Knowing Your Customer • Section 4 As seen in Chart 4.7, only 34 percent of self-storage renters


surveyed have a basement. Nevertheless, 49 percent report that they have attic space and 64.8 percent have a garage with extra space. For many, the garage used to be a staple for storage; however, Homeowners Association (HOA) restric- tions against parking in the driveway or on the street have greatly impinged the use of this space. Therefore, mandatory parking in the garage leaves little room for storage.


Understanding the employment status and household income of the market area surrounding a


facility is essential for development, marketing, and pricing strategies.


HOA restrictions have also contributed to a rise in RV and


boat storage. Whereas in the past these recreational vehicles could be parked in the backyard, the driveway, or on the street, today’s HOAs more often than not prohibit this—even to the degree that they cannot be seen from the street over a wall or fence. Some neighborhoods build super garages to house these vehicles, but for the most part they are relegat- ed to off-site storage.


The Economic Demographics Understanding the employment status and household in- come of the market area surrounding a facility is essential for development, marketing, and pricing strategies. Chart 4.8 breaks down the employment status of customers sur- veyed for the 2017 Self Storage Demand Study.


Approximately 46.9 percent of the customer segment


reported being employed full time, with only 5.1 percent stating that they were employed part time. Surprisingly, 6.1 percent of those surveyed reported being unemployed.


While the percentage of military and stu-


dent renters varies widely by location, overall, 7.5 percent reported the military as their source of employment and 18.6 reported be- ing students. Retired customers make up 8.1 percent of the mix, while self-employed busi- ness owners represent 7.8 percent.


While Chart 4.8 represents the overall


percentages of renter employment, Table 4.5 breaks down employment status by gen- eration. Gen-X and millennials make up the highest portion of full-time employees at


 Basement


Attic


     45.7%


46.7% Garage 57.8%


31.5% 46.8% 63.5%


Source: 2017 Self Storage Demand Study (SSA)


 Full-Time Employee Part-Time Employee Military Employee


Self-Employed or Owner of a Business


Not Currently Employed Outside the Home


     56.8% 63.5% 30.4% 10.1% 3.6%


9.6% 11.3% 4.2% 2.9%


Student 17.0% Retired 0.8%


7.6% Source: 2017 Self Storage Demand Study (SSA) 2018 Self-Storage Almanac 57


7.2% 3.3% 2.0%


11.5% 4.3% 1.9%


0.0%


13.5% 5.3% 0.7%


35.7% 10.2% 6.3% 0.0% 79.5% 0.8%


30.0% 52.0% 68.3%


21.0% 52.9% 80.9%


63.5 percent and 56.8 percent respectively. Predictably, nearly 80 percent of the Greatest Generation reports being retired. Although 35.7 percent of baby boomers are retired, 13.5 percent are self-employed or own their own business. Gen-X renters represent the highest percentage of unem- ployed renters at 10.2 percent.


In addition to employment status, information on average


household income can provide some insight into self-storage customers. Many self-storage stores like to target households


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