Market Research for Self-Storage

May 24, 2024

Project Description

Competitive Research Map

Background

This project has come about because the company is wanting to expand it’s operations by adding more rentable inventory to several of its existing facilities. Market research and feasibility studies are currently ongoing to determine which facilities have the greatest opportunities for success. I have been asked to add to that research by acquiring current and historical rent rates for units in the surrounding area facilities (the competition). I’ve also been asked to compare those rates (current and historical) and determine appropriate rates for future inventory. This research will be used in conjunction with the feasibility studies to help come up with a prospective unit mix that will be the most profitable at each facility.

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Strategy:

To accomplish this task, I began by identifying tools and data aggregators (i.e. StorTrack) who would have the current and historical data and then negotiated to acquire it. I was also able to use the companies management software to acquire current and historical rates for each facilities rentable inventory. From there, I was able to use Microsoft Excel to plot the data to compare unit sizes, price per sqft (current and historic), etc. I was also able to acquire additional information regarding the demand curve for various unit sizes in the area based off of when rentable square footage or units were rented or became available again.

Results:

I was able to model various pricing strategies for the proposed inventory unit mix as well as current inventory that needed rate increases. The current rates can be adjusted to increase annual ROI substantially and the new proposed inventory will be marketed aggressively to allow the company to fill up quickly over an expected timeframe of 6-9 months.

Project Details

Company: Security Storage
Position: Marketing Director
Skills Needed:
  • Analytics
  • Data Interpretation
  • Competitive Analysis
  • Market Research
Ryan Berry

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