Self Storage Churn Rate 🤷‍♂️

Goood Day Store Fam..A..Lam

Sorry the email is a little late

I’m on a 2 day City break to Edinburgh! It’s awesome!

The wife has gone to primark (don’t worry I’ve limited her spending 🤣) so I have a good hour on my own 😀

On to yesterdays results …..

Self Storage Secrets Course Waiting List

Yesterdays Stats …

• 2 Reservations

• 2 Move Ins

• 3 Move Outs

Lets … Do … This …

Here's what's coming your way today 😎🎯

🤐 A Self Storage Tip - “CHURN RATE!!!”

🤝 3 Self Storage News Stories

🧐 Yesterday’s figures for each facility

🥸 1 Meme of the day

Self Storage Tip 💡 💰

🚨Industry Report🚨

CHURN RATE!!!

Aggghhhhh I hate churn!! 

I think this graph is really insightful 

My focus is on mature stores churn rate in this graph 

It’s at just 71% 

This means if you had 100 occupied rooms you would need to get 71 new customers a year to maintain occupancy 

We are seeing a very similar churn rate at our Beverley site 

However, churn in our Willerby site is much much higher 

That may be because we are very aggressive with our price increases 

I also wouldn’t be worried about the increase in churn over the last couple of years 

The extra customers we got during CVID had to move out at some point 

I think the increase of churn is largely down to this 

I expect churn to decrease in 2024 

… Bold call ☝️

Industry News 🧐

• 5 Enduring Legal Issues That Still Impact Self-Storage Operators Today

• The Magnificence of Multi-Story Self-Storage: Design to Guarantee a Successful Project

• Golden Years, Golden Returns: Why Retirees Should Consider Self-Storage as a Means to Financial Stability

The Fun Bit - My Business .... Bare Butt Naked! 😲 🤫 🤭

Willerby (Hull) … My Big Site

• 0 Reservations

• 1 Move Ins

• 2 Move Outs

Month to Date -

• PLUS 720 Sq Ft

Reservations so far this week = 5

Move Ins so far this week = 2

Clough Rd Figures ... The Automated Site

• 2 Reservations

• 1 Move Ins

• 1 Move outs

Month to Date -

• PLUS 525 Sq Ft

Reservations so far this week = 7

Move Ins so far this week = 3

Beverley … My Baby (First Site)

• 0 Reservation

• 0 Move Ins

• 0 Move Outs

Month to Date -

• MINUS 160 Sq Ft

Reservations so far this week = 0

Move Ins so far this week = 0

Wrexham's Figures (Indoor) ... My First Acquisition

• 0 Reservation

• 0 Move Ins

• 0 Move Outs

Month to Date -

• MINUS 85 Sq Ft

Reservations so far this week = 0

Move Ins so far this week = 0

Mansfield Figures … My New Site

• 0 Reservation

• 0 Move Ins

• 0 Move Outs

Month to Date -

• PLUS 1080 Sq Ft for the month

Reservations so far this week = 0

Move Ins so far this week = 1

Meme / GIF of the day - 👀 😂

Health and Fitness ... Move More = Live Longer - 🏋️‍♀️ 🏃

Weekly goals -

• Gym - 3 times

• Run - 25 miles

• Boxing - 0

Results so far -

• Gym - 0

• Run - 10 Miles

• Boxing - 0

Yesterday’s Steps - 18,274

Loads of self storage love,

Dean ❤️ 🙃