to < $75,000
$50,000 to < $60,000
$40,000 to < $50,000
$30,000 to < $40,000
Figure 6-4: Sements of Renters (g )
51% 3%
SELF S T ORA GE G E
DEMAND STUDY 2017 Edition
Long-Term Renters Military
5% 41% 37%
Temporary Renters Student
Figure 6-5: Own/Rent 6% 57% Own Rent Neither
Just as in 2013, 68% of future renters live in single family homes. Future Renters are slightly more likely than Current and Past renters to plan for temporary rentals.
Future Renter Definition: Those who indicated they plan to rent a self storage unit for personal use in the next 12 months.Future Renter N - 303
96 ©2017 Self Storage Association
Less than $20,000 $20,000 to <
$30,000 20%
16% 12%
13% 8% 8% 5% 10%
8%
0% 10% 20% 30% 40% % of renters
projects future demand.
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Self Storage Demand Study 2017
As seen in the previous chapter, there are approximately 11.8 million current consumer self storage rentals
Furthermore, there are approxi- mately 12.2 million consumers who rented a unit within the last 5 years, (recent renters), and 5 million additional consumers who plan to rent a self storage unit in the next year (future renters)
About a quarter of current and recent renters rent/rented their units for 1 to 2 years
Nearly 1/3 of current customers say they will continue to rent for 1 to 2 years
See appendix for detailed expla- nation of Current, Recent, and Future renters
Current User N = 560 Recent User N = 639 Future User N = 303
Figure 2-2: Future Rental Intentions of Current Customers
Between 7 to 12 months Between 3 to 6 months Less than 3 months
Between 6 to 10 years Between 3 to 5 years Between 1 to 2 years
More than 10 years
Custome (Figure 2-2)
12% 12%
15% 31% 15% 5% 8%
0% 10% 20% 30% 40% % of renters
More than 10 years
Figure 2-1: Length of Current and Recent Rentals
Lengt (Figure 2 1)
Between 7 to 12 months Between 3 to 6 months Less than 3 months
Between 6 to 10 years Between 3 to 5 years Between 1 to 2 years
More than 10 years
17% 20% 17%
21% 15%
4% 6%
0% 10% 20% 30% 40% % of renters
Between 7 to 12 months
Between 1 to 2 years Between 3 to 5 years
Between 6 to 10 years
Less than 3 months 10% Between 3 to 6 months
28% 26% 26%
2% 0% 8%
0% 20% % of renters 40%
2017 U.S. Consumer Self Storage Market
Figure 2-3: Planned Length of Rental for Future Customers
Planned Length of Rental
for Future Customers (Figure 2-3)
15 ©2017 Self Storage Association
Self Storage Demand Study 2017 Figure 3-33: Top 10 Features Most Willing to Pay Extra For Millennials
Electronic gates that only allow authorized people to enter facility
Pest control Anytime access to self
storage unit (24-hours, 7- days)
Humidity of self storage unit is controlled
Security guards monitor/ patrol site at all times
Self storage unit is air- conditioned
27%
26% 26% 24%
Close to place to residence 23% Flexible contracts
Tools to assist loading/ unloading
Drive-up parking to self storage unit
21% 18% 18%
30% 30% Gen-X Pest control Electronic gates that only
allow authorized people to enter facility
Self storage unit is air- conditioned
Humidity of self storage unit is controlled
Anytime access to self
storage unit (24-hours, 7- days)
24% Close to place of residence 23%
Fire sprinklers in storage unit 18% Drive-up parking to self storage unit
17%
Discount rates for long-term rental agreements
Storage unit has its own security alarm
15% 15% 27% 25% 25% 34% Boomers
Electronic gates that only allow authorized people to enter facility
Pest control
Drive-up parking to self storage unit
Anytime access to self
storage unit (24-hours, 7- days)
Humidity of self storage unit is controlled
Self storage unit is air- conditioned
22%
Fire sprinklers in storage unit 21% 20%
Close to place of residence 19% 17%
Security guards monitor/ patrol site at all times
Storage unit has its own security alarm
15% 15%
31%
23% 23%
Greatest
Drive-up parking to self storage unit
Electronic gates that only
allow authorized people to enter facility
Anytime access to self
storage unit (24-hours, 7- days)
Self storage unit is air- conditioned
Security guards monitor/ patrol site at all times
Humidity of self storage unit is controlled
18% Fire sprinklers in storage unit 16%
15% 15% 15%
Close to place of residence 15% Flexible contracts Pest control
14% 13%
26% 30%
2017 U.S. Consumer Self Storage Market by Generation
Pest control and electronic gates that only allow authorized people to enter the facility are the top two features that Millennials, Gen-X, and Boomers are willing to pay extra for.
Despite higher demands, millennials are only slightly more willing to pay extra for features. For Generation Supporting Tables, please see Appendix tables 1-45
42 ©2017 Self Storage Association
Self Storage Demand Study 2017 S
2017 U.S. Consumer Self Storage Market by Region
Self Storage Demand Study 2017
Figure 3-14: Residence Type Millennials
Other 1%
Apartment or Condo 38%
Single Family House 61%
2017 U.S. Consumer Self Storage Market by Generation Figure 3-15: Renters with Extra Storage Gen-X
Other 4%
Apartment or Condo 29%
Single Family House 67%
Boomers
Other 5%
Apartment or Condo 25%
Single Family House 69%
Greatest
Other 1%
Apartment or Condo 20%
Single Family House 79%
Millennials are substantially more likely to live in apartments or condos than other generations. “Other” residence types include mobile homes and dormitories. Most self storage renters of all generations already have garages. For Generation Supporting Tables, please see Appendix tables 1-45
33 ©2017 Self Storage Association
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