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Property Performance Analysis: Jan 2026 vs Jan 2025
The table below compares key January metrics from the property’s EOM report for 2025 and 2026. Metrics include occupancy (units and rate), net rentals (move-ins minus move-outs), actual occupied rent, and collected revenue. We compute the absolute and percentage year‑over‑year (YoY) change for each. (Data source: property EOM report; no separate lease rolls or receipts provided.)
Table 7
Metric
Jan 2025
Jan 2026
Change
% Change
Occupied Units
291
294
+3
+1.0%
Occupancy Rate
86.35%
86.00%
–0.35 ppt
–0.4%
Net Rentals
–3
+3
+6
+200.0%
Actual Occupied Rent
$54,752
$56,586
+$1,834
+3.3%
Revenue Collected
$62,728
$56,548
–$6,180
–9.9%
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Table: January 2025 vs 2026 performance. Occupancy dropped slightly, net rentals turned positive, actual rent rose modestly, but collected revenue fell.
Figure: Industry‐wide occupancy trends (Jan–Dec) show occupancy softening in 2023 (orange line) after the pandemic boom. The property’s occupied rate likewise dipped slightly (86.35% to 86.00%), despite a small rise in occupied units.
The data show occupancy held steady (units +3) while occupancy rate edged down by 0.35 percentage points. Move‑ins outpaced move‑outs more than a year ago (net rentals +6), which supported the slight gain in occupied units. Vacancies ticked up (42→45 units) and total units increased (337→341), keeping the rate flat. Industry reports confirm occupancy easing this year (e.g. Storable finds occupancy ~4–5% lower year-over-year in mid‑2023).
Figure: Average monthly self-storage unit rent. Industry rents rose through 2022 but began falling in late 2023. The property’s actual occupied rent per SF increased slightly (from $1.2069 to $1.20 monthly), yet revenue fell.
By contrast, revenue collected fell sharply (–9.9% YoY). This arose despite a 3.3% increase in actual rent rolled (we see a higher occupied rate $ total in the table) and a higher occupancy count. The decline suggests issues with economic occupancy (the rent actually collected). In other words, even if 86% of units were full, the dollars collected per unit were lower. This aligns with industry dynamics: Cushman & Wakefield notes average self-storage rents have “begun to decrease” as new supply and weaker demand emerge. In our case, the drop is larger than typical industry same-store trends (SkyView reports national same-store revenue falling only ~3% YoY), implying local factors.
Analysis of Causes: The fall in revenue despite stable occupancy suggests higher concessions, delinquent accounts, or short-term vacancies. For example, although one complimentary unit was eliminated (free rent dropped to 0) and net rentals turned positive, there is evidence of increased delinquencies. The accounts-receivable >30 days rose (Jan 2026 ~1.02% of receivables vs ~0.34% in Jan 2025). This hints that some tenants may be paying late or receiving unrecorded concessions, creating a gap between rent due and rent collected. Industry experts emphasize this point: a facility with high physical occupancy can still underperform if many tenants pay below-market rents or fall behind. As one analysis notes, “90% full… rented at discounted rates or delinquent… economic occupancy might be only 70% of total potential,” creating large revenue loss. In short, our occupancy numbers are flat, but revenue is down, suggesting economic occupancy has declined.
Other factors likely include modest rental rate growth. The property’s Gross Potential Rent barely changed (–$1,203 from Jan 2025), and rent per square foot was essentially flat. Overall, the data imply that collections and concessions (not tenant count) drove the shortfall. Anecdotally, operators under inflationary pressure often ramped up concessions to capture demand. While effective in the short term, heavy discounts “can harm your business” if not managed carefully. Without detailed lease rolls or receipts, we cannot pinpoint individual moves, but the patterns point to looser revenue management rather than lost lease-ups.
Insights & Recommendations: To close this revenue gap, the focus should shift from pure occupancy to economic occupancy. Industry cases show that aggressively tackling delinquencies and reducing discounts can significantly boost net income. We recommend: (1) Review concessions and rents – ensure all leases are at or near market, and raise rates on renewals wherever possible. (2) Tighten collections – promptly follow up on late payments and enforce lease terms; consider incentives (e.g. ACH) to reduce missed rents. (3) Optimize lease mix – replace any chronically underperforming tenants with new ones at full rent, as advised by storage experts. These steps prioritize dollars collected per unit over raw occupancy.
In summary, January 2026 saw similar occupancy but much lower revenue than a year prior. This underperformance appears driven by economic factors (collections and concessions) rather than physical vacancies. The data (Table & Figures) along with industry benchmarks suggest re‑focusing on rate management and collections. Actions such as raising delinquent rents and curbing unnecessary discounts are recommended to restore revenue.
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