Industry Numbers • Section 1
edition was published in 1992 with the goal of identifying each and every facility in the United States to show that self- storage was indeed a growing asset class. Over the nearly three decades since then, the demand for industry data has continued to grow. And accordingly, with the continued mat- uration of the industry, the methodology and presentation of the Almanac data and analysis has continued to evolve.
F
It is essential to understand that the past seven years have been transitional for
industry data. For the 2021 Self-Storage Almanac, MiniCo Publishing, Newmark Knight Frank, and Radius+ have worked
together to continue to improve the data presented on the following pages.
The self-storage industry began to see operational strat-
egies and calculus-driven revenue management platforms being established in the early- to mid-2000s. These strategies were built around the vast databases of historical transac- tions, current customer data, and rental rate pricing available to these larger operators. At the time, this was cutting edge technology.
While the REITs and large operators in the industry had an enormous advantage in maximizing the effectiveness of building out these programs due to the fact that they had numerous properties in multiple regions, the entire industry has come to benefit from the transition to a mindset of rev- enue maximization.
Algorithmic models rely on the quality of the underly- ing variables in the calculations. Customer length of stay, pricing history, climate/non-climate differential, competitor rate history, etc., all create pivot points within the maximi- zation algorithm. A critical variable to pricing equilibrium is demand; and demand remains one of the most difficult vari- ables to identify.
Total U.S. Households
Self-Storage Renter Households Market Penetration
Source: SSA 2019 Self-Storage Demand Study 2021 Self-Storage Almanac 17
or more than 28 years, the Self-Storage Almanac has been and continues to be the preeminent supplier of information for the self-storage industry. The inaugural
Demand can be delineated by per capita, per household,
the ratio of businesses to residential, single-family residen- tial to high-density residential, and so on. Regardless of the demand sub-category, the supply of self-storage square footage is critical to identifying the equilibrium.
For the 2016 Self-Storage Almanac, MiniCo studied, with its
partner Newmark Knight Frank, the underlying supply base across the country. The data collection included the sam- pling of multiple markets that were tested on a per-property basis. Statistically significant findings were then applied to the supply base across all 50 states as well as to the top 100 MSAs in the country.
This detailed supply analysis led to a roughly 20 percent
adjustment to the number of self-storage properties across the United States. In addition to the property count data collection, two years earlier, in 2014, MiniCo and Newmark Knight Frank analyzed square footage data across more than 20,000 self-storage facilities, with the end result being the defining of the average rentable square footage of a self- storage property in the United States of 52,000 square feet.
It is essential to understand that the past seven years have
been transitional for industry data. For the 2021 Self-Storage Almanac, MiniCo Publishing, Newmark Knight Frank, and Radius+ have worked together to continue to improve the data presented on the following pages. This includes prop- erty count, square footage, and population data. While the total number of properties in the United States remains rela- tively consistent between the 2018, 2019, and 2020 Almanacs, when comparing data from prior editions, there are some variations in the property counts due to the changing and updated methodology.
These differences are attributed to the fact that previous
property counts were established using macro data collec- tion methods and then applying adjustments based upon previously established deviation ratios. The 2019, 2020, and 2021 Almanac property counts have come directly from the proprietary database of Radius+ with known self-storage lo- cations based upon latitude/longitude confirmations. The Radius+ database also includes actual square footage data; therefore, the square footage contained in the Almanac is now reported on a site-specific basis rather than on an in- dustry average.
112,116,531 10,032,740 8.95%
113,277,870 121,165,766 10,766,470 9.50%
10,855,031 8.96%
126,067,560 127,679,093 11,806,381 9.40%
13,495,671 10.60%
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