Section 9 • Occupancy


Occupancy In The Midwest Chart 9.3 Compares occupancy for the West North Central and East North Central subregions of the Midwest. Tables 9.5 and 9.6 (page 107) breakdown the numbers by individual region.





 


Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017


Source: Union Realtime


90.0% 91.3% 89.6% 89.0% 90.6%


East North


Central occu- pancy at 90.6 percent for Q2 2017 is slightly below the 91.3 percent report- ed for the third


quarter of 2016. Nevertheless, this is the second highest occupancy for the past four quarters. Q3 2016 and Q1 2017 dipped slightly at 89.6 per- cent and 89 percent respectively. This is, as stated previously, a normal trend for the self-storage industry.


For the West North Central region, second quarter 2017 occupancy


at 92.3 percent was an uptick from Q3 2016 occupancy of 91.7 percent. Expectedly, Q3 2016 and Q1 2017 dipped to 88.8 percent and 87.8 percent respectively.


According to the data in Table 9.7, there was very little fluctuation in occupancy across the four quarters for the Middle Atlantic.


Posting at 90.5 percent in the second quarter of 2016, rates increased to 91.8 percent during the third quarter of that year.


As seen in Chart 9.3, Q2 2017 occupancy for the West North Central


subregion was the highest of all reported numbers, while Q1 of 2017 was the lowest of all reported numbers. Nevertheless, across all quar- ters for both subregions, the lowest reported occupancy was between 0.4 percent and 2.2 percent lower than the region’s average occupancy of 90 percent in the second quarter of 2016.


Occupancy In The Northeast For the Northeast, Chart 9.4 compares occupancy for the New Eng- land and Middle Atlantic subregions. Tables 9.7 and 9.8 breakdown the numbers by individual region.


As seen in Chart 9.4, occupancy rates for the Middle Atlantic were higher across all four quarters than those in the New England subre- gion. That having been said, there was only a 0.9 percent difference between the two subregions as of the second quarter of 2017. For New England, the lowest occupan- cy can be seen for Q1 of 2017.


According to the data in


Table 9.7, there was very lit- tle fluctuation in occupancy across the four quarters for the Middle Atlantic. Posting at 90.5 percent in the second quarter of 2016, rates increased to 91.8 percent during the third quar- ter of that year. As expected, it fell seasonally in the fourth quarter to 89.7 percent—still only a drop of 2.1 percent. An uptick of 0.3 percent in Q1 2017 brought occupancy up


106 Self-Storage Almanac 2018


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