184. Occupancy Down...but Revenue Up? | The Truth about Occupancy in Self Storage
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 7 December 2022
⏱️ 44 minutes
🧾️ Download transcript
Summary
In the last 6 months, the Self Storage market has shifted. We've discussed this before, but in today's episode, AJ and Conner discuss how this affects occupancy and revenue. Namely, how can you increase your revenue despite the market conditions driving occupancy down?
AJ and Conner are fresh off of an internal meeting where they reviewed a market he currently owns more square footage than the REITs in that area. So for this episode, he pulls information from his accounting and underwriting teams to break down the changes happening and what needs to be adjusted.
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Transcript
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| 0:00.0 | Looking at today and the topic is the change that's happened in self-storage, right, in the last six months, |
| 0:07.4 | due to the change in the overall markets, what that means, what we're seeing, key principles, and what you should do. |
| 0:15.7 | So I think we have 800 to a million square feet in this market. |
| 0:21.4 | So to give you an idea, we have more square footage and assets than the REITs do in that market. |
| 0:27.7 | So we have enough there to give us good feedback information. |
| 0:32.7 | And the market itself tends to be exaggerated what the rest of the United States is. And that's a great |
| 0:39.0 | tool for us to then use and apply across the board. All right, guys, Connor here from the self-storage |
| 0:44.5 | income podcast. I'm just as excited as you guys are to dive into this episode. But first, we have to |
| 0:49.9 | give out a huge shout out to our amazing sponsors. So as you guys know, we like to partner with people |
| 0:56.2 | who have been in the self-storage industry for a very long time. And people who are not going |
| 1:00.6 | anywhere, who are going to stay in the self-storage industry. One of those people is Janice |
| 1:05.1 | International. These guys have been in the self-storage world for a very long time. They're an |
| 1:09.2 | incredible company with amazing products to |
| 1:11.7 | help build, to help improve, and to help drive value of your self-storage facility. They've got |
| 1:18.3 | rehabilitation programs like their R3 program. They have a number of technology solutions to help |
| 1:24.1 | you increase operations and value of your self-storage facility. |
| 1:28.0 | Be sure to check out that all things self-storage at Janice International. |
| 1:32.2 | Link is in the show notes. |
| 1:38.0 | Welcome everybody to self-storage income. |
| 1:41.3 | And wow, do we have a podcast day. |
| 1:43.8 | Me and Connor were talking this morning. So wener we're talking this morning so we've been in |
| 1:46.2 | meetings this morning we've been in meetings where we've been analyzing our rates we're analyzing |
... |
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