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Which site is better...>renters than owners, and >single family than multi-family?

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  • Which site is better...>renters than owners, and >single family than multi-family?

    Assume all other factors are equal...income, DENSITY, ethnicity, education, age, etc. Does anyone have real data to support an answer?
    there are certainly arguments pro and con for each, and I am wondering does anyone have hard data to support their claim? I have found a lot of opinions, but no data.
    thoughts??????
    RK
    RK Kliebenstein
    Vice President of Business Development
    Metro Storage LLC
    847 387-2943
    rk@metrostorage.com
    E: rk@metrostorage.com
    sigpic

  • #2
    If I could fill this place with businesses, I would do it. IMO, Owners and single families. In the long run, easier to deal with. Again, IMO. No data to back it up but my businesses here are my best tenants.
    "Never let the inmates run the asylum!"

    Comment


    • #3
      I've re-read your question a couple of times and am not sure of what you're asking. If you're looking for data then going to the storage conventions and speaking with the experts there would answer your questions. As purely a local San Diego area storage with no new storage moving in-out of, and I"m rounding down, 1,000 tenants, I have abt 950 residential, abt 50 commercial. 8% of residential is military so shorter term rentals. 35% homeowner and about 30 percent apartments. I agree with Pac though, our commercial people are awesome-regular payers and no shenanigans.
      An apple a day keeps ANYONE away if you throw it hard enough.

      Comment


      • #4
        I read the post and read it again and still was a bit unsure of what the post was completely about so I answered it the best I could with my opinion. I hope I got close to what was being asked.
        "Never let the inmates run the asylum!"

        Comment


        • #5
          Originally posted by Krismarie View Post
          I've re-read your question a couple of times and am not sure of what you're asking. If you're looking for data then going to the storage conventions and speaking with the experts there would answer your questions. As purely a local San Diego area storage with no new storage moving in-out of, and I"m rounding down, 1,000 tenants, I have abt 950 residential, abt 50 commercial. 8% of residential is military so shorter term rentals. 35% homeowner and about 30 percent apartments. I agree with Pac though, our commercial people are awesome-regular payers and no shenanigans.
          Actually, RK IS one of the experts who has spoken at storage conventions all over the world. Nice to see him posting here again.

          Comment


          • #6
            Well, IMO, RK needs to be a little clearer with the question. Two of us regulars here were both a little confused. If it is "convention" speak, then that explains why I was confused.
            "Never let the inmates run the asylum!"

            Comment


            • #7
              Here is one more "opinion" - no facts to back it up. An area with renters of multi-family apartments would probably rent up faster because of the smaller space, no basement, etc. to store extra stuff. It will also probably have more turn-around. I opine that it depends upon whether you are looking for dependable long-term customers (property owners) or the opportunities for rate increases afforded by more frequent turn-arounds.

              I believe that RK is just looking for data that may support (or shoot down) this opinion. I am not sure how much of this information is collected by storage managers.



              Comment


              • #8
                I don't think one CAN be called better than the other. Either can fuel a very successful business but may require a different unit mix and management style.

                Steve Hajewski
                Marketing Manager
                Trachte Building Systems

                Comment


                • #9
                  Thank you to all who responded. Mostly anecdotal information, which is what I am looking to circumvent. In looking at thousands of development sites, the questions, "which source of tenants is better?", still stands. I know each of the tenant types (renter vs. owner and in single family homes vs. MF) can be successful prospecting for self storage, but I was really looking for some hard data to support the answer. I know most of us have a "feeling" about it, and most of us can well support our position anecdotally, but I am wondering how we can document it.

                  Often times, statistical data surprises us. Remember the "pet rock"? How many people would have said "it will never sell", and been astoundingly wrong (myself included). Ever the skeptic, I was fooled by reality. The late Gary Dahl (d. 2015), is reported to have sold over 1,500,000 pet rocks (in 1975 they sold for $3.95) and pocketed a cool $15,000,000 over the sales life of the product. It really only sold for one Christmas season, and then sales were less frequent, but all in all a good payday.

                  Thank you again for the responses, but I still serve up the questions, in the hopes that one of the great mysteries of self storage can be solved with data.

                  B-T-W... I have about another 100 or so of these types of questions that I would like to solve before I hit my 40th year in the self storage industry.

                  Live Well, Learn Lots and Love All,

                  RK
                  RK Kliebenstein
                  Vice President of Business Development
                  Metro Storage LLC
                  847 387-2943
                  rk@metrostorage.com
                  E: rk@metrostorage.com
                  sigpic

                  Comment


                  • #10
                    Originally posted by selfstorage View Post
                    Thank you to all who responded. Mostly anecdotal information, which is what I am looking to circumvent. In looking at thousands of development sites, the questions, "which source of tenants is better?", still stands. I know each of the tenant types (renter vs. owner and in single family homes vs. MF) can be successful prospecting for self storage, but I was really looking for some hard data to support the answer. I know most of us have a "feeling" about it, and most of us can well support our position anecdotally, but I am wondering how we can document it.

                    Often times, statistical data surprises us. Remember the "pet rock"? How many people would have said "it will never sell", and been astoundingly wrong (myself included). Ever the skeptic, I was fooled by reality. The late Gary Dahl (d. 2015), is reported to have sold over 1,500,000 pet rocks (in 1975 they sold for $3.95) and pocketed a cool $15,000,000 over the sales life of the product. It really only sold for one Christmas season, and then sales were less frequent, but all in all a good payday.

                    Thank you again for the responses, but I still serve up the questions, in the hopes that one of the great mysteries of self storage can be solved with data.

                    B-T-W... I have about another 100 or so of these types of questions that I would like to solve before I hit my 40th year in the self storage industry.

                    Live Well, Learn Lots and Love All,

                    RK
                    40 years! Then you're the expert and we should be asking you! Lol, I truly think it's a location by location basis-but you could break it down geographically I'm sure. Have a great Thanksgiving.
                    An apple a day keeps ANYONE away if you throw it hard enough.

                    Comment


                    • #11
                      Just so ya'all know - this is from RK's LinkedIn"

                      "Notable Accomplishments

                      $7B In Transaction Underwriting
                      >$1.5BM In Completed Acquisitions, With Small Transaction Size
                      Responsible For Due Diligence For >$1.6B Transactions
                      Contributing Role For Developing >$900M In Projects
                      Created >2,000 Client Relationships
                      Created Largest Private Sale And Comparable Database In The Industry
                      Created Strongest Personal Brand Within The Industry
                      Authored Three Books, Working On Fourth
                      Subject Matter Expert That Has Lectured Globally
                      Authored Hundreds Of Industry Articles And White Papers
                      Problem Solved Through Heuristic Approaches
                      Created SWOT Analysis Matrix For Project Feasibility
                      Created Pricing And Revenue Management Tools And Strategies For Clients
                      Created Theme Oriented Brand Strategies Including Logo, Signage, Url/Web Marketing, Collateral Materials, On-Site Point Of Sale Packaging And On-Site Signage
                      Built Network Of Independent Contractors To Deliver Consulting Services At Lower Cost, And Increased Client Satisfaction Through Decreased Delivery Times
                      Created Application Parameters For New Software Services Including Revenue Management, LRO And Marketing
                      Leveraged The Audit Process To Increase Efficiency And Reduce Shrinkage Loss, With A Focus On Discovery Of Employee Theft
                      Streamlined The Audit Process To Decrease The On-Site Time, Therefore Increasing Productivity At The Property/Store Level And Minimizing Interference During Audits And Due Diligence
                      Proficient in Word, Excel, PowerPoint, Outlook and Quickbooks

                      Specialties: Co-author of worlds leading self-storage investment book: How To Invest In Self Storage, available at Amazon.com. Also available are my books: How To Make MORE Money in Self-Storage and How To Make Money in Self-Storage at www.h2mmm.com, www.amazon.com and www.minico.com."


                      If RK says that there are still "mysteries" to be solved, I for one believe him. And I apologize if I embarrassed him here.


                      Steve

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