Self Storage State of the Industry Report: 1H 2020
Take your knowledge of the self storage industry to the next level with G5’s newest State of the Industry Report for the first half of 2020. We tackle the topics that keep you up at night and provide thoughtful solutions for how to use digital marketing to address them.
Here’s a chapter-by-chapter look at what you can expect from the report.
Chapter 1: Self Storage Market Trends
Although self storage remains commercial real estate’s most reliable investment, there are still a number of challenges impacting the industry. Among them are:
- Limited Same-Store Growth – Same-store revenue growth fell from 3.3% in 2018 to 2.8% in 2019 and KeyBanc predicts further decline in 2020.
- Asset Consolidation – Consolidation is expected to accelerate in 2020 and marketing costs will too, especially for properties undergoing a rebrand.
- Expense Growth Impacting NOI – Self storage operating expenses are expected to rise again in 2020, inching beyond the current rate of 3.3%.
- The Rise of Third-Party Management – Nationwide, the share of self storage properties under construction or in the planning stages accounted for 8.6% of the total national inventory. Many of these facilities will open under the management of third parties.
- Online Leasing – The importance of online leasing is further highlighted by the stay-at-home orders and fear of infection that are keeping many Americans at home due to COVID-19. Online leasing requires minimal interaction from onsite staff, freeing them up to focus on other activities that contribute to the operational health of a facility.
In Chapter 1 of the report, we take a deep-dive into the factors that are driving these challenges and explore how efficient marketing strategies can help you overcome them.
Chapter 2: Data Insights
For digital marketing to efficiently generate new leases, self storage operators need to know their renter. That means using data-driven insights to identify when, where, and how they want to engage with a brand. It is also important for operators to be aware of how competition in top metropolitan statistical areas is influencing overall marketing spend.
In this chapter, we examine renter search behavior and how new competitors coming on-line are impacting digital advertising costs across the industry – nationally, cost-per-click is up 41% year-over-year!
Chapter 3: Top 5 Digital Marketing Trends for 2020
The secret to signing more leases in 2020? Getting – and staying – ahead of the curve. In this chapter you’ll discover:
- How predictive marketing will help you spend more efficiently and attract the highest quality leads
- Why reviews are the new drive-by
- The reason you need to take website accessibility more seriously than ever before
- What guided renting experiences are and why you need to integrate them into your plan
- How renters’ expectations for personalization are shaping the future of online marketing
While your competitors are duking it out in the Yellow Pages, you’ll have a leg up thanks to these insights on digital marketing trends for 2020.
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