Occupancy • Section 7


numbers have trended upward since the Q4 2011 rate of 82.1 percent.


Regional Occupancy While national rates give a broad overview of self-storage occupancy, regional rates dig down to specific geographic areas of the United States. More data from specific loca- tions can be collected from one of the industry’s data sources, such as Radius+, the official data provider for the Self-Storage Almanac. Table 7.3 and Chart 7.2 compare oc- cupancy rates by region for 2019 and 2020. The Pacific area of the West region in 2020 continues to have the highest occupancy of the five regions tracked, at 92.3 percent, as it did in 2019 with 92.1 percent. The Pacific area shares the 2020 top position with the Mountain area of the West re- gion, which also posted a 92.3 percent rate, up 0.9 percent from 91.4 percent in 2019. The West region was slightly higher than the 2020 national rate of 92.2 percent.


Comparing the 2020 regional occupancy rates to 2019,


Table 7.3 shows that rates also increased in the Midwest re- gion’s West North Central area, the Northeast region’s New England area, and the South region’s West South Central area. The 2020 rates decreased in the Midwest region’s East North Central area by 0.6 percent, while the Northeast region’s Middle Atlantic area and the South Atlantic region both saw decreases of 0.1 per- cent. The South region’s East South Central area was at 90.4 percent, un- changed from 2019.


The Midwest As seen in Table 7.4, the East North Central area had occupancy of 90.4 percent in Q2 2020, a 0.8 percent uptick from 89.6 percent in Q1 2020 and a 2.4 percent increase from 88 percent in Q1 2018, which was the lowest rate going back to Q3 2016. Q2 through Q4 in 2018 and 2019 were above 90 percent. Q2 2020 edged down 0.6 percent from Q2 2019. Table 7.4 also shows that this area of the Midwest region typically has higher occupancy rates in the second and third quarters.


As shown in Table 7.5, occupancy


in the West North Central area in Q2 2020 was 91.1 percent, up 4.2 per- cent from 86.9 percent in Q1 and up 4.3 percent from 86.8 percent in Q1 2019. The highest occupancy rate going back to Q3 2016 was 92.3


2021 Self-Storage Almanac 61


percent in Q2 2017, compared to the low for the period of 86.5 per- cent in Q4 2018, a difference of 5.8 percent. Q2 2017 also showed the highest quarterly increase, at 4.5 percent from Q1 2017.





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


Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2


Source: Radius+


91.3% 89.6% 89.0% 90.6% 90.9% 89.4% 88.0% 90.3% 91.1% 90.1% 88.8% 91.0% 91.9% 90.7% 89.6% 90.4%


Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1


2020 Q2 Source: Radius+ 


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


91.7% 88.8% 87.8% 92.3% 91.8% 88.3% 87.1% 90.2% 89.1% 86.5% 86.8% 89.6% 88.9% 87.0% 86.9%


91.1%


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