Section 5 • Customer Traits
renters (11.8 percent) are those who have an income that is less than $20,000. Those in the $50,000 to $60,000 category represent the smallest percentage of renters (7.3 percent).
So once a tenant rents a unit, how long do they stay? Chart
5.10 on page 51 sheds some light on this question. Approxi- mately 12.8 percent of the renters surveyed for the Self Storage Demand Study tend to rent their units for less than three months. These tenants are typically storing their goods while moving or remodeling and only need short-term storage.
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
11.8% 11.6% 10.3% 10.4% 7.3% 9.8%
12.6% 9.4%
16.9% Source: SSA 2019 Self Storage Demand Study
ment of tenants (26.5 percent)
The largest seg- rent
their
units for one to two years. There are 23.6 percent who rent for longer than two years and 19.9 percent renting for seven to 12 months.
As mentioned previously, business renters tend to stay
longer than residential, military, or student renters. Chart 5.11 indicates that most business renters tend to stay either less than one year (37.3 percent) or more than two years (37.1 percent). Approximately 25.6 percent stay between one and two years. When the percentage of renters who stay for more than two years is combined with those who rent for one to two years, we can see that 62.7 percent of all business renters stay for at least one year and possibly longer than two years.
The most important reasons for utilizing self-storage can
be seen in Table 5.5. Clearly, storing items because there is not enough room at their residence ranks highest at 31 per- cent. More than 25 percent rent because they are changing their residence.
Dropping down significantly, 7.8 percent of tenants rent
because they are remodeling, while 6.1 percent are storing items for relatives, followed by 5.6 percent who rent in order to store items they no longer want or need. Nearly five per- cent rent because they need temporary storage while they are away from home. The same percentage (4.8 percent) rent because they have inherited items due to a death.
Approximately 3.6 percent of self-storage tenants rent
due to a natural disaster. It is not uncommon for some of the larger operators or REITs to offer free temporary storage for those who are impacted by natural disasters such as fires, hurricanes, or tornados.
In line with the industry tenant mix, 3.2 percent of rent-
ers are students between semesters. Items from a vacation home are stored by 3.1 percent of the renters surveyed, and
No Room at Home/Residence
Changing Residence
Remodeling Home or Residence Storing Relatives’ Items
Items No Longer Wanted or Needed
College Student Bewtween Semesters Items from Vacation Home
Items that Require Controlled Environment (e.g. wine) Had a Baby or Family Grew
Source: SSA 2019 Self Storage Demand Study 50 Self-Storage Almanac 2021
31.0% 25.4% 7.8% 6.1% 5.6%
Temporary Storage While Away from Home / Residence 4.8% Items Inherited Due to Death Natural Disaster
4.8% 3.6% 3.2% 3.1% 2.1% 1.8%
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