SelfStorage.com, a website containing information and resources for self-storage operators and customers, has released the results of its 2013 Economic Outlook Survey of self-storage owners. The online survey indicates operators have experienced increases in gross revenue and “rental traffic” in the last year, while many have planned changes to their marketing strategies.
About two-thirds of respondents indicated their facilities have had gross-revenue increases of at least 5 percent in the last year, with 25 percent achieving an increase of more than 10 percent. Rental traffic in 2013 also is up compared to the last two years for a majority of respondents, with 46 percent saying their traffic was somewhat higher and 21 percent indicating it was significantly higher.
When it comes to marketing and promotions, nearly half (48 percent) of respondents said they use rental concessions only for new rentals, while 40 percent said they do not need to offer concessions to customers.
Operators also indicated they are investing more time and money on social media and online ad placements while decreasing their investment in traditional marketing channels such as newspaper advertising and Yellow Pages. Twenty-two percent of respondents said they plan to use online directories as an advertising strategy more this year and in the future, while 20 percent said they will use social-networking websites more and 16 percent will increase use of pay-per-click strategies.
Just 5 percent of respondents said they would increase their print advertising, while 11 percent said they would increase their use of Yellow Pages. In contrast, 32 percent said they would decrease their presence in Yellow Pages, and 16 percent indicated they would use less print advertising.
A majority of respondents also estimated the property value of their self-storage facilities has increased from 2011 and 2012, with 41 percent indicating moderate value increases and 20 percent estimating significant increases. Just 12 percent of respondents said their facilities had either moderately or significantly decreased in value.
The survey was conducted from May 20 to July 4. Complete findings can be viewed on SelfStorage.com. The website is a community of vendors, owners and industry insiders dedicated to sharing industry information. The site includes a facility directory, advertising opportunities, real estate listings, articles, videos, a blog and more.