Self Storage Report 2022-template-v8

OBSERVATIONS ON THE INDUSTRY PERCEPTION OF VALUE FOR MONEY

WHAT LIFE CHANGING MOMENT BROUGHT YOU TO SELF STORAGE?

26%

OTHER (PLEASE SPECIFY)

28%

6%

CHANGE IN EMPLOYMENT

9%

61% 2022 66% 2021 66% 2020 68% 2019 66% 2018

0% 0%

EXTENDED HOLIDAY

15% 15%

INTERNATIONAL MOVE

2%

KIDS RETURNING HOME

2022

3%

YES, I BELIEVE SO

33%

DEATH IN THE FAMILY

2021

30%

12% 12%

ENDING A RELATIONSHIP

2% 2% 2%

18% 2020 20% 2019 17% 2018 20% 2021 21% 2022

ENTERING A NEW RELATIONSHIP

BIRTH OF A CHILD

1%

0% 5% 10% 15% 20% 25% 30% 35%

This question was introduced in 2021 and is answered by those respondents that indicated they were using storage due to a life changing moment. Not surprisingly given the ongoing restrictions on international travel at the time of completing the survey, no respondents were on an extended holiday. Death in the family remains the most common of the listed items to bring people into self storage. This again poses a challenge to self storage businesses in terms of marketing with respect to families that may be grieving a lost family member, but need somewhere to store their sentimental items. Some operators are using social media for this, providing advice for people as well as promoting their service. Of the respondents that indicated other, common reasons were COVID or other medical reasons, parents moving in with other family members or death of a friend.

DON’T KNOW

17% 2018 12% 2019 16% 2020 14% 2021 19% 2022

The perception of value of self storage dropped for the first time this year, although with only 19% of customers saying it is poor value, the overall perception of value remains high compared to many other industries. As occupancy rates and inflationary pressures increased towards the end of 2021, many operators increased their prices, some at higher levels than previous years. This could have impacted perception of value.

NO, I DON’T BELIEVE SO

94

93

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