It is important to note that the data collected for this quarter’s report was gathered between January 1 st , 2020 and March 31 st , 2020. Given that COVID-19 was not a factor until March and the market continues to evolve, the data reflected herein does not necessarily reflect current market conditions. Furthermore, a portion of the REIT analysis is also based on the Quarter/Year End statements that were released in January 2020 and reflecting 4 th Quarter 2019 results. Rental income decreased Nationwide, while asking rental rates also decreased. Physical occupancy increased slightly in first quarter of the yearly cycle Nationwide. The decrease in rental income is particularly important because it demonstrates that revenue enhancement models increased rents on units in place Nationwide. This can further be demonstrated in the “National” graph of actual rent.
Supply and demand metrics appear to be slightly slowing this quarter, and positive for the year. Construction starts decreased 14% from last quarter and increased 25% as of 1Q19. According to F.W. Dodge, there have been 489 new starts the last four quarters (new starts includes new construction and alterations, additions, or renovations).
National Actual Rent Per SQFT (10x10 Analysis)
Climate - Upper Level
Non-Climate - Upper Level
Source: Cushman &Wakefield, Inc. The Self Storage Performance Quarterly , a publication of Cushman & Wakefield, Inc., is intended solely for use by paid subscribers. Reproduction or distribution in whole or part without written permission is prohibited and subject to legal action. Copyright® 2020.