Occupancy • Section 5
since 2011. This tendency continues this year, as well. The current high rate of 90.2 percent was recorded in the second quarter of 2015 as seen in Chart 5.1.
It is interesting to note that the seasonal dips in occupancy generally represent declines of less than one percentage point. However, the increases in occupancy that come with the sum- mer growth in storage usage averaged close to 2.5 percentage points. This is another strong indicator of the robust—and grow- ing—demand for self-storage units.
Regional Occupancy Rates Regionally, occupancy rates have been fairly consistent throughout the nation. Table 5.3 represents both the national and regional occupancy rates between Q4 2011 and 2Q 2015.
It is interesting to note that the seasonal dips in occupancy generally represent declines of less than one
percentage point. Regionally speaking, at 89.7 percent
that slightly exceed the current national average. Looking at the other regions of the nation, self-storage occupancy rates in the South Atlantic states were approximately equivalent with the national average while storage occupancy in the Midwest fell slightly below the national average.
Examining quarter-over-quarter occupancy by region also
illustrates a high level of demand for self-storage units nation- wide. Currently, the South Atlantic is leading the nation in oc- cupancy growth when examining the data by percentage of growth or decline. Between the first and second quarters of 2015, occupancy in this part of the nation increased by 2.5 percent.
Chart 5.2 – Occupancy Rate by Quarter and Region
the Midwestern states posted the lowest average occupancy rate in the country for the current year. On the other end of the spectrum as seen in Table 5.3, the Southwest had the highest self-storage occupancy rates in the U.S. with an aver- age of 90.6 percent. It should be noted that less than one percentage point cur- rently separates the lowest and highest regional occupancy rates in the country. This signals strong demand for self-storage space nation- wide, as above.
74.0% 76.0% 78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% 92.0%
4Q 2011 1Q 2012 National 2Q 2012 3Q 2012 Midwest 4Q 2012 1Q 2013 Northeast 2Q 2013 3Q 2013 South Atlantic 4Q 2013 1Q 2014 2Q 2014 Southwest 3Q 2014 4Q 2014 1Q 2015 2Q 2015 West Source: © 2015 REIS, INC. noted Table 5.3 – 2015
In addition to the high occu- pancy rates seen in the Southwest, self-storage
cilities in both the Northeast and West also posted
average occupancy rates Occupancy by Region*
Region Occupancy Midwest 89.7%
fa-
Northeast 90.3% South Atlantic
90.2%
Southwest 90.6% West 90.3% National 90.2%
* Second Quarter 2014
Change in Occupancy
1.9% 1.7% 2.5% 2.1% 1.8% 2.0%
Source: © 2015 REIS, INC.
Chart 5.3 – Change in Occupancy by Region
0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%
Change in Occupancy
Source: © 2015 REIS, INC. 2016 Self-Storage Almanac 61
National West Southwest South Atlantic Northeast Midwest
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152
