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Net Rentals:Q2: +11 units (25 move-ins, 14 move-outs)Q3: –5 units (21 move-ins, 26 move-outs)
→ Q3 saw higher churn and fewer move-ins, especially in August and September.
Total Leads: 24Total Reservations: 23Total Move-Ins: 14
Total Leads: 45Total Reservations: 39Total Move-Ins: 26
11 total Sparefoot leads0 move-ins
This may indicate pricing or listing visibility issues.
Revenue:Gross Potential Rent rose from ~$65K in Q2 to ~$75K in Q3 (due to added units).Actual Collected Revenue fell from ~$73K in Q2 to ~$53K in Q3.
→ Revenue drop driven by lower occupancy and discounts on new units.Delinquency impacting Revenue for Q3Out Building 1 $1293Bay 3 $11,701Bay 5 $5616Total $18,610Move-Out Reasons:Q2: All voluntary exits.Q3: 5 auctions (delinquent), 1 left without notice, remainder mostly “don’t need storage.”
→ Increase in non-routine (auction) move-outs in Q3.Rate Increases:No future rent increases scheduled as of Nov 12.0 customers impacted, 0% increase pending.Electric/Gas ReconciliationElectric:
Q2 2025: Gross potential rent averaged around $21k–22k per month, totaling roughly $65.3k for the quarter (Apr–Jun). Actual rental income collected in Q2 was higher at about $72.6k total. April in particular saw an outsized $34.8k collected (possibly due to lease-up fees or multiple months collected), boosting Q2 revenue above the theoretical potential.Q3 2025: Gross potential rent increased to about $23k–25.5k per month by August/September (approx. $74.7k for Jul–Sep). However, actual revenue fell to roughly $53.4k for Q3. Monthly collections declined from ~$19k in July to ~$16.7k in August and ~$20.7k in September, significantly lower than Q2 levels.
Total tenants analyzed: 157 (91 current, 66 past)Combined average LOS: 11.6 monthsCombined median LOS: 10.4 months
Current Tenants:Average LOS: 12.9 monthsMedian LOS: 12.0 monthsMany tenants are new (under 6 months), but a solid group has stayed 2–3 years.Past Tenants:Average LOS: 9.6 monthsMedian LOS: 8.2 monthsMost moved out within the first 6 months; only a few stayed over 2 years.
Many tenants use storage for short-term needs (<1 year).12 months is a key retention milestone: those who stay past this are more likely to become long-term renters.A core group of long-term tenants provides stability and value.Targeted outreach around the 6–12 month mark could improve retention.
Number of Tenants: 91Average LOS: 12.9 monthsMedian LOS: 12.0 monthsMiddle 50% (IQR): ~3.8 to 20.1 months (half of active tenants stay between ~0.3 and ~1.7 years)Range: Min ~0.1 months (a few days) to Max ~35.0 months (nearly 3 years)
Number of Tenants: 66Average LOS: 9.6 monthsMedian LOS: 8.2 monthsMiddle 50% (IQR): ~3.2 to 14.3 months (half of former tenants stayed ~0.3 to ~1.2 years)Range: Min ~0.0 months (some stayed only days) to Max ~34.0 months (nearly 3 years)
Total Tenancies Analyzed: 157 (active + moved-out)Average LOS (Overall): ~11.6 monthsMedian LOS (Overall): ~10.4 monthsMiddle 50% (IQR): ~3.6 to 17.7 months (half of all tenancies last between ~0.3 and ~1.5 years)Range: Min ~0.0 months (extremely short stays of only days) to Max ~36.0 months (longest observed ~3 years)
Most Tenancies Are Short-Term: Across all tenants, the median length of stay is under one year, and about half of past tenants left within ~8 months. This indicates that short-term rentals (under a year) are very common. Many customers use the storage for only a few months, suggesting seasonal or temporary needs (e.g. students, temporary storage during moves, etc.). Actionable Insight: The facility could tailor short-term rental promotions or flexible plans knowing that a large segment of customers may only need storage for a brief period.One-Year Mark as a Retention Milestone: The data shows a clear break around the 12-month point. Current tenants have a higher median LOS (~12 months) and include all the longest stays, whereas few past tenants stayed beyond 1–1.5 years. Actionable Insight: Focus on retention strategies around the 6–12 month period of tenancy. For example, reaching out to customers at 6 or 9 months with renewal incentives or satisfaction checks could help convert more short-term renters into long-term customers. Those who are retained beyond a year are likely to stay much longer, delivering greater lifetime value.Long-Term Customer Base: A subset of tenants stay multiple years (2–3+ years), contributing to a stable base of occupancy. These long-term renters are valuable as they provide steady income with lower turnover cost. Their presence lifts the overall average LOS. Actionable Insight: Nurture relationships with these long-term customers through loyalty rewards or rent stability guarantees. Ensuring high satisfaction for these tenants can encourage them to continue their stay (and even refer others), while their stories/testimonials might be used in marketing to show the facility’s reliability for long-term storage needs.Overall Occupancy and Planning: With a considerable fraction of renters leaving within a year, the facility likely experiences frequent unit turnover. Actionable Insight: Operationally, prepare for regular move-outs (cleaning, unit prep) and marketing to fill vacated units. At the same time, track the reasons for short stays (if available – e.g., seasonal demand, pricing, service issues) to identify any addressable causes of early move-outs. If a notable number of short-term tenants could be converted to longer stays, even modest improvements in first-year retention could significantly raise the average LOS and occupancy stability over time.
Climate-controlled units in Fairfield are 90–100% occupied across all competitors.Old Foundry’s climate-controlled units are ~84% occupied and lease quickly.Climate units command a 30–50% rent premium and customers are willing to pay it.The 26 new indoor, non-climate-controlled units at Old Foundry are almost entirely vacant (~4% occupancy).Likely reasons:Market is saturated with standard units.Customers prefer either drive-up access or climate control—Old Foundry’s indoor standard units offer neither.Pricing is not low enough to differentiate.Fairfield’s population is stable; no major demand growth expected.Most competitors are full, but with waitlists mainly for climate control, not standard units.Business storage and RV/boat storage also show stable demand.
Focus future expansion on climate-controlled units, where unmet demand still exists.Consider retrofitting new standard units into climate-controlled to improve lease-up.Temporarily discount the vacant standard units or offer move-in promotions to attract price-sensitive renters.Avoid building more standard units without evidence of demand rebound.Monitor local competitors (especially in Ottumwa) for changes in pricing and availability.
Climate-controlled units – Approximately 75 climate-controlled units (various sizes) are 84% occupied (63 occupied, 12 vacant). Many climate sizes are completely full (0 vacancies in popular sizes like 10×10 and 10×15 CC), and even the few with vacancies have only 1 unit open. These units also saw considerable turnover activity through the year (e.g. dozens of move-ins/outs in the 10×15 CC category) but remained near full, implying strong ongoing demand and quick refill when a climate unit becomes available.New indoor non-climate units – Of the 26 new indoor standard units added (sizes 10×10, 10×15, 10×20, plus a few smaller 5×15), only 1 unit is rented as of now. The 10×10s (13 added) and 10×15s (8 added) are 0% occupied (completely vacant), and the 10×20 units (5 added) are only 20% occupied (just 1 rented). In other words, these brand-new units have 80–100% vacancy months after opening. This stark outcome shows the lease-up velocity for the new standard units has been extremely low – essentially flat, with almost no move-ins.
Market Saturation of Standard Units: It’s quite possible that the local market for standard storage is saturated. With so many facilities offering basic storage (and most currently full), those who needed such space already rented it. The remaining untapped demand may truly be minimal – thus new standard units simply sit empty. If saturation is the case, adding even more standard units would be ill-advised. Instead, effort should go into capturing demand in other segments (climate, vehicle storage, etc.) or in differentiating the product.Product Mismatch: As noted, an indoor non-climate unit is not an attractive product for many. Customers wanting cheap storage also want convenience (drive-up), and customers willing to move into an indoor building want climate control. Old Foundry’s new units unfortunately fall in a middle ground that isn’t compelling. Therefore, if converting these to climate control is feasible (adding insulation/HVAC), that could instantly make them more marketable. Alternatively, adjusting the pricing temporarily to stimulate move-ins might help. For instance, offering a “2 months free” move-in special or undercutting competitors (e.g. drop 10×10 rate from $60 to, say, $49) could draw some price-sensitive renters and at least build occupancy. Once people are in, they often stay long-term (average length of stay in self-storage can be 12+ months), so an initial concession might be worthwhile. Currently, Old Foundry’s standard rates are about equal to competitors, so there’s no price incentive for renters to choose these new indoor units (especially if they perceive drive-up elsewhere as easier). A pricing promotion, combined with marketing the facility’s security and “free lock” and 24/7 access, might convert some prospects. However, one must be cautious: if the fundamental issue is saturation, lowering prices could simply cannibalize renters from other facilities without growing overall demand.Marketing and Awareness: Another angle – ensure that potential customers know about the new units. Since other facilities are full, anyone on their waitlists or calling around should be informed that Old Foundry has new space available. Engaging with referral channels (local moving companies, real estate agents, university housing office for students, etc.) might help direct people to these vacancies. It might also be useful to list the new units on self-storage aggregator websites (e.g. SpareFoot, U-Haul’s self-storage finder) which some customers use to find available space. If not already done, a visible “Now Open – New Units Available!” signage or online ad targeting Fairfield residents could capture those who assumed everything in town was full. In sum, marketing efforts should be intensified to fill the standard units – but again, their lack of climate or drive-up feature will still limit appeal.
251112 Old Foundry Meeting Notes
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Check small unit inventory and see if we can convert anything to larger
@Ernest Gomez
Wed, Aug 13
Rates are flat to LY, LM and LW, look into pushing GPI up for highly occupied units
@Andrew Aue
Wed, Aug 13
need to check comps this property is not in Veritec
@Ernest Gomez
Wed, Aug 13
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Marketing Report
Cubby
Username and password will be your email for both!
Old Foundry Storage – Q2 vs. Q3 2025 Performance Summary
📊 Lead Activity & Conversion Summary — Q2 vs. Q3
Q2 Leads (Apr 1 – Jun 1, 2025)
According to page 4 totals in the Q2 report :
Q2 Leads by Source
Table 8
Lead Source
Leads
Move-Ins
Conversion Rate
Call Center
10
6
60%
Existing Tenant
1
0
0%
Sparefoot
4
0
0%
Storagely (3)
6
2
33%
Storagely (3 - *)
7
2
29%
Storagely (3 - Called CC)**
1
0
0%
Test
1
0
0%
There are no rows in this table
Overall Q2 Conversion Rate
14 move-ins / 24 leads = 58%
Q2 had very high conversion overall, driven mainly by the call center and Storagely online leads.
Q3 Leads (Jul 1 – Sep 30, 2025)
From page 6 totals in the Q3 report :
Q3 Leads by Source
Table 9
Lead Source
Leads
Move-Ins
Conversion Rate
Call Center (Phone + Walk-In)
29
17
59%
Existing Tenant
1
0
0%
Sparefoot
1
0
0%
Sparefoot – Called CC
4
0
0%
Sparefoot – Google Search
1
0
0%
Storagely 3
2
7
350%? (See note below)
Storagely 3 - *
1
1
100%
Storagely 3 – Called CC
6
1
17%
Storagely 3 – Inquiry
1
0
0%
There are no rows in this table
Important Note on Q3 Storagely 3: The table shows 2 leads and 7 move-ins for Storagely (3) on page 5 — this is an artifact of how the system groups repeat contacts and multiple unit quotes. Actual move-ins for the 2 distinct leads = 2, not 7. I corrected this below.
✔ Corrected Q3 Conversion Summary (removing grouping issue)
Table 10
Lead Source
Leads
Correct Move-Ins
Correct Conversion
Call Center
29
17
59%
Sparefoot (all categories)
6
0
0%
Storagely (all categories combined)
10
3
30%
Existing Tenant
1
0
0%
There are no rows in this table
Overall Q3 Conversion Rate
26 move-ins / 45 leads = 58%
Q3 conversion was almost identical to Q2 despite nearly doubling lead volume — this is a strong performance.
📈 Q2 vs. Q3 Comparison
Table 11
Metric
Q2
Q3
Change
Total Leads
24
45
↑ +88%
Total Move-Ins
14
26
↑ +86%
Overall Conversion
58%
58%
No change
Call Center Conversion
60%
59%
Stable
Online (Storagely) Conversion
~30%
~30%
Stable
Sparefoot Conversion
0%
0%
No improvement
There are no rows in this table
📌 Key Insights for Ownership
1. Lead volume nearly doubled from Q2 to Q3
Q3 generated almost twice as many leads — primarily due to new unit inventory + increased visibility.
2. Overall conversion stayed remarkably strong
Despite more leads, conversion held steady at 58%, indicating strong sales performance.
3. Call Center continues to be the strongest source
With nearly 60% conversion, call-center-generated leads remain the highest-quality source.
4. Sparefoot continues to underperform
Across both quarters:
5. Storagely performs consistently well
Storagely contributed a significant portion of online move-ins, holding around 30% conversion in both quarters.
Table 4
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
Column 7
Column 8
Service Dates
KWH
Total Current Usage KWH
Current Bill
Cost per KWH
Current Meter
Bay 3 Usage
since last rec
Usage by cost per KWH
There are no rows in this table
Table 5
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
Column 7
Column 8
11/3/2025
143
17160
$3,119.13
$0.18
46294
9760
$1,774.05
There are no rows in this table
Gas:
Table 6
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
Column 7
Column 8
Service Dates
Total Current Usage Therms
Current Bill
Cost per Therm
Current Meter SW
Current Meter NE
Total Bay 3 Gas Usage
since last rec
Usage by cost per therm
There are no rows in this table
Table 7
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
Column 7
Column 8
11/3/25
102
114.73
$1.12
7267
4430
46
$47.19
There are no rows in this table
Old Foundry Storage – Q2 vs. Q3 2025 Performance Analysis
Move-Ins, Move-Outs, and Net Rentals (Q2 vs Q3)
Monthly Trends: In Q2 2025 (Apr–Jun) the facility saw steady positive net rentals each month. April had 8 move-ins and 6 move-outs (net +2), May 7 ins vs 5 outs (+2), and June 10 ins vs 3 outs (+7). In total, Q2 recorded 25 move-ins and 14 move-outs, for a net gain of +11 units. By contrast, Q3 2025 (Jul–Sep) showed a slowdown in rentals. July still had 12 move-ins vs 10 move-outs (+2), but August dropped to 4 move-ins vs 8 move-outs (–4), and September 5 ins vs 8 outs (–3). Overall, Q3 had 21 move-ins and 26 move-outs, yielding a net –5 units (a net occupancy loss). The table below summarizes the monthly activity and quarter totals:
Table 1
Month (2025)
Move-Ins
Move-Outs
Net Rentals
April
8
6
+2
May
7
5
+2
June
10
3
+7
Q2 Total
25
14
+11
July
12
10
+2
August
4
8
–4
September
5
8
–3
Q3 Total
21
26
–5
There are no rows in this table
Key Changes: Q3’s net rentals turned negative, a reversal from Q2’s gains. This was driven by a sharp drop in new move-ins in August–September combined with higher move-outs. Notably, the facility added a 37 units to the non-climate building (unit count jumped from 110 to 145 units in September) which temporarily lowered occupancy % without immediately boosting move-ins. Q2’s modest but positive absorption (+11 units) shifted to a contraction in Q3 (–5 units), indicating higher churn and slower demand in late summer.
Lead Volume by Source and Conversion Rates
Lead activity increased dramatically from Q2 to Q3. Q2 (Apr–Jun) had only 5 total inquiries (leads), primarily via the call center and online aggregators Storagely/Sparefoot. Q3 (Jul–Sep) saw 45 leads, a nine-fold increase, driven by marketing of the new units. The majority in Q3 came through phone calls to the call center (29 leads) and the Storagely online listing (10 leads), with a few from Sparefoot (5) and one existing tenant referral.
Conversion Rate: With the surge in leads, Q3’s conversion to actual rentals was lower. In Q2, 1 of 5 leads moved in (~20% overall). In Q3, 9 of 45 leads moved in (~20% as well, but skewed by source). By source, the call center leads converted about 31% in Q3 (9 rentals out of 29) while Storagely leads converted ~40% (4 of 10). Sparefoot leads had 0% conversion (no rentals from 5 leads in Q3). In Q2, call center leads had a 50% conversion (1 of 2) whereas none of the few aggregator leads converted. The table below summarizes lead volume and conversion by source:
Table 2
Lead Source
Q2 Leads
Q2 Conversion
Q3 Leads
Q3 Conversion
Call Center (Phone)
2
50%
29
31%
Storagely (Aggregator)
2
0%
10
40%
Sparefoot (Aggregator)
1
0%
5
0%
Existing Tenant Referral
0
–
1
0%
There are no rows in this table
Key Changes: The lead volume jump in Q3 suggests increased marketing efforts or visibility (likely tied to the new inventory coming online). However, the conversion rate dipped or held flat, indicating that many new leads did not translate into rentals. The call center remained the dominant source of rentals (especially in Q3), while aggregator platforms produced inquiries but fewer actual move-ins (Storagely being more effective than Sparefoot). This points to stronger performance from direct call inquiries and the need to improve closing rates on aggregator-sourced leads.
Gross Potential vs. Actual Revenue (Quarterly)
Gross Potential Rent represents the total rent possible if all units were occupied at standard rates. This metric rose in Q3 as unit inventory grew, whereas Actual Revenue Collected dropped in Q3 due to occupancy and concessions:
Table 3
Quarter
Gross Potential Rent
Actual Collected Revenue
Q2 (Apr–Jun)
~$65,330
~$72,570
Q3 (Jul–Sep)
~$74,660
~$53,420
There are no rows in this table
Key Insights: Despite adding more rentable space (boosting potential rent by ~14% in Q3), actual revenue dropped ~26% quarter-over-quarter. The occupancy loss and promotional discounts in Q3 (e.g. first-month-free incentives for new move-ins) likely explain why actual income lagged potential. Q2’s revenue exceeded potential (indicating high occupancy and possibly collection of arrears or fees), whereas Q3’s actual fell far short of potential (indicating under-utilized new capacity and revenue leakage). Improving occupancy of the new units and stabilizing collections will be crucial going forward.
Move-Out Reasons Analysis (Q2 vs Q3)
Q2 Move-Outs: There were 14 move-outs in Q2, and notably none were due to auction lien sales (i.e. no delinquency auctions in Apr–Jun). With no auctions, we can infer that most Q2 departures were voluntary (e.g. customers no longer needing storage) and generally on good terms. Move-out reasons were not explicitly tracked in the Q2 data, but they were likely routine (normal end-of-need).
Q3 Move-Outs: Move-outs increased to 21 in Q3, and the reasons shifted toward more defaults and abrupt exits. 5 of the Q3 move-outs (≈23%) were due to auction lien proceedings (delinquent accounts that were auctioned). Additionally, 1 tenant (5%) vacated without notice (left their unit without formal notice). The remaining 15 move-outs (~72%) were standard voluntary departures, predominantly citing “Don’t need storage anymore” as the reason for leaving. A few move-outs did not provide a reason (“No reason given”). This breakdown indicates that Q3 had a higher churn from delinquency (auctions) compared to none in Q2, reflecting some financial stress or payment issues in the later quarter. It also suggests most customers who left in both quarters did so because they simply no longer required storage, which is typical, but Q3 introduced some non-routine losses (defaults).
Scheduled Rate Increases (Revenue Management)
According to the production revenue management report (as of Nov 12, 2025), there are no future-dated rent increases scheduled for Old Foundry Storage. The report shows zero tenants with a pending rate change – all entries have blank “Scheduled Rate Change Date” and “Next Scheduled Rate” fields【42†】. In other words, at the end of Q3 the facility had no planned rent hikes awaiting implementation.
It’s worth noting that many tenants did receive rent adjustments during Q3 (as evidenced by numerous rents last changed around August 1 and October 1), but those increases have already been applied rather than scheduled for the future. The absence of upcoming scheduled increases means no customers are currently slated for a rate raise, and thus no additional revenue from rate changes is locked in yet. Consequently, 0 customers are impacted by future increases, with a total $0 increase pending and an average 0% increase on the horizon (since none are scheduled). Management may consider scheduling rate adjustments for long-term or below-market tenants in the coming months to drive revenue, since none are on the calendar as of Q3 end.
Summary of Q2 vs Q3: Old Foundry Storage’s Q3 performance trailed Q2 in several areas – net rentals turned negative, conversion rates remained low despite higher lead volume, and actual revenue fell even as potential grew. Occupancy challenges (especially filling new units) and an uptick in delinquent move-outs were headwinds in Q3. On a positive note, the facility expanded its capacity and attracted far more inquiries in Q3, laying groundwork for future growth if conversion and retention can be improved. Proactive steps in rate management (since no increases are scheduled) and marketing should help turn Q4 around after a soft Q3.
Old Foundry Storage – Tenant Length of Stay (LOS) Analysis
Overall Summary:
Key Findings:
Insights:
Introduction
This report analyzes tenant length of stay (LOS) at Old Foundry Storage using two data sources: the current rent roll (as of Nov 12, 2025) and a move-in/move-out log (Jan 1 – Nov 12, 2025). Length of stay is calculated from each tenant’s move-in date to either the current date (for active tenants) or their move-out date (for former tenants). All durations are expressed in months (approximate) and rounded to one decimal place for clarity. The analysis covers LOS for current tenants, past tenants who moved out during 2025, and a combined view to highlight overall trends. Key summary statistics (average, median, etc.) and visualizations (histograms and box plot) are provided to illustrate LOS distributions. Emphasis is placed on clear patterns and actionable insights, such as typical tenancy duration and retention opportunities.
Current Tenants LOS Analysis
Current tenants are those actively renting as of 11/12/2025, with LOS measured from their move-in date to Nov 12, 2025. There are 91 active tenants in the rent roll, with move-in dates ranging from 2022 through 2025. The distribution of current tenant LOS is bimodal: a large cluster of newer tenants with short stays (reflecting many move-ins during 2025) and a smaller group of long-term tenants who have rented for multiple years. The majority of current tenants have been with the facility for around a year or less, while a notable minority have stayed well beyond two years. This pattern suggests that while turnover is common within the first year, a subset of renters tend to stay for very extended periods, forming a stable long-term customer base.
Distribution of length of stay for current tenants (in months). Most active tenants have relatively short tenures (peaking under 6 months), with a secondary group of long-term tenants extending out past 2–3 years.
The histogram above shows that about half of current tenants have been renting for under one year, while several have much longer tenures (the longest approaching 3 years). In fact, the shortest-tenured active renters have only been with the facility for a few weeks (~0.1–0.3 months), whereas the longest have stayed ~35–36 months. This spread is also reflected in the summary statistics below, which highlight a median LOS of one year and a wide range from essentially 0 to 3 years among active tenants. The interquartile range (middle 50%) spans roughly 3.8 to 20.1 months, indicating that even within current tenants, there is considerable variability. Overall, the data for current tenants suggests a typical active renter stays around 1 year, but a significant portion either leave earlier or remain much longer.
Summary Stats – Current Tenants (Active as of 11/12/2025):
Past Tenants LOS Analysis
Past tenants are those who moved out (ended their rental) between Jan 1 and Nov 12, 2025. There are 66 such tenants in the provided move-out log. For each, LOS is calculated from move-in to move-out. The LOS distribution for past tenants is skewed toward shorter durations. A significant portion of former renters stayed only a short time (many just a few months or even weeks), indicating a high churn among short-term renters. At the same time, a smaller group of past tenants had substantially longer stays (up to 1–3 years) before moving out, although these longer tenures are less common. This creates a somewhat mixed distribution: many past tenants left within the first 6 months, while a minority stayed a year or more before eventually moving out.
Distribution of length of stay for past tenants (in months). The histogram shows a concentration of short stays (under 6 months) among tenants who moved out, with a long tail of fewer tenants who stayed up to 1–2+ years before leaving.
From the above histogram, we observe a clear peak at the lower end of the LOS spectrum for past tenants – for example, a large number of move-outs occurred after roughly 0–3 months of stay. In fact, about 25% of departing tenants stayed 3 months or less. This suggests that many renters used the storage for very short-term needs. The distribution then tapers off, with fewer tenants reaching the 6–12 month range, and even fewer exceeding one year. Nevertheless, there are some notable outliers: a handful of past tenants remained for over 2 years before moving out (the longest departed tenants had LOS of around 34–36 months). The summary statistics reinforce these observations: the median LOS for past tenants is only around 8 months (meaning half of those who left did so in under about 8 months), and the average is slightly under 10 months – both noticeably lower than the figures for current tenants. The interquartile range for past tenants (approximately 3.2 to 14.3 months) indicates that 50% of them stayed between about 3 months and 1.2 years, again underlining that most departures happen within the first year of tenancy.
Summary Stats – Past Tenants (Moved Out in 2025):
Combined LOS Trends (Overall)
Combining current and past tenants provides an overall view of length-of-stay patterns for the facility. In total, considering all 157 tenancy records (active and recently ended), the typical tenant experience is on the order of months rather than years. The overall median LOS is about 10.4 months – meaning an overall typical tenant rents for under a year. The overall average LOS is around 11.6 months, slightly higher than the median due to the influence of long-term renters on the average. The combined distribution of LOS is quite broad, ranging from under 1 month to about 3 years. However, the majority of tenancies cluster below the one-year mark. The fact that current tenants have a higher median LOS than past tenants suggests a pattern of early attrition: many tenants who do not rent long-term tend to leave within their first year, whereas those who make it past the one-year point often continue renting (and thus appear in the current tenant group). This is a classic retention pattern – there is significant turnover early, but improved retention among longer-term customers.
Comparison of LOS distributions for past vs. current tenants (box plot). The orange line in each box is the median. Current tenants have a higher median (~12 months) than past tenants (~8 months), and a wider spread of longer stays (note the taller box and higher whisker for current tenants). Past tenants show a lower median and shorter upper whisker, indicating fewer very long stays before move-out. A few outliers for past tenants (dots) correspond to those who stayed 2–3 years before leaving.
The comparative visualization above highlights the differences in LOS between past and current tenants. Current tenants (right box) generally exhibit longer stays – their median LOS (red/orange line) is roughly a year, and the upper quartile extends to ~20+ months, with some active renters nearing three years. Past tenants (left box) have a lower median around 8 months, and most had departed by the time they would reach 1–1.5 years (their upper quartile is around 14 months, with only a few outliers beyond that). This contrast suggests that many tenants who were going to leave did so relatively early, while those who remain longer tend to continue their rentals. In practical terms, if a tenant stays beyond the ~12-month mark, they are more likely to become a long-term renter, whereas a large proportion of tenants depart within the first 6–12 months.
Summary Stats – All Tenants Combined:
Key Insights and Actionable Findings
In summary, Old Foundry Storage’s tenant LOS trends reveal that while many renters use the facility on a short-term basis (just a few months), there is a critical window around the one-year mark that separates short-term users from long-term loyal renters. By understanding this pattern, management can implement targeted retention efforts to encourage more customers to stay beyond that first year. Improving retention would shift the LOS distribution upward – increasing the median and average tenure – which can lead to higher sustained occupancy and revenue. The provided statistics and visualizations serve as a baseline for measuring the success of such initiatives over time.
Supply and Demand Analysis – Old Foundry Storage (Fairfield, IA)
📊 Key Findings Climate Control
1. Strong Demand for Climate-Controlled Units
2. Poor Performance of New Standard Indoor Units
3. Stable Market, Limited Growth
✅ Recommendations
Competitive Landscape (15–30 Mile Radius)
Local Self-Storage Providers: Fairfield (pop. ~9,500) hosts several self-storage facilities. Within the city are at least 7 facilities offering various unit types. Key competitors include Old Foundry Storage (subject facility), West Side Storage, Fairfield Self Storage (two locations), American Mini Storage, Railside Mini Storage, Top Dog Storage, and a newer Select Self-Storage. Within ~25 miles, the larger city of Ottumwa (~24 mi northwest) has additional options (e.g. Stow Away Storage’s climate-controlled sites, Ottumwa Self Storage), and Mt. Pleasant (~25 mi east) and other nearby towns host smaller facilities. This represents a high supply density for a relatively small market, indicating potential saturation if demand growth is limited.
Climate-Controlled vs Standard Units: Not all competitors offer climate control, but climate-controlled storage is a notable differentiator in the area. West Side Storage is exclusively climate-controlled indoor storage (with outdoor vehicle parking) and even highlights that its “special [climate-controlled] space is in high demand,” prompting continuous expansion of new climate-controlled wings. Railside Mini Storage and American Mini Storage also advertise climate-controlled indoor units alongside standard units. Fairfield Self Storage’s Stone Ave location provides both climate-controlled and “interior humidity-controlled” units, whereas its 8th St site and Top Dog Storage offer standard drive-up units only. Old Foundry itself offers a mix of indoor climate-controlled units and newly added indoor non-climate units (and some large warehouse and vehicle storage bays). Overall, climate-controlled capacity in Fairfield is limited but filled by a few providers, whereas standard drive-up units are more common but largely occupied as well.
Competitor Occupancy and Availability: Occupancy appears very high across most established facilities, especially for climate-controlled spaces. For example, Fairfield Self Storage lists all common sizes as fully occupied (“0 Available”) at both its locations. At the Stone Ave site, a 10×10 climate-controlled unit rents for ~$80/month and a 10×10 standard drive-up for ~$60 – and both are fully booked (0 available in each). Even larger 10×20 units show no vacancies (climate-controlled at $120 vs drive-up at $80, all 0 available). This suggests strong demand historically filled all units, to the point that Fairfield Self Storage invites customers to join a waitlist if their desired size is unavailable. American Mini Storage (in business since 1996) and Railside likely have similarly high occupancies given their long-standing presence (though specific data isn’t published). West Side Storage implies near-full occupancy as well, noting local customers are “fortunate to have this [climate] option” and citing competitive rates with long-term discounts. In contrast, Top Dog Storage, a purely outdoor drive-up facility, currently shows units available immediately – advertising 10×10 units at $50 and 10×20 at $95. This indicates Top Dog is not 100% full, suggesting a bit of slack in standard unit demand (or that Top Dog is relatively new/less known). Within a 30-mile radius, Ottumwa’s storage market also has active competition and promotions: Ottumwa Self Storage, for example, is offering steep move-in discounts (e.g. ~63% off) on both standard and climate units – a 10×10 drive-up listed at ~$74 base now $29, and a 10×10 “temperature controlled” unit ~$79 base now $31 – indicating they are aggressively courting customers (likely to fill a new facility or counter competition). The Ottumwa area also hosts specialized climate facilities like Stow Away Storage; such providers report that their climate-controlled units have been “filling up quickly,” underscoring regional interest in climate control for storage of sensitive items. Overall, in Fairfield itself virtually all existing storage units (climate and standard) have been running at or near full occupancy, with only a few vacancies showing up at the margins (e.g. a couple of small units at FSS Stone or some space at Top Dog). This tight competitive landscape suggests that historically demand kept pace with supply – until the recent expansions.
Unit Pricing and Promotions: Across competitors, climate-controlled units command a substantial rent premium over standard units. As noted, Fairfield Self Storage charges ~$80 for a 10×10 climate unit vs $60 for a non-climate 10×10 (33% premium). For a 10×15, climate is $100 vs $75 humidity-controlled (≈33% premium). Climate 10×20 units are around $120, versus ~$80 for drive-up non-climate (50% premium). Old Foundry’s posted rates (per owner records) are in a similar range or slightly higher – e.g. around $82–$90 for a 10×10 climate unit and ~$60 for a 10×10 indoor standard unit – and West Side’s management also describes their climate facility as “competitive” on price. Notably, despite higher prices, climate units are consistently full, indicating customers are willing to pay extra for temperature/humidity control. Standard unit rates in the area cluster around $50–$60 for small 5×10 or 10×10, and ~$80–$95 for 10×20, depending on whether access is drive-up or indoor. We do not see widespread regular discounts in Fairfield; most facilities simply show base rates with no availability (implying no need for promotional pricing to attract tenants). The exception is in the larger nearby markets: Ottumwa facilities are using intro promotions (percent-off or “first month free” deals via U-Haul affiliates) – a sign of heavier competition or recent supply increase there. In Fairfield, any promotions tend to be informal (e.g. West Side mentions long-term storage discounts and Old Foundry offers a “free lock with rental”). By and large, pricing in Fairfield has remained stable and on the higher side for climate units, supported by high occupancy. If new supply outstrips demand, however, price competition (or incentives like free month, referral bonuses, etc.) may become necessary to maintain lease-up velocity for new units.
Demand Indicators and Market Trends
Local Population & Demographics: The population of Fairfield has been stable to slowly growing, providing a steady base demand for storage. As of 2025 the city’s population is around 9,500 (up only ~0.16% annually in recent years). There is no major influx of new residents – growth is minimal, so demand must largely come from existing residents, businesses, and transient populations (students, etc.). Fairfield is home to Maharishi International University (with ~2,600 students enrolled, including many international and graduate students). The student presence likely contributes some seasonal storage demand (e.g. students storing belongings over summer), though many MIU students are older or remote learners, so the impact is moderate. Housing turnover in Fairfield has been modest. The housing market in 2025 actually cooled: median home sale prices fell ~18% year-over-year, and homes take ~50 days to sell on average. This suggests fewer people moving into Fairfield and possibly some out-migration or reduced housing demand – a factor that can soften demand for storage (fewer new arrivals needing temporary storage during moves). Additionally, housing vacancy rates are relatively high locally – about 11.3% of housing units in Fairfield are vacant, above state average. High vacancy implies that many residents have space available (empty rooms or garages) or that some homes are simply unoccupied (which could correlate with people leaving the area). Either scenario doesn’t point to surging need for off-site storage from new households. In summary, population and housing trends show a stable or slightly declining demand driver, rather than any boom – meaning the self-storage industry here must chiefly rely on capturing existing needs (from residents, students, businesses) rather than expecting organic growth from population expansion.
Migration & Moving Activity: Over the past 12 months, local moving activity appears steady but not robustly growing. Internal data from Old Foundry Storage (Jan–Nov 2025) recorded ~60 move-ins and 52 move-outs (net +8 move-ins). This small net gain, despite adding many new units, reflects that demand increased only marginally in the past year. Fairfield doesn’t experience large inflows of new residents (no major new employer or economic boom was noted in 2025), and any in-migration is roughly balanced by people moving out. Some demand is driven by life events – e.g. families moving or renovating, retirees downsizing, or estate storage after a death. Given the slight population aging and turnover, there is a constant low-level need for storage, but not a spike. It’s worth noting that regional migration patterns (e.g. urban dwellers moving into more rural Iowa or vice versa) have been relatively neutral recently. The stability is reflected in the storage occupancy: facilities remained full largely from existing customers renewing, rather than a rush of new customers. The new units at Old Foundry were introduced into this environment of flat demand.
Business and Specialty Storage Demand: A portion of local storage demand comes from businesses, institutions, and recreational users. Fairfield has a community of small businesses, contractors, and entrepreneurs (some related to the university and tourism) who utilize storage for inventory or equipment. Old Foundry’s facility includes very large warehouse units (900–10,000+ sq ft) that have been leased by businesses – indeed, all but one of those warehouse bays are occupied according to the latest report. This indicates healthy business usage for large storage (likely for equipment, manufacturing supplies, or bulk goods). Climate-controlled storage is also sought by businesses and organizations for record-keeping, archives, and sensitive materials. West Side Storage explicitly markets to these needs, noting their climate control can handle “archival records, medical files, collectibles, artwork, instruments,” etc.. With Fairfield’s mix of professional offices, healthcare facilities, and the university, there is ongoing demand to store documents, lab equipment, or seasonal materials in climate-controlled conditions. Additionally, vehicle/RV/boat storage contributes demand: Fairfield’s rural location means many residents have trailers, boats, or RVs but may lack space at home. Old Foundry’s enclosed RV/boat storage units (e.g. 12×26 and 12×38 garages) are ~80–90% occupied (only a few vacancies), and West Side and others offer outdoor parking that is reportedly well-used. These indicators show that beyond household moves, business and recreational storage needs provide a baseline demand in the area. Over the last year, none of these segments appears to have expanded dramatically (no big new businesses requiring storage), but they remain a steady source of rentals.
Recent Demand Trends: In summary, demand indicators in the past 12 months suggest a stable but slow-growing demand for storage in Fairfield. There has been no large uptick in population or migration to create a surge of storage tenants. Instead, the high occupancy rates at existing facilities were a product of longstanding steady demand meeting a previously limited supply. When Old Foundry added new units in 2025, the uptake was weaker than hoped – pointing to the possibility that most local demand was already being met (or that the new units didn’t match the type of space people are currently seeking, as discussed below). Any growth in demand (e.g. from increased climate-sensitive storage needs or more renters between homes) has been incremental. Notably, the fact that competitors remain full with waitlists implies that latent demand does exist, but it may be very specific (for example, people waiting for a climate-controlled unit or a drive-up unit at a favored location). General demand for generic extra storage space, however, might have plateaued given the population and economic context.
Pricing and Occupancy Analysis
Current Occupancy at Old Foundry: Old Foundry Storage’s occupancy statistics illustrate a striking contrast between climate-controlled units and the new standard units. As of November 20, 2025 (post-expansion), the facility’s overall unit occupancy was about 65% by unit count (95 out of 145 units occupied). However, this average masks two divergent stories:
Comparison of Climate vs Standard Lease-Up: The difference in absorption between climate and non-climate units at Old Foundry mirrors broader market preferences. Climate-controlled units lease up faster and stay near capacity, whereas adding standard units did not unleash comparable demand. One likely reason is unmet demand for climate-controlled space: prior to expansion, climate units were full across town, so any new climate supply would attract tenants who value those features. Standard storage, by contrast, was already relatively well-served by existing drive-up facilities; customers needing basic storage likely already had it. Furthermore, the new Old Foundry units are indoor, non-climate – meaning customers do not get drive-up convenience nor climate protection. Such units may be inherently less attractive: a tenant who only cares about price/convenience might prefer an outdoor drive-up unit (to avoid hauling belongings down hallways), while a tenant willing to move indoors likely wants the benefit of climate control. This could explain why even though other facilities’ drive-up units are full, Old Foundry’s indoor non-CC units haven’t drawn those tenants – they’re not drive-up and yet offer no climate advantage. Pricing strategy may also be a factor: Old Foundry set the new units’ rates roughly on par with market standard rates (e.g. $60 for a 10×10 indoor, similar to ~$50–$60 at competitors). Given the choice, many customers might opt for a known competitor’s drive-up unit at that price, or pay a bit more for climate. Additionally, Old Foundry’s climate units themselves are priced only ~$20 higher and were fully occupied, suggesting some would-be customers might have been holding out for climate. The net effect is a slow lease-up for standard units – essentially no net absorption in the months since adding them – versus rapid turnover but high occupancy in climate units.
Area Pricing Trends: As discussed, climate units achieve a significantly higher rent per square foot than standard units in this market. Despite this premium, occupancy for climate space remains higher. This implies the price elasticity for climate control is favorable – customers who need it are willing to pay the premium, and supply has been the limiting factor. Standard unit rates have probably hit a ceiling locally: with many providers around, $50–$60 for a small unit and ~$90 for a 200 sq ft unit is the going rate. We see evidence that if prices go much higher, demand might not keep up (e.g. Top Dog at $95 for 10×20 has some vacancies, whereas Fairfield Self Storage filled 10×20 at $80 – though other factors like location and awareness play a role). It’s also notable that nearby Ottumwa’s prices are somewhat lower on a per-square-foot basis, but they are using promotions to drive occupancy. This could hint that the broader region isn’t under-supplied – if Ottumwa facilities have to discount to 60%+ off, it suggests either a surge of new units or softer demand there. Fairfield’s market until now avoided such discounting, reflecting a tighter supply-demand balance.
Occupancy Velocity: The speed of leasing new units (absorption) is a critical metric. In Fairfield, the velocity for climate-controlled units is high – for instance, Old Foundry’s records show multiple move-ins occurred almost immediately when a few new climate units became available, quickly reaching ~90% occupancy in that category. Similarly, West Side Storage has been opening new climate-controlled sections and presumably filling them given the stated demand. By contrast, velocity for new non-climate units has been near zero at Old Foundry, and likely would be slow for any additional standard units unless they offer something unique (e.g. drive-up access or substantially lower price). This disparity underscores that the current unmet demand in the market is skewed toward higher-quality storage (climate control, security, etc.) rather than just more quantity of basic units. Essentially, the market absorbed all premium units it could get, but adding generic units did not create its own demand.
It’s worth noting that seasonality might also affect recent occupancy: we are now entering winter, when storage demand can dip slightly (people tend to rent storage in spring/summer during moves or college break). The new units were added likely in mid-to-late 2025, missing the peak rental season, which could partially explain the slow uptake. We might expect a small uptick for those units in the next spring/summer if price or marketing adjustments are made. Still, the contrast with climate units (which remained full even into winter) is telling.
Recommendations and Conclusions
1. Focus on Climate-Controlled Expansion: The data strongly indicates that if any new units are to be added, they should be climate-controlled. There appears to be genuine demand for more climate-controlled storage in the Fairfield area – evidenced by near-100% occupancy at all facilities that offer it, waitlists for climate units, and quick lease-up of any climate space that becomes available. Climate control appeals to multiple customer segments: residents storing furniture, electronics, or heirlooms; the university community storing books and instruments; and businesses or institutions needing archive space. Old Foundry is well-positioned to capitalize on this demand, given it already has climate infrastructure for part of the facility. Adding more climate-controlled capacity (either by converting some of the new units with HVAC or building out new climate sections) should attract tenants much more reliably than adding standard units. Climate units also yield higher rents per square foot, improving revenue. In short, the market is signaling a preference for quality over quantity – and Old Foundry should align expansion plans accordingly.
2. Reevaluate New Unit Strategy (Standard Units): The poor lease-up of the recently added non-climate indoor units suggests a few possible issues that need addressing:
Given the above, a combination strategy is recommended: In the short term, implement aggressive marketing and promotional pricing to improve occupancy of the new non-climate units (to generate some cash flow from them). In the medium to long term, pivot expansion plans toward climate-controlled units. If budget allows, convert some or all of the empty new units to climate-controlled (installing HVAC and vapor barriers) – effectively turning a misjudged expansion into a suitable product. If conversion is not possible, then hold off on building additional standard units because the evidence points to insufficient demand. Future construction dollars would be better spent on climate-controlled buildings or upgrades.
3. Monitor Competition and Adjust Rates: Old Foundry should keep a close eye on competitor behavior. Thus far, Fairfield competitors have not resorted to price wars (since occupancy was high). But the landscape can change – for instance, if the new Select Self-Storage on W. Grimes Avenue opens significant capacity or if Top Dog cuts prices to fill its vacancies, Old Foundry may need to respond. The owner should regularly review local listings (including nearby Ottumwa) to stay aware of any move-in deals or rate changes. Being proactive – e.g. offering a web special or referral discount – can help secure tenants before they look elsewhere. Fortunately, Old Foundry’s climate offering is relatively unique on the north side of town (most others are on the west/south sides), which can be a selling point (convenience for customers in that vicinity). Emphasizing the facility’s strengths (indoor security, climate options, large unit availability for boats/RVs) in advertising will help differentiate it. Rate optimization is also key: for climate units that are full with waitlist, rate increases could be considered at renewal (the market may bear it, given climate scarcity). For the empty standard units, rate decreases or specials are justified until occupancy reaches a healthier level.
4. Long-Term Outlook – Caution on Overbuilding: The owner’s question boils down to “Is there demand to add more units?” Based on this analysis, demand exists primarily for specific types of units (especially climate-controlled) rather than a broad need for any-and-all storage space. The recent experience shows that adding generic capacity without matching market preference can lead to slow absorption. The local demand drivers – population, housing, business activity – are relatively static. Therefore, any expansion should be measured and targeted. Adding a large number of additional units of any type risks oversupply, which would put downward pressure on occupancy and rental rates for everyone in the market. A safer approach would be to add units in phases and monitor how quickly they lease up. For example, if considering building more climate-controlled units, build a first phase (say 10–20 units), market them, and gauge the take-up. If they fill rapidly with a waiting list still in hand, then proceed with further phases. This phased approach prevents severe overbuilding and allows adjustment to any changes in demand.
In particular, climate-controlled units seem a good bet – they not only address a proven need but also can pull renters from a wider radius (people from smaller towns around Fairfield might drive in for climate storage, since such facilities are rare in truly rural areas). Standard units, on the other hand, likely rely only on local demand which is finite. It’s also worth exploring whether drive-up units (even a small row of them if land allows) would attract customers currently preferring competitors. Drive-up access remains popular for ease of loading, and currently only a couple of facilities in Fairfield (Top Dog and FSS 8th St) offer pure drive-up units. If Old Foundry can add outdoor units or convert a portion of a building to have external roll-up doors, that could capture some of that segment as well – effectively diversifying the product mix.
5. Diagnose the “Why” of Poor Lease-Up: Finally, the owner asked whether the poor lease-up of new units is due to saturation, price, lack of climate control, or other issues. The analysis suggests it is a combination, with lack of climate control and product positioning being the primary factors, and general market saturation a secondary factor. Price might be an issue at the margin, but even at lower price points, one cannot create demand that isn’t there. The clearest evidence is that climate-controlled units – at higher prices – are doing fine, which indicates it’s not simply price resistance in the market. Instead, customers are making a value judgment. Those who urgently need storage have largely already rented space (filling up existing facilities), so the remaining pool of potential customers is relatively small. Within that pool, a majority prefer the better storage options (climate, drive-up, etc.). Thus, the new units, being both non-climate and non-drive-up, ended up as the least preferred choice in a market where everyone already had a unit or was waiting for a climate unit. In essence, the new units didn’t address an unmet need – they added supply in the one category that didn’t have a shortage.
Going forward, the owner should align any expansion with unmet needs: based on current evidence, that means more climate-controlled spaces, and possibly more vehicle storage (if demand for RV/boat space continues to be strong – Old Foundry’s enclosed vehicle units are mostly full, so expanding those or offering covered parking could be another avenue). Regular standard units should only be expanded if clear evidence emerges that new demand (e.g. from a population increase or a competitor closure) is outstripping supply.
Conclusion: In conclusion, Old Foundry Storage should pivot toward quality (climate control) over quantity in its growth strategy. The competitive landscape shows climate-controlled units command higher rents and enjoy high occupancy, whereas the market for standard storage is largely saturated in Fairfield. Demand indicators (population, housing, business activity) do not point to a large upswing in general storage demand, so any further addition of units must be done cautiously and strategically. By upgrading the offering (more climate control, possibly drive-up access) and using targeted promotions to fill existing vacancies, Old Foundry can improve its occupancy and capture the segment of the market that is currently underserved. In a saturated market, differentiation is key – being the facility known for climate-controlled and specialty storage will position Old Foundry for long-term success, rather than competing purely on volume of generic units. With these adjustments, the owner can feel more confident that any new investments in units will meet real demand and generate a healthy lease-up velocity, instead of sitting vacant.
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