📊 Occupancy vs. Budget
Actual Occupancy (Sep 23, 2025): Units: 72.3% (222 of 307 units)ManagementSummary_SelfStorageOf… Square Footage: 76.0% (27,450 of 36,100 sq ft)ManagementSummary_SelfStorageOf… Budgeted Projection (Sep 2025): Units: ~77% (~236 units)autopay-roll-2025-09-24 Square Footage: ~80% (~28,900 sq ft)autopay-roll-2025-09-24 🚦 Performance Assessment
Units: Tracking ~5% below budget, ~14 fewer units rented than expected. Sq Ft: Tracking ~4% below budget, meaning slightly less space is occupied than projected. 🔑 Key Insight
Larger units are filling up as expected, but small-unit vacancies are higher than planned. Overall, the site is under budgeted occupancy targets, with leasing momentum a bit behind. Units on Autopay (as of Sep 24, 2025): 155 unitsautopay-roll-2025-09-24 Occupied Units (as of Sep 23, 2025): 222 units (72.31% occupancy)ManagementSummary_SelfStorageOf… Autopay Penetration = 155 ÷ 222 = 69.8% (≈ 70%)
Here’s the super-quick takeaway on rates in Mount Joy:
Market pressure: Big brands (e.g., CubeSmart) are running aggressive promos (percent-off / first-month deals), and locals post very low “from” prices—especially on small units. Small sizes (5×5, 5×10): Generally competitive with brand-name sites; a bit higher than deep-discount locals. Core sizes (10×10, 10×15): Priced above common promo points—this is where you’re most exposed. Large sizes (10×20, 10×30): Typically above nearby promo floors; fine if occupancy is tight, but a drag if you have vacancy. Implication: With promos anchoring shopper expectations, your mid-to-large sizes likely feel pricey—contributing to slower lease-up vs. budget. Quick moves: Test time-boxed promos on 10×10/10×15 (and any vacant large sizes), or bundle value (lock/protection/prorate) to close the gap without cutting street across the board. What’s queued
Scheduled tenant increases: 81 (all effective Oct 1, 2025) Total monthly uplift once effective: +$1,872 Share of occupied tenants impacted: ~35.5% (81 of 228 rows in file) Recurring rent base (current): ~$31,606/mo → scheduled uplift equals ~5.9% of base. Where the uplift sits (by size)
10×10: 36 tenants, +$22 avg, +$792/mo total 10×15: 13 tenants, +$42.31 avg, +$550/mo total 10×20: 30 tenants, +$16 avg, +$480/mo total 10×30: 2 tenants, +$25 avg, +$50/mo total Recent activity & headroom
Rents changed in last 30 days: 11 tenants. Under-market vs. Standard: 184 tenants; ~$2,687/mo total gap (avg $14.60). With the Oct 1 increases (+$1,872/mo) applied, ~$815/mo of under-market gap likely remains (assuming Standards unchanged). I dropped three quick tables to your workspace for drill-down:
Scheduled Increases by Month (it’s all Oct 2025) Scheduled Increases by Size Under-Market Potential vs Standard by Size Self Storage of Mt. Joy (1005 E Main)
CubeSmart (1444 Cloverleaf)
West Main Storage (1196 W Main)
Promo notes (headline offers):
Mt. Joy: “First Month Free” shown on several sizes. CubeSmart 745 E Main: “Up to 25% Off” online pricing displayed for available sizes. CubeSmart 1444 Cloverleaf: “Up to 40% Off & First Month Free” online. West Main: multiple web-only specials across sizes (some interior vs. drive-up). Sources:
Mt. Joy rates (drive-up 5×5 $67; 5×10 $80; 10×10 $109; 10×15 $129; 10×20 $160; 10×30 $240) from the facility’s live rates page.
CubeSmart 745 E Main (10×10 $109.50; 10×20 $154.50) from the location’s unit list.
CubeSmart 1444 Cloverleaf (5×10 $76.80; 10×10 $106.80; 10×15 $117.60; 10×20 $141.00).
West Main Pricing (examples: 5×5 $65 interior; 5×10 $79 drive-up; 10×10 $110 drive-up; 10×15 $124 drive-up; 10×30 $230 drive-up). Garber Self Storage lists non-standard sizes nearby (e.g., 10×8 $75; 8×16 $99; 8×20 $125), so I left them out of the matrix to keep apples-to-apples; happy to add a second table with “closest size” comps if you want.
SS Mt Joy - 09_24 - Marketing Updates.pdf
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Mount Joy Self-Storage Occupancy Performance vs. Budget (Sep 2025)
Current Occupancy (Actual as of Sep 23, 2025)
According to the management summary, the Mount Joy facility is 72.3% occupied by unit count (222 out of 307 total units) and 76.0% occupied by square footage (27,450 out of 36,100 sq ft). In other words, about three-quarters of the facility’s units and rentable space are currently filled.
Budgeted Occupancy Projections (Target for Sep 2025)
The budget (pro forma) prepared for this facility had assumed a mid-70s occupancy rate by this time. In fact, the projections show an expected unit occupancy of roughly 77% around the current period. (The budget listed “Current Unit Occupancy” at 0.771242, i.e. ~77.1%, as a starting point.) Given the unit mix, this would correspond to approximately 78–80% occupancy by square footage (since larger units were anticipated to be occupied, skewing space occupancy slightly higher than unit count occupancy). Essentially, the budget envisaged around 236 occupied units out of 306 (~77%) at this stage, which equates to nearly 28,900 sq ft rented out of ~36,050 sq ft (~80% by area).
Actual vs. Budget Variance in Occupancy
Occupancy by Units: Actual 72.3% vs. Budget ~77% – The facility’s unit occupancy is below target by roughly 5 percentage points. In practical terms, there are about 14–15 fewer units rented than the budget forecast for this date (222 actual vs ~236 expected). This shortfall indicates slower leasing momentum than planned. Occupancy by Square Footage: Actual 76.0% vs. Budget ~80% – The occupancy of the rentable square footage is also slightly below target, by an estimated 4 percentage points. The gap in space occupancy, while still a shortfall, is narrower than the unit count gap. Performance Assessment and Key Insights
Overall, current occupancy is tracking behind budget expectations. Both unit and square-foot occupancy rates are under the budgeted levels for the period, meaning the facility has not reached the projected occupancy benchmarks:
The unit occupancy rate (72%) is significantly under the budget’s target, reflecting that more units are vacant than anticipated. This suggests leasing activity has been weaker than expected in filling units. The square footage occupancy (76%) is only slightly under the budget projection, which implies that much of the rentable space has been filled close to plan. The smaller shortfall in area occupancy, relative to the unit shortfall, indicates that vacancies are concentrated in smaller-sized units. In other words, larger units (which contribute more square footage) are largely occupied as expected, while a higher number of small units remain empty, dragging down the unit count occupancy more sharply than the space occupancy. Bottom Line: The Mount Joy facility’s occupancy performance is below target on both measures. It has not yet achieved the budgeted mid-70s occupancy levels – it’s a few percentage points shy, translating to a handful of units and a few thousand square feet less rented than planned. The under-performance is more pronounced in terms of number of units rented than square footage, meaning the facility is filling big units but still has more small-unit vacancies than expected. Management may need to address the slower lease-up of those remaining units to get back on track with the budget projections.
Here’s a quick market snapshot for Mount Joy with current public rates and how your pricing stacks up.
Market overview (Mount Joy & nearby)
Your site (Self Storage of Mt. Joy, 1005 E Main): 5×5 $65, 5×10 $85 (CC $100), 10×10 $125 (CC $145), 10×15 $150 (CC $180), 10×20 $175, 10×30 $240. CubeSmart – 745 E Main St: page indicates units “from $86” and shows larger units from $144+ (promos up to 25–40% off). CubeSmart – 1444 Cloverleaf Rd: “from $44” on RentCafe; CubeSmart’s own finder shows small from $74, medium from $101, large from $141 (aggressive promos). West Main Storage (1196 W Main): starting $39. Garber Self Storage (local sites): starting $50–59 depending on location. Regional comps (Columbia/Elizabethtown): Storage Sense Columbia “from $59”; Elizabethtown market avg 10×10 ≈ $99 (est.). How your rates compare (headline sizes)
5×5 drive-up: You $65 vs market low $39–$50 and CubeSmart $44–$74 → You’re mid/high vs discounters, below CubeSmart Cloverleaf’s “from $74”. 5×10 drive-up: You $85 vs market low $50–$59 and CubeSmart E Main “from $86” → You’re in line with brand-name, above deep-discount locals. 10×10 drive-up: You $125; CubeSmart “medium from $101” (promoted) → You’re higher than CubeSmart’s promo medians but within broader market spread. 10×15 drive-up: You $150; CubeSmart large “from $141” → You’re slightly higher than CubeSmart’s promo entry. 10×20 drive-up: You $175; CubeSmart large categories often start $141–$145 nearby → You’re higher than their promo floor. 10×30 drive-up: You $240; limited public comps, but large-unit “from” at CubeSmart sites $141–$145+ (promos) suggest you’re above promo lows but likely competitive against non-promo street. Takeaways
Promotional pressure: CubeSmart is running heavy “up to 40% off / first month free” in Mount Joy. Their promotional “from” pricing undercuts mid-sizes (10×10/10×15) relative to your street rates. Expect them to siphon price-sensitive shoppers. Budget/value competitors: West Main and Garber post $39–$59 entry tiers that anchor the low end of the market; they’re likely smaller stock and fewer amenities, but they set consumer price expectations for small units. Small units (5×5–5×10): Competitive to brand-name peers; modest premium to discounters. Core movers (10×10/10×15): Slightly above CubeSmart’s promo points; consider promo parity or bundled value (free lock, prorate, protection) to boost conversion. Large units (10×20/10×30): Above nearby promo floors; if these sizes have vacancy, test targeted, time-boxed promos rather than across-the-board cuts. 
