Customer Traits • Section 5
As seen in Chart 5.6, approximately 55 percent of the rent- ers surveyed for the 2019 Demand Study reported that they owned their home. Around 42.3 percent reported that they are renters. Nearly three percent reported that they neither own nor rent their home. This may very well represent rent- ers, such as millennials, living with their parents or seniors who are living with their children or other relatives.
It is interesting to note that these numbers are remarkably
similar to those reported in the 2017 study, where 54 percent of renters lived in a single-family home and 41 percent lived in an apartment or condominium. In 2017, five percent of self- storage renters cited their residence as “other”—nearly twice as many as in this newest study.
As seen in Chart 5.7 on page 50, the majority of self-
storage renters (51.2 percent) are in suburban areas, 36.4 per- cent reside in urban areas, and 12.3 percent are located in rural market areas. Chart 5.8 on page 50 presents the same data by region. Clearly, the South has the most self-storage renters (41.5 percent). The second highest concentration of renters is in the West at 25.3 percent.
For the Midwest and Northeast Regions, it is a quite dif-
ferent picture. The Midwest has 18 percent of the self-storage renter pool while the Northeast sees 15.2 percent of the in- dustry renters. The difference between these two regions and the West and South may be due to the fact that homes in these areas tend to have basements and attics. Communities there may also be less restrictive.
Table 5.2 lists the top 10 states with the most HOAs. As
shown, with the exception of Illinois, New York, and Massa- chusetts, all states are in the South or the West. HOAs tend to have restrictions on parking, which leaves no room in ga- rages to store excess items. Moreover, restrictions are even more strict for the parking of boats and RVs.
It is no surprise
that the majority of self-storage rent- ers (46 percent) are employed full time, as seen in Table 5.3. The next
largest
segment of rent- ers (19.9 percent) is made up of retirees, while 10.7 percent are not employed outside the home. Supporting the tenant mix data, military and student renters make up the smallest percent- age of renters on a nationwide basis. Remember: Self- storage is all about location. While one facility may have only a few military renters, a facility 10 miles away could have
considerably
more. Knowing the
Florida
California Texas Illinois
North Carolina New York
Massachussetts Georgia
Washington State Arizona
48,250 48,150 20,050 18,700 14,000 13,875 11,000 10,700 10,450 9,625
Source: Community Associations Institute
Full Time
Part Time Military
Self Employed / Business Owner
Not employed outside of home
46.0% 7.6% 3.4%
8.0%
Student 4.4% Retired 19.9%
10.7% Source: SSA 2019 Self Storage Demand Study
household income of the surrounding market area can aid a facility manager in setting rental rates. As seen in Table 5.4 on page 50, the ma- jority of renters surveyed for the SSA Demand Study have a household income of $125,000 per year or more. The next highest income for renters is between $75,000 and $100,000 (12.6 percent). Surprisingly, the next highest percentage of
2021 Self-Storage Almanac
49
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