Section 9 • Occupancy


Occupancy In The West Chart 9.6 compares occupancy for the West, with Tables 9.11 and 9.12 presenting data for the Pacific and Mountain subregions.


According to the data in Chart 9.6, the Pacific subregion of


the West out performed the Mountain subregion in terms of oc- cupancy for all quarters, with the exception of Q2 2016 when both were at 92 percent occupancy. Like rental rates, occupancy has remained strong for the West.





 


Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017


Source: Union Realtime


92.0% 91.7% 89.9% 89.8% 91.9%





 


Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017


Source: Union Realtime


92.0% 93.9% 92.3% 92.8% 93.6%


Occupancy in the Mountain subregion decreased in-


crementally from 92 percent in Q2 2016 to 91.7 percent and 89.9 percent over the next two quarters. (See Table 9.11.)


Its lowest occupancy came, as would be expected,


in the first quarter of 2017; however, there was only a 0.1 percent difference from the previous quarter.


As a matter of fact, only 2.2 percent separates the


highest from the lowest quarter for this subregion. In Q2 of 2017, occupancy saw an uptick to 91.9 percent— less than 0.1 percent lower than the same quarter in the previous year.


As this section clearly shows, despite the generous amount of new self-storage supply added to


various markets across the country in 2017, occupancies remained strong.


The trend for the Pacific


subregion, as seen in Table 9.12, was slightly different in that occupancy in the second quarter of 2017 at 93.6 actually surpassed the 92 percent seen in the same quarter of 2016. And while the lowest occupan- cy (92.8 percent) came in Q4 of 2016, as would be expected, the first quarter of 2017 ac- tually saw an uptick to 92.8 percent. It had its strongest oc- cupancy in the third quarter of 2016 at 93.9 percent.


As this section clearly


shows, despite the generous amount of new self-storage supply added to various mar- kets across the country in 2017, occupancies remained strong. Indeed, none of the data shows any area’s occupancy rate drop- ping below the high 80s. While additional new supply can certainly impact the occupan- cy rates of existing facilities, self-storage stores throughout the U.S. managed to keep the majority of their units rented in 2017.


108 Self-Storage Almanac 2018


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