Recession and how it has affected your facility

[DarlaH]

Has this recession had an impact on your facility and what have you done to boost rentals

[RHS_TX]

No one in my area (Central Texas) is really using the "R" word. Job growth is still good and people/companies are still moving to the Austin and I-35 corridor in droves.

What I have noticed is that higher mortgage rates have put the skids on the great pandemic population shift. The housing market has stabilized and people aren't swapping and switching houses like they were a year ago.

As a result, inquiries for storage units have dropped to a more normal level from the frenzied pace during and post-covid.

[helenatim]

No one in my area (Central Texas) is really using the "R" word. Job growth is still good and people/companies are still moving to the Austin and I-35 corridor in droves.

What I have noticed is that higher mortgage rates have put the skids on the great pandemic population shift. The housing market has stabilized and people aren't swapping and switching houses like they were a year ago.

As a result, inquiries for storage units have dropped to a more normal level from the frenzied pace during and post-covid.

I feel the same way in Montana. We have not adjusted rents at all and tenancy remains consistent. Starting to get busy with weather warming in to the 30s.

[Storman]

Ne definitive recession here in the SF bay area, but my occupancy has dropped to 94%. I have more open units now than I've had in a long time, the phone isn't ringing and my inbox is clear. I'm not complaining, and not alarmed.....yet, but I have started thinking about what I would do to increase interest if I need to. I'm hoping that as helenatim points out, the interest picks up with spring cleaning and better weather on the horizon.

[Irishone]

We are at 80%. That is about as low as we can afford to go. The only marketing, I know we are using is google. We will combine some units so we can rent more of our more popular ones. A really popular facility in town told me that they are at 88.5%. I have noticed that we are getting more calls in the past week, but it seems people are just shopping around.

[igotthisnow]

From 99 to 93%...over the last 4 months. It certainly goes in cycles, but it's all Ok.

[KrisinCali]

We're lower across the board. But fall/winter is always a bit slower, hopefully we'll begin to ramp up as the weather warms.

[masterbuilder]

The car people always fill us up in the late fall through early spring.

Come summer, we'll see...

[BusyProperties]

For now we have remained @ 98%+ We are adding another 52 units in June.

[Madman]

The higher interest rates are definitely slowing residential housing transactions and with it demand for storage is normalizing. We're also seeing some hesitation in the commercial demand as well. I do feel its a bit of a return to normal vs the past couple of years. That said, it's time to tighten up some screws and make sure everything is operating really well!

[Clarkstoragellc]

DarlaH notice this is your first post. Are there any specific concerns you have? What are your numbers showing you? What is your market area?
Are you in rent up phase at a new facility, new owner/manager, are you looking at your winter trendline, etc.

Six of our locations are at 9x% and holding. Lose a unit, rent a unit. Our newest location we are at 65%. Went down over the winter and starting back up. Rent up is taking longer since a new facility opened down the road. That is why I'm asking about your specifics.

We added a new building at one of our pre-existing locations and it is about 60% full in the last 9 months. Just depends on which market and the competition we have.

[Jblake]

Has this recession had an impact on your facility and what have you done to boost rentals

Were in a recession???

[AngelaESSTX]

Were in a recession???

We have been, by the definition, in a recession for over a year now

[Willar]

We're in central Illinois (your condolences are welcomed) which doesn't have the boom and bust cycles of many areas. We've been able to continue raising rates and stay pretty full. Haven't seen a recession yet as our small factories and businesses are staying busy so far.