Section 4 • Knowing Your Customer The military and student tenant mix is inevitably tied to
the location of the facility and the surrounding area. Clearly, a facility located near a military base will conceivably have a higher percentage of military renters. Likewise, those facili- ties located near a college or university might see an uptick
in the number of student renters. Chart 4.1 indicates that, on average, military renters make up approximately two percent of the tenant mix, with student renters also falling in the two percent range.
Generational Demographics According to the SSA Demand Study, 52 percent of all renters are women. This mirrors the long-held belief that, while men may actually move the goods into the unit, women make up the majority of the decision makers when it comes to renting a self-storage unit. Nevertheless, as seen in Chart 4.2, men still make up 48 percent of the renters at a facility.
For the first time, the SSA Demand Study also looked at
consumer data on a generational basis. The generations are broken down as:
• Millennials • Generation X (Gen-X) • Baby Boomers • The Greatest Generation (71-plus years of age)
Baby boomers and Gen-X renters make up
the majority of the self-storage customer base (approximately 32 percent each, representing 64 percent of a site’s customers) as seen in Charts 4.3 and 4.4. It is interesting to note that, among Gen-X renters, 53.6 percent are women, with the remaining 46.4 percent being men. Almost the exact opposite is true for baby boomers; as seen in Chart 4.3, approximately 54.1 percent are men, while 45.9 percent are women.
Millennials, also known as Generation Y or Dig-
ital Natives, are those people who were born just before the new millennium started—somewhere between 1980 and 2000. In fact, according to re- cent census bureau data and the Pew Research Center, millennials are moving significantly less than earlier generations of young adults. In 2016,
54 Self-Storage Almanac 2018
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