Self Storage Combined MSAs Report Q4 2019

Self-Storage Metropolitan Statistical Area Report

4th Quarter 2019

Rochester, NY MSA Sample Size SSDS Sample Size

61

62%

Sample as Percent of Total Facilities

Market Conditions

Rentable SF Per Person

Conclusion

4.09 6.50

Under-Supplied

MSA

National

Supply Ratios

MSA

Top 50 MSA

Diff

Households per existing self storage unit

16.7

7.6

9.1

Performance at a Glance

Quarterly

Seasonal

Annual Change

4Q19 vs 3Q19

4Q19 vs 4Q18

Up

Down -2.2% Down -4.0% Down -6.8%

Down -0.6% Down -4.0% Down -1.8%

Asking Rental Rate

5.9%

Up

Physical Occupancy Rate Rent per Available SF (Rental Income)

2.0%

Up

7.6%

Self-Storage Performance Index (SSPI)®

Asking Rental Rates Non-Climate Controlled - Ground Levels Min

100 120 140 160 180

Median $45.00 $65.00 $85.00 $132.00 $185.00

Max

Average $45.70 $66.04 $91.81 $139.13 $186.26

$38.00 $55.00 $75.00 $115.00 $160.00

$55.00 $75.00 $105.00 $169.00 $221.00

25 SF 50 SF

100 SF 200 SF 300 SF

60 80

Base = 4 Quarter 2003

SSDS Index

Rent per Available SF 100 SF

4Q18

4Q19

Change

MSA Index

National Index

$0.7900 $0.7939

$0.7360 $0.8047

-6.8% 1.4%

Median Average

Rent Per Available Square Foot (based on 100 square foot units)

Occupancy

4Q18 90.0% 85.9%

4Q19 86.0% 81.8%

Change

$0.50 $0.60 $0.70 $0.80 $0.90 $1.00

-4.4% -4.8%

Physical Unit Occupancy Economic Occupancy

Concessions (Percentage Offering)

4Q18

4Q19

Change

36.4% 51.5%

34.4% 56.8%

-5.3% 10.3%

MSA

Nationwide

MSA - Income & Expenses Guide Medians MSA

National

$/SF 25.06

$/SF 11.35

MSA

National

Effective Gross Income

Physical Occupancy

3.09 0.24 0.67 0.83 1.52 1.54 0.75 0.26 0.14

1.12 0.12 0.35 0.46 1.04 0.67 0.27 0.21 0.07

Taxes

Insurance

72.0% 76.0% 80.0% 84.0% 88.0% 92.0%

Repairs & Maintenance

Administration

On-Site Management Off-Site Management

Utilities

Advertising

Miscellaneous

Total Expenses

9.04

4.31

36.1%

38.0%

Expense Ratio

MSA

National

The data and findings contained in this report are the result of operating data collected each quarter from more than 18,000 self- storage facilities located in the United States. Source: Cushman & Wakefield, Inc. This publication 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.

Made with FlippingBook - Online Brochure Maker