Section 5 • Occupancy
fewer units reported average occupancy rates of 91.5 percent. At the other end of the size scale, self-storage stores with 801 or more units to rent were 91.4 percent occupied. The lowest average occupancy rates for the region were re- ported in facilities with 601 to 800 units at their storage operation. Properties of this size posted average occupancy rates of 89.7 percent.
Stepping back and looking at the country as a whole, it is clear that occupancy rates are exceptionally high and appear to be on the rise at self-storage stores across
the nation. Demand for storage space is strong and continues to grow year-by-year and quarter-over-quarter. Average
occupancy rates are robust in every region of the country and in every size category analyzed.
Moving to the Western part of the country, self-storage stores with 401 to
600 units led in occupancy numbers for the category. In the West region, stor- age businesses of this size averaged an occupancy rate of 90.6 percent. Fol- lowing closely behind, storage stores with 201 to 400 units posted occupancy rates of 90.5 percent while the smallest facilities were 90.4 percent full. The largest storage properties, those with 601 to 800 units within the store, had the lowest occupancy rates in the region. The very large self-storage stores in the West realized an average occupancy rate of 89.9 percent.
Stepping back and looking at the country as a whole, it is clear that occu-
pancy rates are exceptionally high and appear to be on the rise at self-storage stores across the nation. Demand for storage space is strong and continues to grow year-by-year and quarter-over-quarter. Average occupancy rates are ro- bust in every region of the country and in every size category analyzed. As the barometer of the industry, today’s average occupancy rates make it clear that the self-storage sector is currently thriving and well positioned for continued growth and success.
Chart 5.9 – National Occupancy by Facility Size
1 to 200 Units 201 to 400 Units 401 to 600 Units 601 to 800 Units 801+ Units
89.4% 89.6% 89.8% 90.0% 90.2% 90.4% 90.6% Number of Facilities
66 Self-Storage Almanac 2016 90.8% Source: © 2015 REIS, INC. Based on Second Quarter Survey Results Source: © 2015 REIS, INC.
Table 5.10 – National and Regional Occupancy by Facility Size Facility Size
Region Midwest Midwest Midwest Midwest
(in Units) (1) 1 to 200
(2) 201 to 400 (3) 401 to 600 (4) 601 to 800
Midwest (5) 801+ Midwest Total Northeast Northeast Northeast Northeast
Occupancy Rate
(1) 1 to 200
(2) 201 to 400 (3) 401 to 600 (4) 601 to 800
Northeast (5) 801+ Northeast Total South Atlantic South Atlantic South Atlantic South Atlantic South Atlantic South Atlantic Southwest Southwest Southwest Southwest
Southwest (5) 801+ Southwest Total West West West West
(1) 1 to 200
(2) 201 to 400 (3) 401 to 600 (4) 601 to 800 (5) 801+ Total
(1) 1 to 200
(2) 201 to 400 (3) 401 to 600 (4) 601 to 800
(1) 1 to 200
(2) 201 to 400 (3) 401 to 600 (4) 601 to 800
West (5) 801+ West Total National National National National
(1) 1 to 200
(2) 201 to 400 (3) 401 to 600 (4) 601 to 800
National (5) 801+ National Total
90.7% 90.9% 90.7% 88.4% 88.4% 89.7% 88.6% 89.9% 91.4% 91.6% 89.4% 90.3% 89.0% 89.8% 90.6% 90.4% 89.7% 90.2% 91.5% 90.3% 90.9% 89.7% 91.4% 90.6% 90.4% 90.5% 90.6% 89.9% 90.3% 90.3% 90.1% 90.3% 90.7% 90.0% 89.9% 90.2%
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