Self Storage- What is a good Customer, in terms of length of stay

[Henry Clark]

Over the last two weeks I was asked what is a good customer in terms of length of stay. My response was all customers are good, because most of them don't know how long they will stay. Even when they tell me they only need a unit for one month, I will rent to them. Even if it is the last unit we have available.

Our oldest location was flooded about 2 years ago and we lost all of those tenants, so their dates are not reflected. The below data covers only one of our three reporting areas, but are the oldest locations. This also includes about 60 parking rentals. The Terms below represent that period and prior, to the next Term. So 90 days is 90 days or less; down to 60 days. Then it converts to Months.

	Term	Count	%
Days	30	27	7.0%
Days	60	25	6.5%
Days	90	14	3.6%
Months	6	33	8.6%
Months	12	93	24.2%
Months	24	63	16.4%
Months	36	60	15.6%
Months	48	25	6.5%
Months	60	20	5.2%
Months	72	24	6.3%
		384	100.0%

Always tell people it takes 3 customers to cycle through, to get one "good" customer who will stick. So especially for a New location, want the customers to come and go, till we get customers who stay longer.


Below is a Cacao Pod, from which Chocolate comes from. Until you crack it open, you don't know what's in it. Just like a new customer, until they start renting you don't know how long they will stay. So every customer is a good customer to us.

You eat the white film around the seeds, which is really sweet. Then you can dry the beans, for Chocolate.