As reported in Property Week 2nd May 2018
The booming self-storage market is showing no sign of slowing as occupancy levels, rents and profitability all continue to grow, according to the Self Storage Association’s (SSA’s) annual report.
Average occupancy across the industry grew by 2.2 percentage points to reach 76.1% in 2017, having grown steadily from 62.7% in 2011.
Other key industry metrics are also positive, the report – which is produced in collaboration with Cushman & Wakefield – reveals. Average net rents rose by 2% in 2017 to hit a record high of £23.08/sq ft and average profitability across the sector increased by 5%.
Jeremy Nokes of UStore ''I am not too sure how they work out their 'average rents' and exactly what they do and do not include such as contents insurance, VAT, padlocks etc, but at UStore we can report that our occupancy rates are above the national average and indeed our prices are roughly in line. We regularly price check our rents against our local competitors, so hopefully we remain competitive and with a very personal service on top''