Optimizing Self-Storage Unit Mix to Maximize Revenue
Whether you've owned a self-storage facility for years or just purchased your first site, it's always important to keep your eyes on market demand. Luckily, with relocatable storage there's a simple solution for staying in tune with the needs of diverse tenants through unit mix.
How do you determine which unit dimensions would be most profitable at your self-storage facility?
This can be a tricky question, as unit mixes are not a one size fits all solution. The wrong selection can greatly impact the success of your facility. Not to mention, with portable storage, configurations are often limited. That's why we've developed a flexible solution for relocatable storage. With more unit configurations, facility owner's can choose the mix that will capture the greatest returns for their facility's location.
Determining The Proper Unit Mix
The first step in determining the proper unit mix is to analyze the demographics in your area. It's no secret that different tenants need different options for storage, and this step will help you determine what those needs are. Is your facility located in a college town? Smaller units are often more popular with students since they tend to have fewer excess items. Is your facility close to a retirement community? Bigger units may be an option here. This study can be completed through a market analysis.
The results of the market analysis paired with the right sized units, and the right amount of those units, will ensure you're getting the most profitable solution for additional storage.
- Use Demographics
- Perform Market Analysis
- Look at the Data (Income, Education, Family Size, Climate, Housing, etc.)
- Determine Average
See the many ways you can configure MASS relocatable storage units below!
Available Unit Configurations with MASS:
Checking out other facilities in your area is also a great tool when selecting unit configurations. If the self-storage facility 2 miles down the road is completely sold our of 5' x 10' units, they're clearly in high demand and would likely benefit your facility. Now, if that same facility had an abundance of 10' x 20' units still available, chances are they aren't as popular, and you should avoid including them in your facility's mix. Keep in mind, bigger units aren't always better. If these units aren't in high demand and don't get rented, they'll quickly become a large waste of space and money for your facility.
Need help determining your unit mix? The experts at Janus can help you with market analysis and research to determine the very best mix for your facility. With the many unit configurations available, we can meet the exact needs of tenants in your area. Optimizing unit mix to increase revenue has never been easier, download our FREE eBook below for more details!