Welcome to penny #8 in why self storage investing is a “dime”. Today we are going to talk about self storage and the college student. College students are one of the reasons why self storage will never die! In 2018 there were 16 million college students in the US. Putting that into perspective that’s almost the total population of Indiana and Washington put together! That’s a whole lot of storage needs! Why is this the case? Why would a college student need a self storage unit?
- Save $$$ – The cost of moving items in a moving truck is HUGE! There is the gas, mileage, and the rental cost to think about. Now taking that cost and consider it would have to happen twice a year, then multiply that by how many years school will be attended! YIKES! If a self storage unit is used instead of moving back and forth, SO much money will be saved! Some facilities even offer deals to students including the use of a truck.
- Keep things safe- If a student keeps their things in a dorm room or apartment while they are gone, their possessions are susceptible to damage by unruly and disrespectful roommates or thieves. Self storage units take that out of the equation! Most facilities offer great 24/7 security and climate controlled units. This is great for musical instruments, text books, furniture and the like.
- Once the kids are out, parents tend to want to re-purpose the room, be it a home office, workout room, or guest room. By having a storage unit, the college student can take their things with them and won’t risk them being donated to the nearest goodwill! It is also handy for students to have their things close by. Seasonal clothes and the like can be easily switched out without having to trek half way across the country!
- Save parents the headaches!!! “Mom, I left my pink tank top” “Dad, can you bring my bike?”. A storage unit will eliminate that all together by allowing a student to have all of their things with them.
The list really goes on and on as to why a student could use self storage. So, how can you, as a facility owner, cater to these students to get that dotted line signed?
- Market to them! Make your ads relate-able to them and help them see the importance of having a self storage unit. Remind them to book early, because after all, there are 16 million other students! Post cards and social media are great ways to reach out to others.
- Be available to help them pick out the right size. Be honest with them! You are the expert. Help them to make informed decisions. You don’t need them picking out something bigger than they really need.
- Offer them incentives. Go back to the days when a bank would give our toasters with a new account. Maybe offer the use of a truck on moving day? A complimentary lock? Be creative! This will show good will that you are looking out for their best interest and this will start and exchange of giving (hopefully getting you a regular payment from mom and dad!)
Education is something that is NEVER going away! Young adults have SO much stuff that they are going to need you. From keeping their childhood stuffed animals safe to the clarinet that got them a free pass to Julliard, you will be providing these college students with the most useful thing in the start of their adult lives!
Thanks for tuning in for another point in our series. We are quickly getting to the end of our series! Next week we are going to chat about penny #9!