Will people move to another storage facility if theirs is closed?

[Peter Lee]

Curious to what people think here.  Imagine if you had a self storage facility that was going to be demolished for future development, what % of the tenants you think would try and find a new facility to move to?  Let's say though most of the tenants have been in the unit for years and rent was 30%-40% below most of its nearby competitors (within 5 mi) but there are places that offer rent in that range but they are 20 mi away (a 40 min drive).

[Paul Moore]

Hi @Peter Lee. I don’t know if there’s any scientific data on what you are asking. I will say this: since self storage is such a small cost in the scheme of things for most people, I would guess that they will generally not leave a 5 mile radius. I would rather pay 30% more to be within a 5 mile radius then get a discount 20 miles away. That’s just me, but I’m guessing most people would feel that way.

@Scott Krone what do you think?