Occupancy • Section 5
occupancy rates are slightly higher at mid-sized self-storage stores than they are at the largest and smallest storage proper- ties in the U.S.
In the Northeastern portion of the nation, the
highest occupancy rates were found by owners and operators of storage facilities with 601 to 800 units.
Facilities of this size were 91.6 percent occupied in this region of the country. While the largest stores posted below average occupancy in this area, the lowest occupancy rates in the Northeast were reported by the region’s smallest self-storage facilities.
Nationally, properties with 401 to 600 units had the lowest
vacancy rates for the current year. Facilities in this size catego- ry reported they were 90.7 percent occupied this year. How- ever, it should be noted that average occupancy rates were similar between size categories and uniformly high. In fact, all self-storage stores with 800 or fewer units posted average self- storage occupancy rates of 90 percent or greater.
In spite of the fact that they are very large and have signifi-
cantly more space to fill than do smaller competing stores, large self-storage facilities also posted extremely low vacancy rates. The industry’s largest storage properties—facilities with 801 or more units—averaged occupancy rates of 89.9 percent. It is worth noting that although facilities of this size posted the low- est occupancy rates, the difference between highest occupancy rate and the lowest occupancy rate for this category totaled less than one percentage point.
Similar occupancy rate patterns
were reported for storage stores in the Midwest. In this area of the na- tion, the largest stores posted the lowest average occupancy rates of the group. Midwestern owners had an average occupancy rate of 88.4 percent for properties with 601 to 800 units and an average occupancy of 88.4 percent at facilities with more than 800 storage spaces. The high- est rates in the region were realized at self-storage business with 201 to 400 units to rent, where facilities re- ported average occupancy rates of almost 91 percent.
In the Northeastern portion of the nation, the highest occupancy rates
78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% 92.0%
4Q 2011 1Q 2012 West 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 65
were found by owners and operators of storage facilities with 601 to 800 units. Facilities of this size were 91.6 percent occupied in this region of the country. While the largest stores posted be- low average occupancy in this area, the lowest occupancy rates in the Northeast were reported by the region’s smallest self-stor- age facilities. In this size category, storage stores with one to 200 units to rent, owners and operators averaged occupancy rates of 88.6 percent.
Size Trends By Region In the South Atlantic, the smallest properties also had the low- est average occupancy rates for storage businesses. In this area of the country, storage facilities with 200 or fewer units were 89 percent full. On the other hand, those with 801 or more units posted an average occupancy rate of 89.7 percent. At the top of the spec- trum, facilities with 401 to 600 units under their roofs reported
Table 5.9 – West Region Occupancy Trends
Year Quarter average
occupancy rates of 90.6 percent for the year.
Some storage
stores in the South- west had very low vacancy rates at both the large and small self-storage stores. Leading the category, proper- ties with 200 or
Occupancy
2011 4 82.4% 2012 1 82.6% 2012 2 84.5% 2012 3 85.6% 2012 4 85.0% 2013 1 85.2% 2013 2 87.3% 2013 3 86.8% 2013 4 86.1% 2014 1 86.2% 2014 2 88.8% 2014 3 88.7% 2014 4 88.2% 2015 1 88.5% 2015 2 90.3%
* Data not available Chart 5.8 – West Vs. National Occupancy
Change in Occupancy
*
0.2% 1.9% 1.1% -0.6% 0.2% 2.1% -0.5% -0.7% 0.1% 2.6% -0.1% -0.5% 0.3% 1.8%
Source: © 2015 REIS, INC.
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