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SpareFoot Quarterly Trends Report

Report: Q4 2014

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Consumer Survey Results

Reasons for Moving

SpareFoot asked customers who booked storage why they were moving. Work relocation and downsizing were the biggest causes of moving, while more than a third needed storage for something other than the stated reasons.

Expected Stay vs. Actual Stay

Most self-storage tenants stay longer than they plan to. SpareFoot asked customers each month how long they planned to stay in storage. Highlighted below is the average number of rent-paying months SpareFoot customers stayed in storage.

April 2014 | May 2014 | June 2014 | July 2014 | August 2014 | September 2014 | October 2014 | November 2014 | December 2014

Most Important Deciding Factors

When surveyed by SpareFoot, nearly 75 percent of customers said price was an “extremely important” factor when choosing a self-storage unit. Below is a chart showing the percentage of customers who said the given factor was “extremely important” in their decision to rent from a particularly facility.

Factor Customer % for Extremely Important
Price 74.33%
Location 57.97%
Security 60.11%
Consumer Review 27.74%
Appearance / Cleanliness 44.43%
Staff Friendless 39.68%
Access Hours 46.81%
Paperwork Time 19.27%

*Client Survey data gathered by SpareFoot 2014.

Other Types of Businesses

Other Types of Businesses

SpareFoot surveyed self-storage managers and owners to find out what other businesses they are involved in. More than 61 percent said self-storage is their only line of business—here is what the rest are up to when they aren’t slinging units. The size of the text is relative to the popularity of the business.

Construction spending

New self-storage development and expansion: 2004 - 2014
Year Total Annual Cost (mil.) January February March April May June Julu August September October November December
2004 $1,141 $77 $70 $67 $76 $85 $106 $108 $120 $108 $111 $109 $104
2005 $1,310 $104 $117 $111 $110 $116 $118 $115 $111 $112 $97 $106 $93
2006 $979 $95 $97 $81 $71 $75 $70 $72 $80 $78 $80 $81 $99
2007 $1,219 $87 $100 $96 $128 $113 $104 $102 $108 $104 $99 $95 $83
2008 $1,125 $78 $74 $101 $96 $102 $93 $108 $110 $99 $94 $85 $85
2009 $873 $68 $71 $63 $77 $67 $72 $62 $69 $150 $62 $59 $53
2010 $400 $52 $48 $31 $32 $33 $36 $35 $40 $33 $21 $20 $19
2011 $241 $20 $20 $27 $24 $20 $18 $18 $18 $18 $14 $17 $27
2012 $366 $28 $27 $21 $27 $22 $20 $32 $40 $42 $40 $39 $28
2013 $463 $21 $47 $47 $35 $65 $42 $37 $42 $32 $32 $31 $32
2014 $590 $35 $34 $31 $42 $47 $56 $60 $53 $67 $64 $53 $48

*Data provided by U.S. Census Bureau

2014 Acquisition Market Snapshot

Big Four Acquisitions

“Big Four” Total Acquisition Spending: $1.8 billion
Other Self-Storage Acquisition Spending*: $1.2 billion

Total Spending: $3 billion

CubeSmart

$570+ million* / 52 facilities

Highlights: November
  • $223 million
  • 26-facility portfolio (CA, FL, IL, NV, NY, OH, RI)
  • Seller: Harrison Street Real Estate

Extra Space Storage

$531+ million / 51 facilities

Highlights: January
  • $200 million
  • 17-facility portfolio (VA)
  • Seller: Mini Price Storage

Sovran Self Storage

$291+ million / 33 facilities

Highlights: July
  • $35 million
  • 5-facility portfolio (MO)
  • Seller: Storage Banc

Public Storage

$431+ million / 44 facilities

Highlights: July
  • $240 million
  • 25-facility portfolio (FL, MD, NJ, NC, VA)
  • Seller: Veritage Management

Source: U.S. Securities and Exchange Commission. Includes properties reported under contract as of Q3 2014.
*Projected as of Q3 2014

Top Private Acquirers
    1. StorageMart (Columbia, MO) - $134+ million
    2. Storage Post (Atlanta, GA) - $91+ million
    3. William Warren Group (Santa Monica, CA) - $86+ million
    4. SmartStop Self Storage (Ladera Ranch, CA) - $53+ million
    5. Metro Self Storage (Lake Forest, Illinois) - $52+ million

Source: Publically Available Property Records. Actual spending may be greater, estimates based on available information

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