For the Best ROI in Self Storage Unit Mix, Local Demographics Provide Guidance

When considering the construction of a new self-storage facility, there are a few space-planning elements regarding self-storage unit mix that need to be addressed. For example, how many of each size unit should you include? Should you have more large and medium units or a wide selection of smaller options? For the best ROI, which combination will create enduring value?

Here are some key metrics:

  1. Consider the competition.
    Study other self-storage facilities in your area. Inquire about availability of different sizes and options, including whether the units are temperature controlled.
  1. Know your demographics.
    If you are building your self-storage facility in a college town, smaller units will probably be more in demand as university students clean out their dorm rooms and head home for summer. If you are in a hot climate, temperature-controlled units fit for families that have downsized might provide the best ROI.
  1. Evaluate the median income.
    In low-income areas, remember that families may not have as much disposable income to spend on toys and personal belongings. In cases where low income is a factor, your average customer might prefer smaller units. In contrast, in high-income areas, customers might require more square footage.
  1. Consider local establishments.
    If your self-storage facility will provide services to local businesses, consider the types of facilities that are popular with those in the business market. What types of businesses are in your local area? What services can you provide that most resonate with their needs? For example, if your self-storage facility is located near law firms and medical offices, a document storage option might be a valuable service to offer.
  1. What type of service can your property accommodate?
    If your self-storage facility is located on a small parcel of land, building mostly large units probably won’t make the most sense for maximum ROI. If your property is relatively large, offer a wide selection of climate-controlled, spacious units—assuming it’s appropriate for local market demand.

When planning your self storage facility be sure to consider building codes for your prospective property, traffic counts and visibility. A self storage consultant can help with space planning to suit specific demographics. Once unit mix is determined, contact BETCO for a consultative sales experience, design services, manufacture and installation of your new facility.