Self Storage Report 2022-template-v8

INTENDED LENGTH OF USE

2021- 2022

25%

50%

20%

21%

21%

50%

20%

40%

15%

17%

17%

16%

15%

14%

14%

30%

13%

10%

20%

8%

5%

21%

21%

6%

5%

18%

17%

1%

15%

10%

3%

3%

2%

2%

13%

0%

11%

3 MONTHS OR LESS

4 - 6 MONTHS 7 MONTHS - UP TO 1 YEAR

1 - 2 YEARS 3 - 4 YEARS 5 - 6 YEARS 7 - 8 YEARS 9 - 10 YEARS MORE THAN 10 YEARS

9%

3%

7%

6%

6%

5%

0%

2021

2022

0 - 3 MONTHS

4 - 6 MONTHS

7 - 12 MONTHS

13 - 18 MONTHS

19 - 24 MONTHS

MORE THAN 24 MONTHS

DON’T KNOW

This data is taken at a fixed point in time and does not factor intended length of stay. Self storage customers usually fall into 2 groups, short term, up to around 9 months, and long term which stay for 2+ years. Most domestic customers first rent their unit based on a short term need and only intend to stay less than 9 months. However, once they start using the service many customers appreciate its benefit and end up staying for a much longer period.

DOMESTIC

BUSINESS

This chart shows clearly that business customers tend to stay longer than domestic. However, it also shows 18% of domestic customers intend to stay for more than 24 months. Most domestic use customers intend to use self storage for less than 6 months when they first take out their unit. We see this when they complete their initial contracts and select an intended move out date. Yet as previous data shows, 57% stay over 6 months and 44% over a year.

88

87

S E L F S T O R A G E A N N U A L I N D U S T R Y R E P O R T 2 0 2 2

S E L F S T O R A G E A S S O C I A T I O N U K - C U S H M A N & W A K E F I E L D