Self Storage Pricing: Trends & Market Insights

Okay.

Hello.

Oh, hello everybody. I think we've just gone live. So welcome everybody to our webinar. This is a really, really, really exciting topic today, which is close to everyone's heart, which is pricing and self storage. So we've, we're joined by two experts in the, in the pricing, self storage, pricing industry and we're going to really, I think have some, some really interesting stuff to learn and share about the UK and European market. So first of all, I'm Gavin Shields, I'm the CEO and co founder of Stora. We're a self storage software platform with about 20% of the UK's sites using our platform at the moment moving into Europe. And we're joined by Christine and James. Can you please introduce yourself? Christine, would you like to go ahead please?

Sure. Thanks Gavin, for having us here. I'm Christine Waxman, Director of Market analytics at Stories Store Track. In my role, I focus on interpreting market data to provide context and meaning behind the numbers. So instead of just reporting trends, we help operators and investors understand what's happening and what they can do about it. At Storetrap, we monitor daily pricing activity across more than 80,000 self storage facilities across more than 35 countries. So that gives us a unique vantage point into how the industry is shifting across different regions and market types. So I'm really looking forward to sharing some of the insights here.

I am James, I'm James Brannig. I am the business development manager with StoreTrack or one of the business development managers. In my job, I really work with customers to make sure they get the proper data that they're looking for and the most useful tools and show them how to do, how to use those. As Christine said, we are worldwide and we work with operators of all sizes, from single operators all the way up to the majority of the real estate investment trusts.

It's nice to see you, James. Outside of Vegas, the only time we really see each other is in Vegas at various conferences there. So. And thank you so much both of you for joining. It's great to have you. So we've got a few questions. I'm going to start with a couple of questions for you. So you've recently published a new report on the UK and European market. Could you share some of the pricing trends highlighted in the report?

Absolutely. And I think it's helpful to begin with a bit of context to understand just how much opportunity still exists in both the UK and European self storage markets, especially when compared to the us. In the us there are over two and a half billion square feet of self storage serving around 340 million people. And that translates to roughly 0.7 square meters per capita, or just under 8 square feet per person. In comparison, the European continent has more than twice the population of the U.S. but the average supply sits at about 0.10 square meters per capita, or about 1 square foot per person. So that gap is massive. And so in the European market, the UK leads the region in terms of market maturity with 0.2 square meters per capita well ahead of its mainland counterparts. But even at that level, it's still far below the US benchmark. And with demand continuing to rise and consumer awareness increasing, the UK clearly still has some substantial room for further expansion, both in supply and pricing sophistication. So when we zoom in on pricing trends, we're seeing some really interesting shifts. In the UK markets like Greater London, we're seeing some price stability with growth under just 1% year over year. And in contrast, other urban regions or markets like Greater Manchester saw a decline of over 5%, suggesting saturation in some metro areas. But in regional and secondary markets like Cornwall, Norfolk, West Sussex, they saw double digit pricing growth between 10 and 14%, driven by local demand and less competition. We're also tracking a widening gap between street rates and online promotional pricing. And that discount averaged around 3% in 2022, and then it peaked at 6% in late 2024. In the past few months, it's down slightly to 5%. And what that shows really is that operators are still using promotions to stay competitive, particularly in price sensitive or oversupplied urban zones. Going now to the mainland Europe, it's really a supply constrained growth story where markets like your bigger markets like Germany, France and Spain, which collectively hold over 50% of Europe's facilities, they're still vastly under built relative to population and urban demand. And as a result, we're seeing some strong price growth. Germany as an overall average across the country is up over 10%. And France is a more nuanced market. So, you know, focusing on where the majority of self storage facilities are, in urban centers like Paris, it's closer to about 9% year over year. And even in more active development markets like in the Netherlands and Norway, pricing has remained stable, or it's edged upward a little bit, which really underscores that demand is outpacing new supply in many cases. So overall, what we're seeing is two growth paths. In Europe, the continent, the UK is transitioning into a more mature market, with pricing plateauing in dense urban areas, but rising sharply in the regional ones. And in mainland Europe it's still more of a foundational phase with pricing driven by sheer demand and lack of supply. And what all this points to is really one key insight. Whether you're an operator or an investor, your success really is going to depend on localized market understanding and data driven pricing strategies. And you know, it's important to understand that there's no one size fits all approach, especially in a region as diverse and as unevenly developed as Europe.

That is, yeah, really, really interesting. And there's so much information, what you've just said of it. I have so many questions that have to start with one of those. What is the data that you use to be able to say that it seems like supply is constrained. So you've said in the uk, if I've understood this correctly, a lot of the opportunity it seems is kind of in the smaller regional, maybe rural markets where there's less supply versus in London and Manchester where pricing's taken more, is sort of plateauing. Or Manchester said it's down a little bit. If you're looking at the UK market and looking to open more sites, am I right to say then what you're saying is the opportunity for growth appears to be in the smaller rural areas. And what are you basing, if that's correct? What are you basing that on? Is it the direction of prices?

That's actually a good question and I think there's a two part answer to that. So I'll start with, you know, sort of the overarching response to pricing strategy as far as looking at markets. And then I'll have James answer, you know, the second part of it which is really more nuanced. It's not when you're looking at growth, it's not, it's important to not just consider prices. So you know, the prices already mentioned are year over year growth and this was just between 2023 and 2024. And these are for benchmark units. So it's an average. And the past year, you know, across the us, Australia, New Zealand and a lot of European markets, you know, price growth rates were really tepid and that was a function of not just demand but really, you know, the overall economy. And not many people were really willing to spend that much on, I don't want to say self storage, but you know, they basically were very, they weren't growing that much from the year before, especially post pandemic. So with that said, it's, you know, it's easy to discount how big the demand base is and when you're looking at self storage, it's really sort of a long term growth view that you want to take. So the potential is huge. And so, you know, you're going to go into cycles with these long term businesses and you know, the past year or so it's been sort of in that slower cycle. But going forward, I want to say that there's a lot of optimism into self storage, especially in, you know, markets like the uk. So when, and a big signal of that really is the institutionalization of the, the asset, a lot of institutional money, billions and billions of dollars is pouring into that. So when you see these big guys, you know, investing a lot of money into a facility, that means, hey, there's something there. So James, you want to, I know you have more to say about that.

Sure, yeah. So one of the drivers obviously is housing people's mobility, the opportunity to, you know, wherever that movement is. And the movement seems to be really going to more shared housing, especially here in the US apartments, multi family, as these new areas are being built. And that's where the growth is going to come in in these newer living environments that we're, I think we're going to see moving forward is going to be reduced space to keep things. So that's really going to drive the demand. And again, the other, the other nuance to it is typically in the more urban areas you're going to see a greater demand for smaller units, where if you're in more of a rural area, you're going to see more of a demand for larger units. Because again, when people are moving or transitioning, you know, if they're going to a house, if they're going to an apartment, all those things still play a role. And of course there's, you know, the impact of local small businesses. So again, depending on where that growth is, that's where you have to kind of really study your market and you know, understand the needs of each individual market. And I always tell people every market is different. So.

Yeah, and actually as. That's exactly right. As Christine, as you ran through the different countries and you've really, every, it's, it's different everywhere really. And I think for me what I heard, what I heard was regionally in the UK there is big opportunity. There's specifically opportunity in the regionals, regional areas of the UK and really across Europe. It's kind of almost everywhere across Europe is supply constrained to an extent. Is that, is that a fair conclusion or have I misunderstood?

Yeah, go ahead, James.

That's what that's what we're seeing and that's what we've kind of heard. Having been in the business for several years, it really kind of reminds me of the US probably about 10 to 15 years ago. So it's really kind of at the front end of it. And I think as the systems and the operators become more sophisticated, it's really going to show tremendous growth and opportunity.

And what's another sort of interesting data point is the DESA put out a number last year which I think stated around, you know, there's like 30%, I think of awareness in the European population of what self storage is. And so as that increases, you're basically awakening people to what self storage could be used for. And you know, we were sort of talking about here in the US US market is there was this idea that, oh, it's, you know, your renters who typically use self storage for, because they have less space, so they need somewhere to store their stuff. But really it's becoming, you know, sort of a, you're using it for different sorts of things like small business, e commerce, you know, to store inventory. And then we're seeing in some areas they're using self storage sort of as a, I want to say as an emergency storage, especially those areas that are affected by severe weather events. So New Zealand, we're seeing an increase in self storage usage because of that. I think they had a lot of severe weather events the past two years. So that's, you know, just looking at the different factors that would really cause that or fuel demand for self storage is important. So keeping your eye on the market, the demographics and the nuances of the, you know, what's in the supply, I guess.

And what is when it comes to self storage, what is pricing strategy and why is it so important?

So on the pricing strategy, obviously what everybody wants to see is that bottom right hand corner number continue to rise. And it's important. And Covid really kind of taught a lot of people, especially those who were more concerned with occupancy rather than pricing, that there was a lot of money that was left on the table and not because of the pandemic, just that there were the, as the demand went up, reacting to that demand like any, any business would, those rates went up. Some operators caught onto that very quickly and increased, were able to increase their revenues significantly. Others who were more focused on the occupancy tended to just stay neutral and unfortunately for some operators just left a tremendous amount of revenue on the table. So again, it's always important to pay attention to what's happening in your market, what are the other operators doing? What are the occupancy levels? And again, as the demand rises, so should, so should your revenue.

So when you think about pricing strategy, are you, are you saying it's important for self storage operators? Because ultimately what it, what it drives is your revenue and therefore your bottom line compared to maybe a focus on occupancy. And you know, we would see this with some of the people we talk to here in the UK where it's all about being full or we want to be, you know, we're 95, 90 or 99, 100% full, which is great. We've got a waiting list. Pricing strategy is sort of turning that around a little bit and saying, well actually it's about optimizing our revenue here, not optimizing for being full.

Yeah, that like I say, I, I think that's one of the big misconceptions of this business is that, and for the successful operators, they understand that it's not just about being full, it's again about increasing that bottom line number month over month. That's really, that's ultimately the goal. So again, understanding what's going on in the market, keeping. Yeah. And you want to stay obviously at a healthy number as far as occupancy. But again it's, it's maximizing that revenue. The other thing is by having that churn it, it's better for the overall facility health. It's not just about the revenue, it's that you're giving some of these units maintenance that they need, other things that, that come up. I mean it's just better for the overall health of the facility.

Yeah, yeah, interesting. And what about. So one of the things that I'm seeing here in Northern Ireland, in the UK and I'm sure it's replicated in the US and across Europe is just everyone's bills are going up, the cost of living is increasing. And I'm hearing lots of like, lots of the stuff I pay for goes up, has been going up over the past six months or so. So we also recently released Inside Stora for our customers, an automated price increase tool that makes it much easier for operators to optimize their pricing in the way that we've just been talking about. You've just mentioned there. James, how do you think about, how should operators listening to this think about is now a good time to put prices up for existing customers given the cost of living going up? Should they be worried about that and see it as a risk to Increase prices at the moment because people might see the price go up and think, that's it, I need to close down my self storage, I need to get rid of my unit. Or is it the other way around? Well, everyone's used to the price increase now. Now is a good time to put a price increase through.

Well, I think again, it's a balance. So one of the things is I, you know, whenever you look at that, I would never recommend like raising all of your tenants at one point so by, you know, following anniversary dates, setting up time to review those numbers. And again, as their costs are going up, so are yours as the operator. So again, if you're going to maintain your facility and keep it in good shape, you obviously have to keep pace with everybody else's rising rates. The one suggestion, and I think this is what most operators will do once you do that round of increases and you can start out with something, you know, let's say 10 to 12% and that's probably a little bit on the low side given, given where the price increases are coming in. But if you do that, you can then measure the fallout. So again, if you raise prices 12% and you lose 1% of your tenants, at the end of the day, that was still a win and you're moving in the right direction. If it becomes higher than that, obviously you have to scale back, but you have to give these things time because you really don't know the true answer of these for in some cases, three to six months. Right. But again, I would do it measured. I would study what the, what the fallout is and then from there you can kind of determine what the proper percentage is.

Is there a kind of an industry standard price increase strategy used by operators in the US or in Europe that you see? You know, I've heard different things from different people. You know, 10% every nine months or person after six months and every nine months thereafter, and always 10%. I'm sure it's not as simple as that. How do people do it? Is there, is there a default?

I don't think there's a default. It's kind of like the square foot per cap or square meter per capita. I always tell people it's not, there's no silver bullet on that one. But what I would. Again, it just depends if you're, if your, your market is moving, if your move ins are continuing, if you're activity. And this is where I think it kind of boils back to a little bit of marketing, understanding where your leads are coming from, understanding that you're continuing to, to generate that interest. If the interest is dying down, I'm probably gonna go a little bit lighter on my, my rate increases potentially. Again, there's a lot of factors that go into that, so that's kind of a broad statement. But in the industry and there's operators that raise as low as 5% and there's other operators that are going up at 60, 70% and a lot of it has to do with their occupancy. So again, if they have a particular unit and let's, I'm just going to use a 5 by 10 for example, that particular unit class is sold, it's sold out or nearing being sold out that particular segment, that's probably going to get a higher, higher increase. And a lot of the large groups have automated algorithms that are going to tell them what to do based on occupancy. Occupancy not just in their facility but also in their market or their district. So there's a lot of different tools. But again, I always tell people don't get too focused on the individual unit. You want to look at the overall facility.

Yes. So you want to optimize your facility, not a particular unit.

Correct. The other thing I would say too with that lease up scenarios are a little bit different. That would be the only other caveat to that. The lease up that period is probably going to be a little bit more gentler and slower on the rate increases as they're trying to build occupancy. So just one more note on that.

Well, at what point, at what percentage occupancy are you out of lease up phase and into the next phase?

Most people consider 70 to 75%. So at that point you tend to start working that revenue a little bit more.

Okay, okay. And so what are, what are some of the biggest pricing challenges operators are facing today?

I think again it goes back obviously knowing what's available in the market. And again we have tools that will show you where all of your competitors are at. So you can see who your closest competitors are and you can see where, where your price is at. And again I, if you have to be aware of that, irregardless of your occupancy. But then the other piece of the puzzle obviously is marketing. And unfortunately we see people who just use the rate data and say, oh, are prices too high or price is too low? And in turn they're just really kind of fighting with themselves over pricing because it, as it turns out it might be a marketing issue. Maybe nobody's seeing you so again that's where that all ties back together. But you have to be aware and again the market is changing and especially for Europe and the UK as Christine mentioned, as that institutional money comes in, these are experienced operators who are going to really focus on those marketing tools. They're going to focus on the revenue and there's a science to it. And that's why I always tell people the really good operators use data. It's not a gut instinct thing.

Christine, based on the data you've, you've, you've seen if you could move anywhere to go to any country in Europe or the UK to open up a self storage business, where do you think? Where's the biggest opportunity? Do you think?

The biggest opportunity. I'm seeing a lot of it in Norway. So in the Scandinavian region. Yes, definitely. And you know this is also reading from the REIT's quarterly reports, there is some investment going in that direction and just other industry reports, everyone's just talking about that area. So you know, just for self storage alone as a business, nothing else, no personal enjoyment.

I would go to Norway and is there a place then that you would, you would avoid. So if they'll rent of the scale, I mean it sounds like Manchester with a 5% drop in price.

I wouldn't avoid it.

In your data, that's one place to avoid.

I wouldn't avoid it. You know, like I said, it's more of a long term view. But I would avoid places where there is no population growth and something far away from urban centers. So and you know, because you know when you're close to an urban center sometimes when it gets overpopulated in that area it starts moving out.

So okay, so you would avoid away from populations. So you know, you want to build close to the population and you want to build a place where the population is growing.

Definitely. That's, you know, those are the core demand drivers.

Yeah. And that, that's one. The other is too. Again if you have a market that is under supplied and in a lot of cases that can happen due to maybe building codes restrictions and that's where a lot of people are looking at the multi use opportunity to get into some of those markets. So again, yeah, you do want to see the population growth and again that's a huge driver. Multifamily residences as a percentage of the market again is a, is a huge driver. But again there are under supplied markets that may be just sitting there because the right opportunity hasn't presented itself.

So yeah, yeah, it's, I did some work Five or six years ago, before I opened up my first site here in Northern Ireland and got a list of all of the towns in the UK of between five and 50,000 people and it was about a third of the population. There were 750 of these towns in the UK, 20 million people. And I went through about 50 of them and I couldn't find any that had indoor self storage at that time because I think at that time it hadn't. The smaller indoor sites hadn't really kind of begun to spread out. And I'm sure that number has changed. I'm sure there are a lot more there. But I, I always thought that at the time was, it was an interesting opportunity, these kind of smaller 30, 20 to 30,000 people towns that were growing and lots of industry and people moving in and out, but no supply of indoor self storage at that time or no supply of self storage. But that opportunity is probably gone. But it sounds as if from your data that it isn't gone entirely. There's still. You've identified these sort of areas in the UK as a place for future growth.

Yeah, I think, you know, as I mentioned, the thing I'm sort of latching onto as a data point is that low percentage of people who are aware of what self storage is. And so as that grows and also as time goes on, people are finding different ways of using self storage, you know, whether it's for personal use or business use. So I really don't think that demand is going to go away anytime soon. I think it's going to be robust unless you have everybody just jumping into self storage, building on every corner like a Starbucks.

But, you know.

Well, I think the other, I think the other thing too, with features, and I can tell you that we're working with a couple of groups that specialize in smaller operations that go into, for example, office buildings that might not be occupied anymore or maybe they're, you know, as people have gone to remote work, there's space in these urban areas that again, putting in 100 units or 200 units in an area where there just isn't any storage. And that's one of the ways that they're looking at. And they're, they're very successful at it. So again, just finding those unique opportunities really can, you know, present some awesome opportunities.

Yeah. What do you think would have to happen? I think you said it was 7 square feet per head in the US of supply versus one across Europe. I think was roughly the numbers roughly right. Whereas I think maybe you said it was about Two in London or two in the uk? What do you think needs to happen for us? Do you think we'll ever catch up to the US? Is there a 3 or 4x opportunity here in the UK? Do you think?

That is a good question. And basing it off of demographics because it's people that use self storage. Right. And you're looking at culture, you're looking at, you know, the types of businesses in the area and you know, just the demographic makeup. I would say definitely, yes. There is a lot of Runway for, know, self storage operators to, you know, capitalize on that opportunity.

Yeah, I think we need people to start buying more boats and second cars and mobile homes and things here in the UK to really, really get that going.

Yeah, absolutely.

I like I said, I do think because of the housing trends and really kind of where the future is kind of forecasted, if you look out and talk to developers and, and see kind of what's coming, it really kind of, I do think it lends itself. I think living spaces are gonna, you know, have modest storage associated with them. So I do think as the population grows and as, you know, people migrate, I think you're gonna see increased demand.

I wanted to circle back to a question about price increases, which was about, I think you said there, James, that 10 to 12%, you sort of threw it out as a price increase amount. What would you typically see as a result of that kind of price at that sort of level? If somebody was doing a 12% price increase, what's the impact then on the cancellations, for example?

Right. So a little bit of background. I mean, I've worked in self storage for about 15 years, both on the operations and acquisition side. And with one of the groups I was with, we ran a study using different percentages of increases to test what the fallout was. And like I said that my experience, and again, this is US 10 to 12% was really negligible, 0 to 1%. Once you crusted over 15% then you were probably in that 1 to 2% fallout. And again. But again, let me back up on that. It's really dependent upon the market and again the turnover. So if your churn is very high, meaning you have new customers constantly coming, that's not necessarily a bad thing. So again, as you can continue to raise those rates and maintain your occupancy, that at the end of the day, that's, that's the goal.

So if you're an operator listening to this now and thinking, how do I test pricing, how do I adjust it and make Sure. I don't, you know, make a mess of the business because you know, I, from my own site, I'm nervous changing prices. It's a time of kind of what's going to happen here? How can operators test, monitor and adjust their pricing effectively?

So what I would do is you have to again, I wouldn't do it with a huge percentage of your tenants, but you know, at the six month or eight month interval, you know what, whatever number that is, probably you know, 10 to, let's say 10 to 20 clients, send those out, send those rate increases out, give them plenty of notice. I think that's the other thing. It's like when somebody gets sticker shock or wasn't made aware of it, again, just tends to aggravate the, the customer. So again, I think plenty of notice, a controlled group and then monitor that, that group for a couple of months just to really. Because again, sometimes people are thinking about it, they may not communicate. And that, that's the other piece of this puzzle too is communicate with people. If they call up and you know, have an issue with that increase, you know, see what you can do to work, work through it.

And I guess one of the things that I hear quite a bit is operators who might have had the same price for the past couple of years for their units. And I imagine this isn't a sort of a set and forget type of thing. It's the sort of thing that I guess you would be encouraging people to stay on top of. Be reviewing your pricing, take a look at the market, take a look at the trends, take a look at your close competitors, the industry as a whole. Use data from a tool, I guess like storetrack and just be monitoring that on a constant basis because everything's changing constantly around us. Is that right?

Yes. There's a couple of things with the StoreTrax Optimize platform, which is really designed for operators. And one of the things we do is we have what are called market alerts and these can be automated for your market. So again, if one of your competitors in the market raises their rates, and I usually suggest people to set a percentage, not really, but you can do a dollar amount as well. But if you set it at a percentage, I don't want to know if somebody changes their rate by a dollar, but if they change it by 15% or 20%, I probably want to be aware of that because that's signaling to me that there might be some occupancy constraints. Right. So that's going to cause me to go take A look. And these can be automated and sent to you, you know, really as they happen. And then the other, the other tool that we have in there that's really good is the competitor report. The competitor report, again, can be automated, can be sent to you on a weekly, daily, monthly basis, whatever you prefer. A lot of operators are going to review their, their rates probably near the end of the month, so they know what they're doing moving forward. But some people like to get it every day, some people get it every, every week, or you can get it once a month. And, and we allow you to select when that, when that comes to you. And the other thing it does is you can send it to up to five people. So if you have a team, you can all be looking at the same document, same rates at the same time. So it really kind of presents a clear picture. But that's the thing, just stay on top of it. I mean, the set it and forget it is a recipe just for lost revenue.

Okay, thank you, James, for that. Before we kind of wrap things up, if there are any questions from anyone who's any audience, please feel free to add them into the chat. But if not, I actually have a couple more questions I wanted to ask. One of the things that you touched on, Christine, earlier, about rural and urban areas, you talked about pricing. Could you just recap or remind me, how are the pricing trends different between urban and rural areas? Do you have data on that?

We do have data on that, but you know, sort of lumping it into, you know, okay, supply is what it is. So limited supply, rural areas, you know, you have some room for pricing, growth, competition. Right. And then urban, less supply. So that's generally what we're thinking. And James and I were actually looking at data at, you know, what sort of units are getting, seeing some price growth in urban versus rural areas. And what we're seeing is in rural areas, your bigger units are actually getting, you know, some growth versus in urban areas, not so much.

This is, is this, is this UK European data?

Yes, this is. Yeah.

Interesting. Wow. Okay, so the, you're seeing the bigger units in rural areas are seeing, seeing a lot of price growth.

Wow.

Okay.

Yeah. And again, I think that it, it kind of speaks to again, the housing. And so again, when you're in communities that have larger homes or more, more space, things like that, typically when you have people moving, those are going to be the units that are in demand, whereas like for the urban areas, it tends to be the more smaller areas. And again, it's, that's Pretty consistent in the uk, Europe and the US.

Okay, we have a question from Anthony here. How does store track calculate existing supply? How do you know the lettable area within buildings? Good question.

I can, I, I'll speak to that one. So, so one of the things we do is we either. Well, we use census data and we also use any type of municipal records as our primary source. If, if we cannot get the total square footage via a municipal source or like for example permitting something like that, then what we'll do is we'll go to a cad, we'll use a CAD assisted program to footage. The other thing we do is we do have calculations for single floor, multi floor. So again if it's a multi level, the more levels again we factor in a percentage for hallways, offices, things of that nature.

Okay, and then we have a question from Isaac. How often should operators review or update their pricing strategy?

I would say monthly again and again, if it's nothing more than a review and then kind of track it again you have to have some type of record of what's happening in the market and even like historical data. And I always tell people this too. It's not just about what the rate is today. It's extremely important to look back over the course of a year because self storage is a very cyclical business. And again, I talk to a lot of investors or operators who are looking at a market today. And again, if I'm looking at that market during the holiday period or some time where there's not a lot of movement, you're going to see the rates are probably going to be lower. And again, if you're looking at the peak moving season, then you're going to see those rates higher. So again, take a, take a longer view approach, you know, to understanding before you just come up with a strategy.

Interesting question from Amy. Do store track reports include outdoor parking?

We do. I'm going to full, full transparency here. I have not looked at it in detail for the UK and Europe. In the US we actually have a standalone platform for that and I believe that will be coming. We're certainly interested in it and I'm sure we have some data on it. But right now we're primarily focused on, on self storage. But that is, we're definitely interested to see how that market goes.

We have a question here from Patrick, which is an interesting one. He, Patrick is in Spain. He's asking, do you see a correlation between tourism growth and increased demand for self storage?

Did you?

Especially in seasonal or coastal. Yes. Yeah.

Yes. Actually in Spain that's one of the main drivers. So. Yes.

Yeah. Again. Yeah. Spain. Yeah. Because there's a lot of people who are moving there seasonally or even for prolonged periods. Yeah, that. Especially that particular area.

Okay. Is there anything else before we kind of wrap things up? Anything else, Christine or James that we haven't covered here that maybe we'd hope to cover in terms of what store track can do some of the data? You have something that might be interesting for anyone listening that I've not brought up.

I don't want to say not covered, but it's sort of an emphasis on how important data is because I still see those questions where there needs to be. People aren't really clear on how to use data because there's so much of it. You hear about it everywhere. And I can Google data. Right. But what is the power of having that daily pricing per market to stay competitive, especially when everyone's trying to invest in self storage nowadays? You know, it moves so quickly. You need to know your market, you need to know how fast things are moving and data is going to be your friend.

Yeah. Again, I can't stress it enough.

Especially.

As you mentioned Las Vegas, when we go to the shows and I meet a lot of investors for the first time and they have their first development and they're really proud and they're coming up and they've got their plans and we go and we look at the market and then we see that unfortunately and they may be local to that market and feel that they have some special impact or pull on it and then find out that the demand just isn't there and you know it. That's probably the biggest thing is that people still are not real, are not trusting or relying on the data or doing their due, due diligence. And I think it's important to do that from a neutral source and really kind of drill down on what that market is. And that's unfortunately how people and can get into a market that might be oversaturated. That's the biggest, the biggest takeaway that, you know, I can share.

If anybody wants to find out more about StoreTrack and what, what could help them with when it comes to pricing, where do they go?

You can go to storetrack.com and if you go to our website, you can hover over the solutions button and from there you can either request a demo or sign up for free to the Explorer platform. You can also we do seven day trials for Optimize, which is the tool that's used by a lot of operators to monitor their local market conditions. So again, it's a great resource. Check us out. We're always more than happy to hop on a call or answer any questions you have.

Okay, thanks very much. So storetrack s t o r track.com isn't it?

Yes.

Okay. Okay. And then of course, anyone who's listening who is interested in what Stora provides, we have a dynamic pricing module and price optimization tool built into Stora as well. So please feel free to reach out to us as well if you'd like to find out more about that. But thank you so much. Thank you, James. Thank you, Christine. It's been really great to have you both on. I've taken so much from the call. I think I want to open up more sites in rural areas in the UK and expand into Europe as quickly as I possibly can and move to Norway. So thank you very much for your help or for your for joining us.

Thanks, Gavin, for having us.

Thanks very much.

Thanks.

Bye. Bye.