Reasons Tenants Rent: Part 2

In Part 2 of the video series, the focus shifted to analyzing the aspects that are insignificant to renters when choosing a facility, based on a report released by the SSA in March 2023. The study ranked 30 reasons for renters to choose a facility, with this video delving into the bottom 15 priorities.

One significant finding was that having someone physically present at the facility at all times has dropped to the 17th position on the list of renters’ priorities. In-person, full-time management, once a top concern, has been surpassed by 16 other factors that renters now find more crucial. This shift underscores the rising trend of remote management in the industry, reflecting the changing preferences of newer generations of renters.

Interestingly, having a dedicated phone app for the facility was ranked 19th. Despite the convenience of digital solutions, renters are cautious about adding more apps to their devices, especially considering that the average tenant visits a storage facility only once a month. Hence, investing heavily in a facility-specific app might not be a high-cost priority for businesses.

The significance of a facility’s brand name has diminished, landing at the 22nd position. Similarly, offering retail items at the facility is no longer a high priority due to the convenience of online shopping and services like Amazon’s quick delivery, which eliminates the need for customers to transport large items themselves.

Kiosks, ranked 24th, also indicated a low level of importance to renters. To stay competitive, the video stressed the need for data-driven decisions. Adapting to the changing preferences and behaviors of both current and future tenants is crucial for ensuring the success of storage businesses in this evolving market landscape. Moreover, embracing innovative solutions like free direct shipping can incentivize customers, aligning services with the convenience offered by online retail giants.

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