The 3 types of occupancy .. EXPLAINED!

GM Store Nation,

Happy Wednesday folks …

Amazing start to the week …. 16 RESERVATIONS in 2 days 🙌

To put the icing on the cake we have the highest “physical” occupancy ever at Clough Rd …. November has started awesomeee … lets hope it continues 🥳

On to Yesterdays Stats …

• 16 Reservations 😱

• 3 Move Ins (7 Mansfield)

• 4 Move Outs

Lets … Do … This …

Here's what coming your way today :- 😱 😎 🎯

🤐 A Self Storage Tip - “The 3 different types of occupancy🤔”

🤝 3 Self Storage News Stories

🧐 Yesterdays figures for each facility

🥸 1 Meme of the day

Self Storage Tip - 💡 💰 🤑

There are 3 different types of occupancy! 🤔

I asked Chat GPT to illustrate the different type of occupancies for me … 

1. Unit Occupancy:  

Unit occupancy represents the percentage of total rented units, offering insights into the popularity and demand for specific unit sizes. Daily monitoring of unit occupancy allows for strategic adjustments in tenant and street rates. Additionally, it aids in identifying underperforming sizes and informs decisions regarding property expansion. By breaking down unit occupancy by size, operators can pinpoint the most sought-after units and plan developments accordingly.

2. Physical Occupancy:

Physical occupancy, the most commonly discussed type, indicates the percentage of total rentable square footage that is currently rented. However, relying solely on physical occupancy may lead to misconceptions about performance, as it doesn't provide a comprehensive picture. Tracking both unit and physical occupancy is crucial, as illustrated by scenarios where a high physical occupancy might conceal vacant units of larger sizes. This comprehensive approach ensures accurate assessments and avoids misleading impressions of success.

3. Economic Occupancy:

Economic occupancy offers a wealth of valuable data by calculating rates based on street and tenant rates, factoring in discounts or concessions. It reflects the actual income generated by the facility, considering various pricing strategies and promotions. Maintaining a minimal spread between unit and economic occupancy—ideally 3% or less—facilitates effective rate management. While short-term discounts can influence economic occupancy, a cautious approach is recommended to preserve long-term property value.

Pretty good from Chat GPT … Right? 

I agree with how Chat summarised these and here is my take … For what its worth regarding occupancy and where we focus -

Most people focus on just one …. Physical occupancy! For me that is just wrong ❌

I think of the different occupancies like seasons …. We focus on one season at a time 

We wouldn’t wear shorts and vests in winter and we wouldn’t wear coats and scarves in summer 😎🥶

How we show up and act has to be season dependent 

When we’re opening a facility its all about PHYSICAL OCCUPANCY!! Almost nothing else matters (to a certain degree) 

We want occupancy … without the occupancy we can’t introduce any revenue management 

For the first year its all about Physical Occupancy, Physical Occupancy and of course, you guested it Physical Occupancyyyy 👏

After we hit a certain level of occupancy our focus shifts … Physical Occupancy is no ;longer the biggest driver 

We then focus on revenue management and Economic Occupancy 

Here’s what season each of our sites are in -

Beverley - Economic Occupancy

Wrexham - Physical Occupancy … Maybe shifting soon 

Clough Rd - Starting to change in to Economic Occupancy 

Willerby - Economic Occupancy

Mansfield - Physical Occupancy 

Hope that helps were your occupancy focus should be 🤔

Industry News -  🧐

• 1 - The European Self-Storage Market: Still Growing in a Post-Pandemic Economy

• 2 - 10 Self Storage Marketing Ideas

• 3 - Stor-Age eyes growth as densification propels demand for self-storage

The fun bit - My business .... Bare Butt Naked! 😲 🤫 🤭

Willerby (Hull) My big site -

• 2 Reservations

• 0 Move In's

• 0 Move outs

Month to Date -

• MINUS 705 Sq Ft Up

Reservations so far this week = 3

Move ins so far this week = 1

Clough Rd Figures .... The Automated Site

• 2 Reservations

• 1 Move in

• 0 Move outs

Month to Date -

• 1,070 Sq Ft Up!

Reservations so far this week = 4

Move ins so far this week = 3

Beverley … My Baby (First site)

• 0 Reservation

• 0 Move in

• 2 Move Outs

Month to Date -

• Minus 295 Sq Ft for the month

Reservations so far this week = 1

Move ins so far this week = 1

Wrexham's Figures (Indoor) ... My First acquisition

• 1 Reservation

• 2 Move in

• 1 Move Outs

Month to Date -

• PLUS 605 Sq Ft for the month

Reservations so far this week = 2

Move ins so far this week = 4

Mansfield Figures - My New Site (Opens 13th Nov)

• 6 Reservation

• 0 Move in

• 1 Move Outs (Moved to a 75 sq ft from a 50)

Month to Date -

• PLUS 2100 …. WHOOOPPPPPP!

Reservations so far this week = 6

Move ins so far this week = 7

Meme / GIF of the day - 👀 😂 

Health and Fitness ... Move More = Live Longer - 🏋️‍♀️ 🏃

Weekly goals -

• Gym - 5 times …. 20,000 steps per day

• Run - 20 k … Slowly upping it

• Boxing - 0

Results so far -

• Gym - 1

• Run - 11 k

• Boxing - 0

Yesterdays Steps - 23,323

Loads of self storage love,

Dean ❤️ 🙃