G5 Digital State of the Industry Report Tracks Latest Trends in Self Storage
Online leasing doubles while Google CPC increases by 14%; market adopts smarter AI-driven digital advertising strategies to drive leads and manage costs
BEND, Ore. – September 4, 2019 – G5, the leader in real estate marketing optimization, has released its Self Storage Digital State of the Industry Report for H2 2019. The comprehensive report highlights market conditions and trends impacting the self storage industry, including oversupply and increased competition, and provides recommendations for how smarter digital marketing can help owners and operators overcome these challenges.
“With oversaturated markets and more competition, self storage marketers are seeing a heavy increase in marketing and advertising costs, making efficient lead generation a challenge,” said Dan Hobin, CEO, G5. “To combat this, sophisticated marketers are leveraging Smart Digital Advertising systems like automation, AI and machine learning to optimize their advertising spend.”
Key findings from the report include:
- Online leasing adoption has more than doubled since H1 2018. (Source: G5)
- Google cost-per-click is up 14% year-over-year due to increased spending and competition.
- National year-over-year rent growth has declined by 1% as a result of oversaturation.
- In 2018, nearly 20 lawsuits regarding website accessibility were brought to federal courtrooms in the U.S., making digital compliance a top tech concern for self storage operators in 2019.
How digital marketing can impact the above findings:
- Implement an online leasing tool, which provides users the option to lease a unit directly from a website, cutting down on overhead costs and allowing self storage operators to rent units 24/7.
- Consider using real-time pricing to promote vacant units while intelligently pausing advertising efforts for occupied units, minimizing wasted advertising spend.
- Have a mobile-first, responsive website optimized for fast page-load speeds to drive traffic, which results in more leads, more conversions and more revenue.
- Be aware of tightening digital compliance threats. Self storage owners and operators need to educate themselves on the Web Content Accessibility Guidelines (WCAG) 2.0 as well as the California Consumer Privacy Act (CCPA), both outlined in this report. Digital marketing best practices can be leveraged to maintain an accessible website and protect consumers’ privacy.
“G5 has been optimizing digital marketing and delivering better results for our self storage customers for more than 15 years,” said Hobin. “We believe marketing should be your operational advantage. By providing our clients valuable digital insights and analytics, they can make smarter marketing decisions in order to meet their business objectives.”
G5 will continue to publish Self Storage Digital State of the Industry reports twice a year, monitoring both industry and digital marketing trends. To order a free copy of G5’s Self Storage Digital State of the Industry Report, click here.
As the leader in real estate marketing optimization, G5 is a predictive marketing SaaS company that uses AI and other emerging technologies to help marketers amplify their impact. Through its Intelligent Marketing Cloud, G5 delivers unrivaled performance and scalability through predictive analytics, 1:1 customer journeys, hyper-personalized customer experiences, and continuous spend optimization.
Founded in 2005, G5 has more than 8,000 properties and two million units under management throughout the U.S. and Canada. G5 was named one of the fastest-growing private U.S. companies by Inc. magazine and one of North America’s fastest-growing technology companies by Deloitte. Google selected G5 as a Premier Partner in 2016, the first in the real estate industry, and recently awarded G5 a next-level Premier Google Partnership.
The Bend, Oregon-based company is backed by private equity investor PeakEquity Partners. For more information, visit getG5.com.
PR and Corporate Communications Manager