Occupancy • Section 5


Historical Occupancy Trends Examining the data between the different regions of the nation reveals stable, steady growth in occupancy rates year-over- year. In the Midwest as seen in Table 5.5, occupancy rates have been trending up for the past several years. Between the fourth quarter of 2011 and the fourth quarter of 2014, average occupancy rates increased by 5.4 percent. Over the course of 2012, occupancy rates rose more than 3.5 per- cent in the region. Average rates in the area were up approximately 1.5 percent in 2013, while occupancy grew nearly 1.4 percent in 2014.


Also recording occupancy growth below 2 percent, storage businesses in the


West saw average occupancy increases of 1.8 percent. Additionally, self-storage occupancy rates in the Midwest increased an average of 1.9 percent quarter-over-quarter.


east saw a similar pattern in oc- cupancy rate growth as


Self-storage stores in the North- seen in


Table 5.6. Over the three-year period between the fourth quarter of 2011 and the fourth quarter of 2014, average occupancy rates increased 3.9 percent. Going year by year, self-storage occupancy rose 2.7 percent in 2012 and 0.7 percent in 2013. In 2014, operators in the Northeast posted average occupan- cy gains of approximately half of a percent.


In the South Atlantic, average


occupancy figures were up 7 per- cent from 2011 to 2014. In 2012, self- storage occupancy rates grew a total of 3.1 percent. Over the next few years, storage units in the area


78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% 92.0%


4Q 2011 1Q 2012 Northeast 2Q 2012 3Q 2012 4Q 2012 National 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Source: © 2015 REIS, INC. 2016 Self-Storage Almanac 63


Table 5.5 – Midwest Region Occupancy Trends


Year Quarter Occupancy


2011 4 82.4% 2012 1 83.0% 2012 2 85.6% 2012 3 86.1% 2012 4 85.3% 2013 1 85.5% 2013 2 88.2% 2013 3 87.5% 2013 4 86.6% 2014 1 87.0% 2014 2 89.5% 2014 3 88.8% 2014 4 87.8% 2015 1 87.8% 2015 2 89.7%


* Data not available


Change in Occupancy


*


0.6% 2.6% 0.5% -0.8% 0.2% 2.7% -0.7% -0.9% 0.4% 2.5% -0.7% -1.0% 0.0% 1.9%


Source: © 2015 REIS, INC.


Table 5.6 – Northeast Region Occupancy Trends


Year Quarter Occupancy


2011 4 84.0% 2012 1 83.5% 2012 2 86.3% 2012 3 86.5% 2012 4 86.2% 2013 1 86.7% 2013 2 89.0% 2013 3 88.6% 2013 4 87.4% 2014 1 87.5% 2014 2 89.7% 2014 3 89.1% 2014 4 87.9% 2015 1 88.6% 2015 2 90.3%


* Data not available


Change in Occupancy


*


-0.5% 2.8% 0.2% -0.3% 0.5% 2.3% -0.4% -1.2% 0.1% 2.2% -0.6% -1.2% 0.7% 1.7%


Source: © 2015 REIS, INC. Chart 5.4 – Midwest Vs. National Occupancy


78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% 92.0%


4Q 2011 1Q 2012 Midwest 2Q 2012 3Q 2012 4Q 2012 National 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Source: © 2015 REIS, INC. Chart 5.5 – Northeast Vs. National Occupancy


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