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October: 32 move-ins, 29 move-outs → Net gain of +3 unitsSeptember: Net loss of -13 unitsConversion Rate 76.09%YTD: Net +227 rentals
✅ October reversed September’s decline in occupancy.
Unit Occupancy: ↑ from ~49.9% → 50.3%Sq Ft Occupancy: ↑ from ~46.8% → 47.2%Economic Occupancy: ↑ slightly from ~38.1% → 38.4%
✅ Occupancy is trending up, but still ~50% with room to grow.
Total Revenue: ↑ from ~$44.5K → $48K (↑8%)Projected Rent up 3.8% in November due to rate increasesRent: $42.8KFees: $1.9KInsurance: $3.1K
✅ Higher rent, more fees, and insurance sales drove revenue growth.
New Leads: 46 (↑ from ~39 in September)Conversion Rate: 76.1% (↑ from ~70% in Sept)Top Lead Sources: Storagely (online), drive-bys, referrals
✅ Lead generation and conversions improved — strong sales performance.
Rates Down 5.5% delta to LMGross Potential: ~$119K/monthActual Rent Collected: ~$45.8KVariance (Vacancy Loss): ~$73.6K (steady from Sept)
⚠️ Still capturing only ~38% of potential — significant upside remains.
Positive net rentalsRevenue and occupancy growthHigh lead-to-lease conversion
Still ~50% vacant — push to lease more unitsHigh rent variance suggests many discounts or free rent offers“Other” lead source underperforms — refine or reclassify
Total $ Increase Scheduled: $1,472.48Average % Increase: 25.94%Number of Tenants Impacted: 89
Monday: 67 (15.2%) — avg 1.20 per MondayTuesday: 63 (14.3%) — avg 1.11 per TuesdayWednesday: 51 (11.5%) — avg 0.89 per WednesdayThursday: 58 (13.1%) — avg 1.02 per ThursdayFriday: 114 (25.8%) — avg 2.00 per FridaySaturday: 59 (13.3%) — avg 1.05 per SaturdaySunday: 30 (6.8%) — avg 0.54 per Sunday
October 2025: 32 move-ins and 29 move-outs, for a net gain of +3 units. This is a positive turnaround from September’s net loss.September 2025: 25 move-ins and 38 move-outs, yielding a net loss of -13 units (occupancy declined).Year-to-Date (YTD): A total of 354 move-ins and 127 move-outs through October (net +227 units added in 2025). (The facility had no move-outs in the first half of the year, reflecting its initial lease-up phase.)
Physical Occupancy (Units): Inched up from just under 50% at end of September to 50.3% at end of October. Occupied units increased from 383 (Sep 30) to 386 (Oct 31) out of 768 total units.Physical Occupancy (Square Footage): Rose slightly from ~46.8% in September to 47.2% in October (46,755 sq. ft. rented of 99,145 sq. ft. total). This reflects the addition of larger units in October (net +400 sq. ft. rented).Economic Occupancy: Improved marginally from ~38.1% in September to 38.4% in October. In dollar terms, the actual rent being collected increased to $45,807/month in October from roughly $45,540 in September, against a large potential (see next section).
Lead Volume: 46 new leads were generated in October, higher than the volume in September (which was in the upper 30s). Year-to-date, a total of 174 leads have been logged.Conversion Rate: 76.1% of October’s leads converted into move-ins – a very high rate, and an improvement over September’s conversion (around 70–72%). YTD conversion stands at 73.6%, indicating that nearly three out of four inquiries have turned into rentals this year.Top Lead Sources: The facility is attracting tenants through multiple channels:Online Marketing (Storagely): This paid online listing service produced the highest number of move-ins (17 new tenants YTD). In October alone, 3 move-ins came from Storagely. Storagely also generated a high volume of inquiries (47 leads YTD), converting about 36% of those into rentals.Call Center: Phone inquiries handled by the call center yielded 8 move-ins YTD. (No call-center leads converted in October, suggesting October’s renters mostly came from other channels.)Drive-By Traffic: Local drive-by visibility led to 6 move-ins YTD (1 in October). This implies that on-site signage/location is contributing some rentals (roughly ~13% of the YTD new tenants).Existing Tenant Referrals: Accounted for 6 move-ins YTD (1 in October), and this source boasts a high conversion rate (~67% of those referral leads turned into move-ins).“Other” Sources: A catch-all category generated the largest number of inquiries (64 leads YTD), but with only 7 move-ins from those, the conversion (~11%) is low. This suggests many unqualified leads or walk-ins not resulting in rentals. It’s an area to investigate for quality improvements.
Variance (Vacancy Loss): The difference between GPR and actual rent was roughly $73,500–$73,800 each month (i.e. only ~38% of potential rent is being realized). This large gap is expected in early lease-up stages and represents opportunity for revenue growth as occupancy increases. In October the variance was ~$73.6K (slightly lower than September).Trend: The slight uptick in actual rent from Sep to Oct reduced the gap by a small margin. The improvement in economic occupancy (from ~38.1% to 38.4%) corresponds to about $268 in additional monthly rent captured in October vs. September. While modest, it’s movement in the right direction.
Higher net move-ins (occupancy climbed to 50%+ for the first time) and positive net unit absorption.Revenue increased ~$3.5K month-over-month (+8%), driven by rent from new tenants and higher ancillary income.Leasing efficiency was excellent: more leads with a conversion rate above 76%, indicating strong demand and effective sales closing.Marketing efforts are yielding results, especially through online aggregators, while referral and local traffic remain valuable.Overall occupancy is still low (around 50%), meaning a large inventory of units remains unrented. Accelerating move-ins and reducing move-outs (tenant retention) should be priorities.The gap between Gross Potential Rent and actual rent (~$74K difference each month) highlights significant vacancy loss. While expected during lease-up, this should trend down as occupancy grows.Lead sources: The “Other” category’s low conversion suggests a need to improve lead quality or follow-up for those miscellaneous inquiries. Every lead is valuable, so refining marketing to boost conversion (or reallocate effort to higher-performing sources) could help.Economic occupancy (38%) is well below physical occupancy (50%), implying discounting or free rent promotions are in effect for many new tenants. Monitoring the impact of concessions on revenue, and tapering them off as occupancy improves, will be important to grow actual collected rent.
251104 Fargo Meeting Notes
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Lower rates on larger units and use deeper discounts
Thu, Aug 7
Increase rates on larger units and reduce discounts
Thu, Aug 7
calls to continue monthly through Q4 and going quarterly Q1 2026
Thu, Aug 7
Adjust rates on upper level units to follow up
@Andrew Aue
Tue, Oct 7
Argus close out will get with accounting
@Ryan Dayhoff
Tue, Oct 7
Follow up on automatic door claim/police report
@Meg Graham
Tue, Oct 7
Banners, yard signs and grass root marketing
@Meg Graham
Tue, Oct 7
LOS analysis
@Ryan Dayhoff
Tue, Nov 4
Open Sun and Mon, update marketing
@Meg Graham
Tue, Nov 4
Online email flyers, physical flyer designs, counter cards
Tue, Jan 6
Tue, Jan 6
get 2nd person hired, open 7 days per week
@Dave Keenum
Wed, Jan 14
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Marketing Update
Cubby
📈 Performance Overview: October vs. September 2025
Overall: October was a strong month — move-ins rose, revenue increased, occupancy ticked up, and lead conversion remained high.
🚚 Move-Ins & Move-Outs
🏢 Occupancy
💰 Revenue
📊 Leads & Conversion
🧾 Gross Potential Rent vs. Actual Rent
✅ Key Wins
⚠️ Areas to Watch
Rate Increases
Move in by Day
Quick take: Fridays dominate (~26% of all move-ins) with about 2 per Friday on average. Sundays are quietest (~7%). The table also shows “Days in Range” so you can compare fair averages by weekday.
Door Damage Update
Fargo Prosecutor1.pdf
10.6 MB
Fargo Prosecutor2.pdf
8.5 MB
Premiere Storage – Fargo: October 2025 Performance vs. September 2025
1. Move-Ins and Move-Outs (Monthly & YTD)
Key Insight: October’s higher move-in volume reversed the downward trend seen in September. The net rentals in October (+3) indicate improved leasing performance compared to September’s -13 net rentals, which is a major improvement in occupancy momentum.
2. Occupancy (Physical & Economic)
Insight: Occupancy levels remain low (~50%), highlighting that the facility is still in lease-up. However, October saw a slight uptick in both physical and economic occupancy. The economic occupancy (38% of potential rent realized) underscores significant revenue upside as more units are leased at standard rates.
3. Revenue Breakdown (Rent, Fees, Ancillary Income)
Total monthly revenue grew from $44,536 in September to $48,034 in October (an 8% increase month-over-month). The table below details the revenue by category and highlights changes:
Table 9
Revenue Category
Sep 2025 (MTD)
Oct 2025 (MTD)
YTD (Oct 2025)
Rent
~$40,000
$42,842 (↑)
$152,257
Fees (admin, late, etc.)
~$1,500
$1,949 (↑)
$6,530
Merchandise
$0
$0
$86
Services
$0
$0
$0
Insurance
~$2,000–2,500
$3,142 (↑)
$11,205
Miscellaneous
(~$50)
$100
$50
Total Revenue
$44,536
$48,034
$170,128
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October vs September: Rental income (the largest component) increased by roughly $2–3K in October, reflecting additional occupied units and fewer concessions. Fee revenue (e.g. administrative fees from move-ins, late fees) also rose, in line with more move-ins and tenant activity. Insurance revenue saw a significant bump in October (new tenants buying insurance), whereas merchandise/services remained minimal in both months. Miscellaneous income in October was $100 (from items like one-time admin or auction fees), bringing the YTD misc total to $50 (indicating a prior net negative adjustment).
Key Points: October’s revenue growth is primarily driven by higher rental income and ancillary fees/insurance sales from new tenants. The facility collected ~$3.5K more total revenue than in September. YTD total revenue stands at $170K as of Oct 31, with rent making up ~90% of that figure. This positive trend in October is encouraging, though maximizing rental revenue (by boosting occupancy) remains the biggest opportunity.
4. Leads & Conversions (Volume, Conversion Rate, Top Sources)
October showed strong leasing demand and efficient conversion:
Takeaway: Lead generation and sales performance improved in October. With more leads and a higher conversion rate, October’s leasing was very productive. The marketing mix shows online channels (Storagely) driving the most tenants, while local traffic and referrals provide steady contributions. Maintaining the high conversion rate will be crucial, and there may be opportunity to convert more of the “Other” leads or refine those marketing sources.
5. Gross Potential Rent (GPR) vs. Actual Collected Rent
Figure: Gross Potential Rent vs Actual Collected Rent – September vs October 2025.
The gross potential rent (GPR) represents the revenue if every unit were rented at standard rates. In both September and October, GPR was approximately $119,000 per month for the entire facility. In contrast, the actual rent collected (or rent billed for occupied units) was about $45,500 in September and $45,800 in October, reflecting the current occupancy and any discounts.
Implications: There is a significant revenue upside remaining – about 61–62% of the facility’s rent potential is unrealized due to vacant units and concessions. As leasing continues and move-ins outpace move-outs, we should see actual collected rent rise and the variance shrink. The goal is to keep steadily converting that $119K potential into actual revenue. For now, October’s performance shows progress: higher occupancy and rent roll than the prior month, contributing to a slightly smaller variance.
Summary – Improvements & Areas of Concern
October 2025 delivered notable improvements over September:
Areas of concern or focus:
Overall, Premiere Storage – Fargo showed stronger performance in October compared to September. The facility is gaining momentum in lease-up. Continued focus on marketing, customer conversion, and retention should sustain this positive trajectory into the coming months. The upward trends in occupancy and revenue are encouraging, while the team should remain attentive to filling vacancies and maximizing rental income to reach the facility’s full potential.
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