Section 7 • Occupancy 


 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% 89.9% 89.8% 91.9% 91.5% 89.8% 90.0% 91.5% 92.0% 90.2% 89.7% 91.4% 92.4% 91.5% 90.7% 92.3%





 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+


The largest quarterly change was a 1.9 percent decrease from Q3 to Q4 2018. As in the Mountain area, the Pacific’s rates consistently rose from Q1 to Q2 and fell from Q3 to Q4.


93.9% 92.3% 92.8% 93.6% 93.6% 91.8% 91.7% 92.7% 92.8% 90.9% 91.1% 92.1% 92.6% 91.4% 91.7% 92.3%


Chart 7.7 compares the Mountain and Pacific areas of


the West region. It shows that the Pacific had higher oc- cupancy rates than the Mountain in every quarter except Q4 2019, when the Pacific was 0.1 percent lower, and Q2 2020, when both areas posted 92.3 percent. The Pacific’s widest advantage compared to the Mountain region was in Q4 2016, at 2.4 percent.


Supply Impacts Occupancy The nationwide surge of new self-storage supply has un- doubtedly affected occupancy rates at existing facilities across the country. Occupancies are shrinking slightly in many markets because of the steady increase in new competition.


Clearly, occupancy rates will continue to decrease at ex-


isting facilities, and lease-ups will take longer if additional self-storage supply comes on line with too little demand to support it. Just as clearly, new developments have already begun lengthening their lease-up projections to combat the increasing amount of storage space in the marketplace.


Slight seasonal dips in occupancy rates are the norm, but only the continual monitoring of maturing markets can reveal the long-term effects of this supply saturation.


  


  


        


   


64 Self-Storage Almanac 2021


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