New Report Reveals Future of Self-Storage Demand & Shifting Tenant Expectations as Industry Faces Headwinds
AUSTIN, Texas, May 7, 2024 /PRNewswire-PRWeb/ -- Storable, the leader in integrated technology solutions for the self-storage industry, today released a new report shedding light on the various complexities facing self-storage operators today as multiple headwinds impact the industry's outlook.
Storable's "Tenant Insights Report 2024", designed to help operators and their teams navigate today's ever-evolving self-storage landscape, surveyed over 1,000 self-storage tenants across the U.S. The results offer valuable insights into storage demand, technology's role in management, and the shifting expectations of customers.
As moving trends continue to be a significant catalyst of self-storage demand, the findings reveal 43% of Americans are considering a move in the next year. The potential for rate cuts by the end of 2024 could further stimulate this trend, unlocking pent-up demand within the real estate market. This economic shift would likely boost activity in the self-storage sector significantly.
In light of these evolving market dynamics, Storable's report highlights the changing expectations of today's self-storage users. The insights emphasize the growing pressure on operators to enhance the tenant experience, aligning services with increased demand and customer needs.
Key insights from the report include:
Value Outweighs Cost: The report found that a notable percentage of self-storage tenants view self-storage as an essential expenditure even in financially challenging times. Respondents also highlighted the features of a facility they're willing to pay more for.
Personal Touch in a Digital World: Availability of customer service emerges as a key determinant for tenants when selecting a storage facility. Additional findings underscored how the value of human connection remains undiminished despite the digital age's convenience.
Demand for Innovative Facilities: Respondents highlighted the crucial role of technology in choosing a storage facility, with more than a third considering it very important. The results also illuminate generational differences when it comes to technology's influence in selecting facilities and creating positive customer experiences.
"Storable's Tenant Insights Report 2024 provides invaluable data for the self-storage industry, highlighting both challenges and opportunities," said Chuck Gordon, CEO of Storable. "As interest rates fluctuate and Americans' moving plans evolve, it's crucial for operators to understand the shifting demands of tenants. Our report underscores the criticality of customer service and technology integration in meeting these demands. At Storable, we're committed to empowering storage operators with the tools and insights they need to thrive in this dynamic environment."
Download the full "Tenant Insights Report 2024" here.
About Storable
Storable is a leading provider of integrated technology solutions powering the self-storage industry. Storable is committed to pushing the boundaries of innovation, offering a suite of products that includes management software, marketplace, websites, access control, insurance, payments, and more. Storable takes pride in supporting operators and managers along each step of their journey and enabling them to achieve their operational goals. For more information, visit http://www.storable.com.
Media Contact
John Eidson, Storable, 203-561-7112, [email protected], https://www.storable.com/
SOURCE Storable
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