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Physical and economic occupancy both improved slightly year-over-year.Economic occupancy reached 77%, indicating better rent collection relative to potential.
54% — No longer need storage36% — Price too high5% — Moving residence5% — Other (auction/location change)
Existing tenant referrals (17)Other/misc. (13)Returning customers (11)Sparefoot (9)Storagely/Google (7)Drive-by (5)
Rent remains the primary driver of revenue, up ~6%.Insurance and fee income grew sharply year-over-year.Gross potential stayed roughly flat (~$82K), but actual rent collected increased, narrowing the gap between potential and realized revenue.
Revenue: Up 9% YoY, driven by higher rents, insurance, and fees.Occupancy: Up slightly across all measures.Insurance Enrollment: Up from 52.7% to 69.3%.Leads: Up 68% in October, but lower year-to-date due to softer spring/summer demand.Turnover: More move-outs in 2025; over half left due to no longer needing storage, and one-third due to price.
Customers impacted: 23Total monthly increase: $414Current monthly total (impacted tenants): $3,046 → New monthly total: $3,460Avg / Median increase: $18 avg, $20 medianAvg % increase: ~14.7%Effective date(s): all currently set for 12/1/2025Range: $7 (min) to $20 (max)Distribution: $0–$9 (1), $10–$19 (7), $20–$29 (15)
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Review Move outs due to rate increase
@Andrew Aue
Mon, Nov 3
Rate increases did play a factor in move outs at this site, Some customers no longer needed storage. A handful we did not get reasons why. I would recommend in the future to scale rate increases with smaller quarterly increases as needed.
Mon, Nov 3
Marketing to provide an update and suggestions
@Eve Higgins
Mon, Nov 3
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Cubby
Performance Overview
High Country Storage posted steady year-over-year improvement in occupancy and revenue, with stronger insurance participation and higher total income, despite more tenant turnover.
Occupancy
Table 3
Metric
Oct 2024
Oct 2025
Change
Unit Occupancy
71.9%
72.6%
+0.7 pts
Sq. Ft. Occupancy
73.2%
74.9%
+1.7 pts
Economic Occupancy
75.3%
77.1%
+1.8 pts
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Move-Ins & Move-Outs
Table 4
Period
Move-Ins
Move-Outs
Net
Oct 2024
27
34
-7
Oct 2025
35
39
-4
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Move-out reasons (Oct 2025):
Tenants leaving mainly cited non-need or pricing.
Leads
Table 5
Metric
Oct 2024
Oct 2025
Change
Total Leads
37
62
+68%
Move-In Conversion
54%
47%
↓ slightly
YTD Leads
474
393
↓ (fewer total)
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Top Lead Sources (Oct 2025):
Lead mix has shifted from walk-ins (2024) to referrals and online traffic (2025).
Revenue
Table 6
Type
Oct 2024
Oct 2025
Change
Rent
$61,049
$64,646
6%
Fees
$1,614
$2,297
42%
Insurance
$2,869
$4,723
65%
Merchandise
$203
$162
-20%
Total
$65,736
$71,828
9%
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Key Takeaways
December Rate Increases
A little color:
High Country Storage – Year-Over-Year Performance Summary (Oct 2025 vs Oct 2024)
Occupancy Rates (Physical & Economic)
High Country Storage saw a slight increase in occupancy levels in October 2025 compared to October 2024. Unit occupancy (percentage of units rented) rose from 71.92% in Oct 2024 to 72.56% in Oct 2025. Square footage occupancy similarly inched up from 73.17% to 74.88%. Economic occupancy (rent collected as a percentage of gross potential) improved from 75.32% to 77.09% over the year. The table below summarizes these occupancy metrics for the two periods:
Table 1
Occupancy Metric
Oct 2024
Oct 2025
Unit Occupancy (%)
71.92%
72.56%
Sq. Ft. Occupancy (%)
73.17%
74.88%
Economic Occupancy (%)
75.32%
77.09%
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Figure: Comparison of occupancy rates for October 2025 vs October 2024. Physical occupancy (by unit count and square footage) and economic occupancy each show a slight increase year-over-year. In Oct 2025 the facility was ~72.6% occupied by units (74.9% by area) compared to ~71.9% (73.2% by area) in Oct 2024, while economic occupancy rose from 75.3% to 77.1%.
Move-Ins & Move-Outs
Tenant move-in activity increased year-over-year, while move-outs also ticked up. In October 2025 there were 35 move-ins and 39 move-outs, compared to 27 move-ins and 34 move-outs in October 2024. This resulted in a net loss of 4 units during Oct 2025, slightly better than the net loss of 7 units in Oct 2024. Cumulatively for the year up to October, the facility had 227 move-ins and 248 move-outs (YTD 2025), versus 308 move-ins and 299 move-outs by the same point in 2024 – indicating a negative net rental trend in 2025 YTD (-21) whereas 2024 still had a small net gain (+9).
Move-Out Reasons (Oct 2025): The management system tracked reasons for each move-out. In October 2025, the majority of departing tenants reported that they “don’t need storage anymore” (21 out of 39 move-outs, about 54%). The second most common reason was “price is too high” (14 move-outs, 36%). Only a few move-outs were due to moving residences (2 tenants, ~5%), and auction or location change (1 each, ~3% each). (Comparable detailed reason data for Oct 2024 was not available.)
Figure: Reasons for move-outs in October 2025. Over half of move-outs (54%) were because the customer no longer needed storage, followed by 36% who cited high cost. A small number of move-outs were due to moving to a new residence, lien auctions, or location changes (each ~5% or less).
Lead Activity and Top Sources
Lead generation was higher in October 2025 than the previous year. Total new inquiries/leads in Oct 2025 were 62, up from 37 in Oct 2024. Despite more leads, the lead-to-lease conversion rate for the month was a bit lower (about 46.8% of Oct 2025 leads converted to move-ins, versus 54.1% in Oct 2024). Year-to-date through October, 393 leads were recorded in 2025 (58% conversion), compared to 474 leads (65% conversion) by the same time in 2024.
The top lead sources shifted year-over-year. In October 2025, the largest source of inquiries was “Existing Tenant” referrals (17 leads), indicating many new rentals came from current tenant referrals. The next biggest category was leads labeled “Other” (13 leads), which encompasses uncategorized or miscellaneous sources. Repeat customers returning to rent again contributed 11 leads, and online marketing channels produced notable leads as well (e.g. Sparefoot – 9 leads, and Storagely/Google Search – 7 leads). Drive-by traffic accounted for 5 walk-in leads in that month.
In October 2024, by contrast, the single largest source was drive-by inquiries (14 leads), reflecting heavy local walk-in traffic. Referrals from existing tenants generated 8 leads, and “Other” miscellaneous sources accounted for 5 leads. Fewer leads came from returning customers or online listing services in 2024 – for example, Sparefoot (via call center) brought in only 2 leads that month. (Notably, a large portion of 2024’s leads fell under “Other” on a year-to-date basis, suggesting many leads were not categorized into the primary source buckets.)
Revenue Breakdown (Monthly Performance)
Total monthly revenue increased year-over-year. In October 2025, total recorded revenue was $71,828, about a 9% rise from $65,736 in October 2024. The table below breaks this revenue down by type for the month (MTD figures):
Table 2
Revenue Type
Oct 2024 MTD
Oct 2025 MTD
Rent (storage unit rent incl. parking)
$61,049.87
$64,646.44
Fees (late fees, admin fees, etc.)
$1,613.90
$2,297.19
Merchandise (locks, boxes, etc.)
$202.84
$161.86
Insurance (tenant insurance premiums)
$2,869.39
$4,723.00
Total Revenue
$65,736.00
$71,828.49
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Source: Monthly management summary reports. The rental income (storage rents) makes up the bulk of revenue and grew to $64.6K in Oct 2025 from $61.0K in Oct 2024. This increase was driven in part by additional rental streams – for example, parking rental revenue rose to $5,049 in Oct 2025 from only $465 a year prior (suggesting new or expanded vehicle storage rentals). Fee revenue (e.g. administrative fees, late payment fees) also increased to about $2.3K (versus ~$1.6K in 2024). Insurance income roughly doubled year-over-year – the facility collected $4.7K in tenant insurance fees in Oct 2025, up from $2.9K in Oct 2024. Retail merchandise sales (locks, boxes, etc.) were small in both periods (around a few hundred dollars) and slightly lower in 2025.
Figure: October 2025 vs October 2024 revenue by type. Rental income (including parking) accounts for the vast majority of monthly revenue in both years. In 2025, higher rental and insurance earnings drove the overall revenue increase. Fee and merchandise revenues remain relatively small in comparison.
Gross Potential vs. Economic Occupancy (Revenue Variance)
Despite higher revenue, gross potential rent (the total possible rent if all units were 100% occupied at standard rates) remained about the same year-over-year. In October 2025, the gross potential was approximately $82,190 per month, very similar to $82,469 in October 2024. This indicates the overall rentable square footage and rate structure did not change significantly. However, the economic occupancy (actual rent collected) improved: about $63,357 in Oct 2025 vs $62,118 in Oct 2024 was realized as rent from occupied units. Consequently, the variance between gross potential and actual revenue narrowed. The revenue gap (unrealized rent) in Oct 2025 was roughly $18.8K, an improvement from about $20.4K a year prior. In percentage terms, economic occupancy climbed from ~75.3% of potential in Oct 2024 to ~77.1% of potential in Oct 2025, reflecting better monetization of the facility’s rental capacity.
Overall, High Country Storage’s October 2025 performance showed modest improvements in occupancy and revenue compared to October 2024. The facility rented a slightly higher proportion of its units, generated more total income (especially from rent and insurance), and converted more inquiries into rentals – although move-outs also increased, with most former tenants citing non-need or price concerns as their reason for leaving. All financial figures above are drawn directly from the property’s management summary reports and activity records, providing a factual year-over-year comparison without additional interpretation.
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