Self Storage Metropolitan Statistical Area Reports for 3rd Quarter 2017
S lf St e - orage e ropo an a s ca rea epor Providence-New Bedford-Fall River, RI-MA MSA Sample Size SSDS Sample Size 72 Sample as Percent of Total Facilities 51% Market Conditions Rentable SF Per Person Conclusion MSA 4.52 Under-Supplied National 6.50 Supply Ratios MSA Top 50 MSA M t lit St ti ti l A R t Diff
3 d Q t 2017 r uar er
Performance at a Glance Households per existing self storage unit
12.5
7.6
4.9
Quarterly
Seasonal
Annual Change
3Q17 vs 2Q17
3Q17 vs 3Q16
Up
Down -0.1%
Down 0.0%
Asking Rental Rate Physical Occupancy Rate Rent per Available SF (Rental Income)
3.3%
Up
Up
Up
4.0%
8.0%
8.0%
Up
Up
Up
8.6%
12.1%
3.0%
Self-Storage Performance Index (SSPI)®
Asking Rental Rates Non-Climate Controlled - Ground Levels Min
100 120 140
Median $57.00 $85.00 $135.00 $174.00 $199.00
Max
Average $58.08 $83.57 $130.50 $172.60 $214.00
25 SF 50 SF 100 SF 200 SF 300 SF
$48.00 $70.00 $124.00 $162.00 $190.00
$74.00 $90.00 $149.00 $199.00 $332.00
60 80 40
Base = 4 Quarter 2003
SDS Index
S
Rent per Available SF 100 SF
3Q16
3Q17
Change
MSA Index
National Index
Median Average
$0.9495 $0.9811
$1.0639 $1.0795
12.1% 10.0%
Rent Per Available Square Foot (based on 100 square foot units)
Occupancy
3Q16 82.0% 75.9%
3Q17 90.0% 85.1%
Change 9.8% 12.1%
Physical Unit Occupancy Economic Occupancy
$1 20 $0.40 $0.60 $0.80 $1.00 .
Concessions (Percentage Offering)
3Q16 71.8% 74.2%
3Q17 48.6% 43.4%
Change -32.3% -41.5%
MSA
Nationwide
MSA - Income & Expenses Guide Medians MSA
National
$/SF 13 24 .
$/SF 12 92 .
MSA
National
Effective Gross Income
Physical Occupancy
0.92 0.10 0.54 0.58 1.25 0.79 0.36 0.22 0.08 4.84
1.14 0.12 0.37 0.54 1.11 0.75 0.29 0.22 0.06 4.60
Taxes
Insurance
% 80.0% 84.0% 88.0% 92.0% 76.0
Repairs & Maintenance
Administration
On-Site Maintenance Off-Site Maintenance
Utilities
Advertising Miscellaneous Total Expenses
36.6%
35.6%
Expense Ratio
MSA
National
The data and findings contained in this report are the result of operating data collected each quarter from more than 17,000 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® 2017.
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