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COVID-19 Hits Self-Storage, But Market Is 'Resilient'

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  • COVID-19 Hits Self-Storage, But Market Is 'Resilient'

    Great article from Globe Street definitely worth a look!

    https://www.globest.com/2020/06/19/c...20200519110018

  • #2
    My occupancy is the same as this time last year, and believe it or not my collections are better! I currently have only 1 tenant due from the 1st of the month and 1 due for 2 months. Both are frequent fliers.

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    • #3
      My occupancy is at 97%, maybe 1-2% higher than this time last year.

      But boy am I glad I sent out rate increase letters in January that took effect March 1...
      In no way affiliated with Storman software.

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      • #4
        Occupancy is same as it has been for years here hovering 92-93%, considering I can pretty much spit in any direction and hit a competitor i'm comfortable with that. Delinquency is actually having some of the lowest months ever for this site since it opened 14+ years ago.

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        • #5
          We are experiencing a drop in occupancy down from 98% 2 years ago to 89% consistently the past year or so. Our policies and pricing have not changed much, facility is looking good inside and out, clean,friendly professional and experienced staff. We get really good scores on all our secret shops. We offer all sorts of deals and freebies, and a lot of our rentals are a result of word of mouth referrals.Whenever we have such a huge decline in rentals I try to take a good look at our staff and facility- go over it with a critical eye and try to figure out if its a flaw we can correct or if it something out of our control.The only things I can attribute to this decline is almost double the competition we had 2 years ago, we had 7 competitors in a 5 mile radius, now we have 15! Of course they are offering really low prices to fill up the place, and there really is nothing I can say that is negative about them. They are nice, newer, clean and cheaper. Only thing I see that is a negative for them is high staff turnover. I frequently call or stop by to chat with my competition and notice new staff almost every visit. The other is that we get way less traffic from Sparefoot than we used to. When I started at this location we would get on average 10-15 reservations a week/every 2 weeks from Sparefoot and now we might see 1 or 2 every week.
          You Laugh, I laugh. You cry, I cry. You take my coffee...may God have mercy on your soul....

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          • #6
            Occupancy is down a few percent, from last year, but this might be due to disastrous capital improvement project that closed us for 3 weeks in February and rolled right into Corona.

            Way more price driven than before, everybody asking about deals and discounts. Lots of tenants using Corona to try and get breaks on rent, late fees.

            SoreFoot leads not as solid as last year, reservations but very few move-in's. Thinking about shutting it down again.

            In a great location, so two new facilities in the area (last two years) and lots of empty land around - we are 20 years old.

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            • #7
              We are doing the same or better at each of our locations so far this year. I believe enabling online rentals has actually overall increased new rentals year over year.

              Delinquencies are up a small amount, but not as much as I expected. Fee waives are up quite a bit and retail sales are down. I am also seeing a higher percentage of tenants enrolled in insurance as well.

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