Skip to content
Ocean City53 move-ins vs 63 move-outs → net loss of 10 unitsOccupancy dropped from 264 (Mar) to 243 (Sep) → ~8% decline11 of 63 vacates (17%) were auctions, driving most of the occupancy lossVerona56 move-ins vs 75 move-outs → net loss of ~19 unitsOccupancy declined from ~93% (Apr) to ~86% (Sep)Only 4 auction-related vacates (5%); most move-outs were standard
Ocean CityRevenue dipped from $35.9K (Mar) to $31.4K (Sep) (~12% decline)Revenue drop was less than occupancy loss → strong revenue per occupied unitVeronaRevenue held steady: $16.6K (Apr) → $16.5K (Sep)Despite lower occupancy, higher rate per unit offset losses
Ocean City88 units impacted~$1,616 total increase → ~14% average increase per unitVerona127 units impacted~$3,067 total increase → ~45% average increase per unit
Ocean City: Auctions = 17% of vacatesVerona: Auctions = 5% of vacatesOcean City’s occupancy drop mostly due to auctions, not voluntary churn
Move-Ins vs Move-Outs: Year-to-date, Ocean City has recorded 53 move-ins against 63 move-outs. This imbalance resulted in a net loss of occupancy. Move-outs spiked notably in July (18 departures, including a large auction event) while move-ins slowed (only 3 in July). By the end of September, occupancy had fallen from 264 occupied units in March to 243 units, reflecting a significant decline in occupied units.Occupancy Rate Decline: Occupancy has dropped from about 88% in March to 82% in September. The decline accelerated in the third quarter – for example, occupancy fell sharply in July due to an unusual volume of vacates (including 10 units auctioned that month). Most of the occupancy loss can be attributed to auction-related vacates rather than voluntary move-outs; in fact, 11 of the 63 move-outs were delinquency auctions (about 17% of all vacates). This indicates the occupancy loss was driven largely by clearing non-paying tenants, not by rate-related tenant churn.Revenue Impact: Despite the lower occupancy, rental revenue has not fallen as steeply. Monthly actual rent collected has dipped from roughly $35.9k in March to $31.4k in September – a drop of about 12%. The revenue decline is moderate relative to the 8% drop in occupied units, implying that revenue per occupied unit has increased. In other words, higher rental rates (from rate increases) partially offset the loss of paying tenants. Ocean City is still generating solid revenue with fewer occupied units, thanks to those higher rates per unit.Scheduled Rate Increases: Ocean City has 88 units slated for rent increases in the upcoming cycle, totaling about +$1,616 per month in additional rent once implemented. This works out to an average increase of roughly 14% per unit. These planned rate hikes have already boosted the facility’s gross potential rent – the GPR rose from ~$39.4k in March to a peak of ~$45.2k in August. This positive trend in potential revenue shows that rate increases are lifting revenue potential without a corresponding spike in move-outs (since, as noted, recent vacates were mostly due to auctions rather than rate pressure).
Move-Ins vs Move-Outs: Verona has seen 56 move-ins and 75 move-outs through April–September, a net loss of units occupied. Like Ocean City, Verona’s move-outs outnumbered move-ins, especially in late summer. July–September were challenging months (e.g. 19 move-outs in July versus 11 move-ins), driving a cumulative net loss of about 19–22 units over the period. By the end of September, occupied units declined to 259, down from the spring peak of 286 (April had ~281 occupied units).Occupancy Rate Decline: Occupancy at Verona has fallen from approximately 93% in April to 86% in September. This ~7 percentage-point drop indicates a notable but controlled decline. A small portion of vacates were due to non-payments – only 4 move-outs were via auction (2 in July, 2 in August) out of 75 total move-outs, a much lower auction impact (~5%) than at Ocean City. The majority of Verona’s vacates appear to be conventional move-outs (tenant decisions or expirations), yet occupancy remains in the mid-80s, and losses have been partially offset by new move-ins each month.Revenue Impact: Monthly rental revenue at Verona has held relatively steady in spite of the occupancy drop. Actual occupied rent was about $16.6k in April and ended at $16.5k in September – essentially flat (a <1% dip), even though the facility lost roughly 22 occupied units in that span. This stability underscores that increased rental rates have balanced out the lower occupancy. Verona’s revenue per square foot and per unit has risen, mitigating what could have been a sharp revenue decline. In short, Verona is maintaining revenue levels with lower occupancy, thanks to aggressive rate adjustments.Scheduled Rate Increases: Verona has an extensive rate increase program in motion, with 127 units scheduled for upcoming rent hikes (the next cycle) totaling roughly +$3,067 per month in added rent once effective. The average increase is quite significant – about 45% per unit on average (many long-term or below-market tenants are being brought closer to current rates). These planned increases have driven up gross potential rent markedly over the year – for example, Verona’s GPR climbed from about $20.5k in April to $32.2k by August. This demonstrates a positive impact of rate management on revenue potential. Importantly, there’s no clear sign that these rate increases have triggered abnormal move-outs – vacancy losses have remained manageable, and delinquency auctions were minimal, indicating tenants are largely accepting the increases without mass departures.
251016 Apex Meeting Notes
View of Agenda 2
Done
Search
Done
Topic
Notes
Date
Added by
A big thing would be to focus on any lease ups stats this month and the plan to keep getting new tenants.
Thu, Sep 18
An update on the ad spend ROI would be great too.
Thu, Sep 18
Review rates at both Verona and Ocean City make adjustments to drive rental growth
@Larissa Fincher
Thu, Sep 18
Auctions contributed mostly to vacates
Thu, Sep 18
Aggressive Promo
@Andrew Aue
Thu, Nov 20
Rate Review
@Larissa Fincher
Thu, Nov 20
Track Cube Smart
@Andrew Aue
Thu, Nov 20
There are no rows in this table
Marketing Update
Cubby 101
📊 YTD Summary – Ocean City & Verona (Through September 2025)
🔄 Move-Ins, Move-Outs, and Occupancy
💰 Revenue Performance
📈 Scheduled Rate Increases
📬 Auction Activity vs Vacates
📌 Note from Revenue Management
“Since July, there have been 427 rent increases across the portfolio, and only 31 of those leases are no longer storing. Even those move-outs can't be clearly tied to the increases. The increases held really well—we’ll keep reviewing the move-out reports to confirm.”
YTD 2025 Performance Update – Ocean City & Verona Storage
Ocean City Self Storage – YTD 2025 Highlights
Verona Storage – YTD 2025 Highlights
Summary – Lower Occupancy, Higher Revenue per Unit
Both properties have experienced occupancy declines in 2025, but the impact on revenue has been cushioned by strategic rate increases. Ocean City’s revenue has dipped somewhat with occupancy loss, but remains robust on a per-unit basis; Verona’s revenue has been virtually unchanged despite fewer occupied units, thanks to higher rental rates. The data suggests that rate increases are driving higher revenue per occupied unit and have not caused a surge in tenant attrition (most vacates, especially at Ocean City, were due to auctions/delinquency rather than rate resistance). Going forward, the scheduled rent increases (affecting 88 units at Ocean City and 127 at Verona) will further boost monthly income, helping to offset occupancy losses. In summary, both properties are managing to churn strong revenue even with lower occupancy, by leveraging rate optimizations while keeping customer turnover in check.
Want to print your doc?
This is not the way.
This is not the way.
Try clicking the ··· in the right corner or using a keyboard shortcut (
CtrlP
) instead.