Self Storage Report 2022-template-v8

AVERAGE NUMBER OF STAFF FOR DIFFERENT FACILITY SIZES

OPERATING COSTS

3.5

6%

PART TIME

4%

3.0

3.0

FULL TIME

2.5

11%

1%

REPAIRS & MAINTENANCE

2.5

INSURANCE

2.0

OTHER EXPENSES

MERCHANDISE

1.5

AVERAGE NUMBER OF STAFF

1.5

1.5

1.3

1.2

1.0

0.5

0.0

LESS THAN 200

BETWEEN 200 & 500

MORE THAN 500

31%

NUMBER OF UNITS IN FACILITY

Self storage stores themselves do not employ many people, with even the largest stores having on average only 3 full-time staff. However, while not direct employers, self storage stores are strong supporters of local small businesses. Many are viewed as business incubators, assisting local business transition from family, home-based operations, to larger-scale operators themselves employing more staff. Comparing this to last year’s data, stores with less than 200 units are employing fewer staff. This could be due to the emergence of more small un-manned sites, some of which are using new mobile device-based technology for access control.

STAFF COSTS

12%

MANAGEMENT COSTS

7%

ONLINE MARKETING

5%

2%

20%

UTILITIES

OTHER MARKETING

RATES & TAXES

Operating cost data can vary materially, with operators taking differing approaches to the allocation of certain cost lines. Consequently, a certain amount of judgement is required when analysing operating costs. Staff costs, rates and taxes remain the largest expenses, totalling 51% of all costs. The long-term trends for this data are relatively stable. There are changes coming in terms of business rates calculation in 2022/23 which could influence this result in years to come. Five yearly valuation reviews are to become 3-yearly and, perhaps most worrying, a “Duty to Notify” the VOA when you, amongst other things, physically alter a property.

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