The Self Storage Association of the United Kingdom (SSA-UK), in conjunction with real estate firm Cushman & Wakefield, has released its 2021 report revealing key performance statistics regarding the local self-storage industry. The report includes data collected from operators, self-storage customers and the general public.
Available on the association’s website, the data was collected in January and February, with information based on the 2020 calendar year. Additional questions were added to learn about the impact of the COVID-19 pandemic on the industry.
Key results show overall occupancy was 82.3%, up from 76.2% the previous year, with the average rental rate at £23.94 per square foot per year. It also indicates 92% of customers were satisfied with the service from their storage provider, while 50% of the public has a good awareness of self-storage.
Other results reveal a death in the family was the most common life event for which people sought storage. Those renovating their home are also three times more likely to use the service.
Storage customers’ preference for reserving a unit online over in-person dropped from 33% to 25% in 2020. In addition, only 17% of customers reported their usage or need for self-storage changed during the pandemic.
The SSA-UK also provides an online dashboard that examines how the industry has performed in the last five years. Users can categorize the data based on geography and other demographics.
Established in 1995, the SSA-UK is the principal trade association representing self-storage operators and industry supplier members’ interests in the U.K. It has approximately 440 members.
Founded in 1917, Cushman & Wakefield offers consulting and appraisal, corporate services, debt and equity financing, investment banking, leasing, sales, and acquisitions. Headquartered in Chicago, it operates from 400 offices in 60 countries, has 53,000 employees and manages 4.1 billion square feet of commercial space.