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Self-Storage & Moving Services INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS Self-Storage & Moving Services US Industry Study with Forecasts for 2020 & 2025 Study #3425 | June 2016 | $5000 Storage & moving services addition, as the economy continues to improve, more households will pay for the greater convenience of rely on demographics: full service moving. · People moving to get more storage space · Increasingly populated urban areas Revenues vary by region with less in-home storage · Developing acceptance of storing personal Revenues for self-storage and moving services vary possessions away from home significantly by region, state, and municipal area, as · Businesses willing to store excess stock and the need for these services is very localized. Regional supplies off site markets are primarily influenced by local factors such · Formerly unfinished storage areas converted as population size, density, age distribution, mobility, into living space homeownership rates, and growth trends. Economic · Baby boomer downsizing issues such as personal income patterns, business development trends, and the real estate market also affect industry growth. Since most customers try to Self-storage to see rapid growth rent space and a truck within a few miles of their Self-storage is projected to achieve the fastest annual location, being situated in close geographic proximity gains through 2020. Growth will largely stem from to a large pool of customers -- e.g., near a college advances in the small but rapidly developing mobile campus or military base, or within a few miles of a storage segment, which can still price at a premium relatively dense urban area -- is important. In 2015, compared to most fixed storage due to convenience the South and West were the largest regions and will issues. The increasing preference for value-added represent 70 percent of the industry gains through climate-controlled storage will further assist growth 2020. The relatively high mobility rates of these in the self-storage segment. regions will spur gains, even as demand will continue to be concentrated in the urban areas. Full-service moving companies to outpace DIY truck rentals Study coverage Full-service moving is forecast to outpace DIY moving This study analyzes the US self-storage and moving truck rental through 2020. This segment will benefit services market. It presents historical demand data from an increasing number of older households (2005, 2010, 2015) as well as forecasts (2020, 2025) by downsizing and moving, as they are often unable or service and region. The study also considers market unwilling to perform the moves themselves, but are environment factors, analyzes company market share and profiles 29 industry players. more likely to be able to afford the assistance. In Copyright 2016 The Freedonia Group Study #3425 Self-Storage & Moving Services June 2016 US Industry Study with forecasts for 2020 and 2025 $5000 CONTENTS SUMMARY TABLES & CHARTS 11 Midwest Self-Storage & Moving Executive Summary Executive Summary Revenue by Subregion & Service 1 Summary Table 12 Midwest: Major Military Bases by State 13 East North Central Self-Storage Market Environment & Moving Services Services Cht East North Central Homeownership 1 Self-Storage & Moving Services Rates by State, 2005-2015 Services Cht Self-Storage & Moving Services 14 West North Central Self-Storage Self-Storage by Type, 2015 & Moving Services Locations Cht Advantages & Disadvantages 15 South Self-Storage & Moving Revenue Fixed of Mobile Storage by Subregion & Service Mobile 2 Self-Storage Services 16 South: Major Military Bases by State Cht Climate-Controlled v. Not Climate- 17 South Atlantic Self-Storage Type Controlled Storage Revenue, Climate-Controlled & Moving Services 2005-2025 Cht South Atlantic Homeownership Not Climate-Controlled Cht Advantages & Disadvantages of Rates by State, 2005-2015 Service Providers Climate-Controlled Storage 18 East South Central Self-Storage Market Share Cht Advantages & Disadvantages of Not & Moving Services Full-Service Moving Climate-Controlled Storage Cht East South Central Homeownership 3 Self-Storage Services by Location Rates by State, 2005-2015 Service Providers Cht Self-Storage Revenue by Market Share 19 West South Central Self-Storage Location, 2005-2015 & Moving Services DIY Moving Truck Rental 4 Fixed Self-Storage Services 20 West Self-Storage & Moving Revenue Service Providers Cht Advantages & Disadvantages by Subregion & Service Market Share of Fixed Storage 21 West: Major Military Bases by State 5 Mobile Self-Storage Services Cht West South Central Homeownership Regions 6 Self-Storage Services by Type Rates by State, 2005-2015 Regional Demographic & Economic Trends Cht Self-Storage Services Market Share, 2015 22 Mountain Self-Storage & Moving Services 7 Climate-Controlled Self-Storage Services Cht Mountain Homeownership Rates Population 8 Not Climate-Controlled Economic Outlook by State, 2005-2015 Self-Storage Services 23 Pacific Self-Storage & Moving Services Housing Outlook 9 Selected Self-Storage Service Providers Cht Pacific Homeownership Rates Regional Homeownership & Vacancy Rates 10 Full-Service Moving Services by State, 2005-2015 Regional Mobility Trends & Migration Flow Cht Full-Service Moving Services, 2005-2015 Northeast Cht Full-Service Moving Market Share, 2015 Industry Structure New England 11 Selected Full-Service Moving Service Providers 1 Self-Storage & Moving Service Middle Atlantic Cht DIY Moving Truck Rental Revenues by Company, 2015 Midwest Services, 2005-2015 Cht Self-Storage & Moving Services East North Central 12 DIY Moving Truck Rental Services Market Share, 2015 West North Central Cht DIY Moving Truck Rental Services 2 Selected Acquisitions & Divestitures Market Share, 2015 3 American Red Ball’s US Moving South Agent Locations South Atlantic 13 Selected DIY Moving Truck Rental Service Providers 4 ABF Moving’s US Service Centers East South Central 5 Arpin Van Lines’ US Moving Agent Locations West South Central 6 Budget Truck Rental’s Rental Regions Office Locations West 1 Self-Storage & Moving Services Mountain 7 CubeSmart’s Owned Self-Storage Facilities Demand by Region 8 Door to Door Storages’ Facilities Pacific Cht Self-Storage & Moving Services 9 Enterprise Truck Rental’s Demand by Region, 2015 US Branch Locations Industry Structure 2 Population by Region 10 Extra Space Storages’ Owned Industry Composition 3 Gross Domestic Product by Region & Managed Facilities Market Share 4 Regional Housing Indicators 11 Graebel Van Lines’ Service Offices U-Haul 5 Homeownership/Vacancy Rates by Region 12 Mobile Mini’s Mobile Storage Locations Cht Homeownership Rates 13 NSA’s Self-Storage Facilities Public Storage by Region, 2005-2015 SIRVA 14 Penske Truck Leasing’s 6 Regional Mobility Trends & Migration Flow Rental Office Locations UniGroup Cht Regional Net Migration, 2005-2015 15 PODS Enterprises’ US Storage Atlas World Group 7 Northeast Self-Storage & Moving & Moving Centers Extra Space Revenue by Subregion & Service 16 Public Storage’s Self-Storage Facilities Avis Budget Group 8 Northeast: Major Military Bases by State 17 Simply Self Storage’s US Facilities Marketing 9 New England Self-Storage 18 SMARTBOX Solutions’ Franchised Locations & Moving Services 19 Sovran Self Storage’s Facilities Competitive Strategies Cht New England Homeownership Mergers & Acquisitions 20 StorageMart’s US & Canadian Facilities Rates by State, 2005-2015 21 United Van Lines’ Agent Locations Cooperative Agreements 10 Middle Atlantic Self-Storage 22 Mayflower Transit’s Agent Locations & Moving Services 23 United Mayflower Container Company Profiles Cht Middle Atlantic Homeownership Services’ Agent Locations Rates by State, 2005-2015 24 CPA 18-Global’s US Locations Study #3425 Self-Storage & Moving Services June 2016 US Industry Study with forecasts for 2020 and 2025 $5000 SERVICES TABLE IV-15 Self-Storage SOUTH SELF-STORAGE & MOVING REVENUE Revenue for self-storage service is forecast to increase through BY SUBREGION & SERVICE 2020 by 4.8 percent per year to $39 billion, with 3 billion square feet (billion dollars) of rentable space. Advances will be driven by increasing consumer ac- ceptance of self-storage, particularly as access to it becomes increasingly Item 2005 2010 2015 2020 2025 convenient and comfortable to a growing share of the population. The ongoing population shift to urban areas will also boost self-storage, as urban dwellings generally have less storage space than suburban homes.South Population (million) Along these lines, a growing number of homes that feature basements $ service/capita are finishing them SAMPLEas living spaces, leaving less unfinished space for storage. Similarly, some of theTEXT fastest growing areas include the SouthSouth Self-Storage & Moving Revenue and West, where homes are less likely to have basement space at all due By Subregion: to high water tables or high frost lines that lead to building codes that do South Atlantic not require deep excavation. Gains in self-storage will also be aided by East South Central a rising trend toward minimalism in the home, including the declutter- West South Central ing method from Marie Kondo. This trend has led a growing number of By Service: households to either purge their unused possessions for sale or donation, Self-Storage SAMPLE or to store them in self-storage units where they do not have to see them Full-Service Moving TABLE on a regular basis. Growth in value terms will also be aided by the ris- DIY Moving ing use of mobile storage, which rents at a premium
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