Section 4 • Knowing Your Customer 


  Less than $20,000


$20,000 to < $30,000 $30,000 to < $40,000 $40,000 to < $50,000 $50,000 to < $60,000 $60,000 to < $75,000 $75,000 to < $100,000 $100,000 to < $125,000 $125,000 or more 


 13.1% 13.2% 8.0% 9.8% 7.2% 9.4%


12.8% 9.6%


16.9%  Source: 2017 Self Storage Demand Study (SSA) 


 Less than $20,000 $20,000 to < $30,000 $30,000 to < $40,000 $40,000 to < $50,000 $50,000 to < $60,000 $60,000 to < $75,000 $75,000 to < $100,000 $100,000 to < $125,000 $125,000 or more 


from high income areas. The general feeling is that affluent peo- ple will have the means to pay their rent every month.


At the high end of the spectrum, 16.9 percent of the renters


surveyed reported an annual household income of $125,000 per year or more. Conversely, 13.1 percent report an annual salary of less than $20,000 per year, and 13.2 percent make between $20,000 and $30,000 annually.


    14.2% 9.0% 16.4% 14.0% 9.3%


7.3%


13.3% 7.6% 5.3%


11.6%


16.9% 10.3% 8.8% 15.8% 6.6% 9.5%


11.2% 7.7%


9.2% 5.9% 10.5% 9.2%


7.9% 7.9%


12.7% 14.5% 11.8% 10.5% 8.7%


10.3% 10.4% 6.6%  Source: 2017 Self Storage Demand Study (SSA) While most of the single-digit percentages reported


were for salaries between $30,000 and $75,000, 12.8 per- cent reported an annual household income of between $75,000 and $100,000. Those in the $100,000 to $125,000 range make up 9.6 percent of the mix.


At the high end of the spectrum,


16.9 percent of the renters surveyed reported an annual household income of $125,000 per year


or more. Conversely, 13.1 percent report an annual salary of less than $20,000 per year ...


Looking at household income by generation, 16.4 per-


cent of millennials reported a household income between $20,000 and $30,000 per year. While 14.2 percent of this generation makes less than $20,000 per year, 12.7 percent have an annual household income of $75,000 to $100,000.


Similar to millennials, the Gen-X renters show the high-


est household income brackets in the $20,000 to $30,000 range (14 percent) and the $75,000 to $100,000 range (14.5 percent). Interestingly, 16.9 percent of baby boom- ers indicated an annual household income of less than $20,000, while 22.1 percent are at $125,000 or above—the highest percentage of all age groups for that income range. In addition, other income brackets for baby boom- ers tend to fall slightly below the percentages for other generations.


58 Self-Storage Almanac 2018


8.4% 18.8% 22.1% 19.3% 


 


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160  |  Page 161  |  Page 162  |  Page 163  |  Page 164  |  Page 165  |  Page 166  |  Page 167  |  Page 168  |  Page 169  |  Page 170  |  Page 171  |  Page 172  |  Page 173  |  Page 174  |  Page 175  |  Page 176  |  Page 177  |  Page 178  |  Page 179  |  Page 180