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T10 October 2025 YoY

📉 Occupancy & Rentals

Net Rentals: October 2025 had 58 move-ins vs 117 move-outs, a net loss of -59 units (compared to +40 in Oct 2024).

Occupancy: Despite the October dip, unit occupancy rose YoY to 78.0% (from 76.3% in 2024).

Biggest occupancy drops: Fort Payne, Monroe, Hiawatha.

Strongest performers: Yorkville, Franklin, Danville.

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📊 Leads & Conversion

Leads dropped from 187 (Oct 2024) to 114 (Oct 2025), but conversion improved to 52.6% (from 48%).

Top lead source: Call center (54%), followed by Storagely (32% with high conversion at 65%).

Sparefoot leads underperformed (only 1 conversion from 14 leads).

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💰 Revenue & Gross Potential

Revenue up ~5% YoY (~$120.8K in Oct 2025).

Gross Potential Income (GPI) grew ~17%, creating a wider gap due to more vacancies and discounts.

Economic Occupancy declined from 90% to ~81%.

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🚪 Move-Out Reasons

Top reasons:

30% left without notice (skips)

29% no longer needed storage

23% auction due to nonpayment

Only 3% cited dissatisfaction or alternatives

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📈 Rate Increases

92 customers received increases (mostly at Albertville).

Average increase of $8–$10/month, totaling ~$750 added rent/month.

No major tenant churn from increases.

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🔍 Key Takeaways

October was tough with high move-outs, but YoY performance still positive.

Focus areas:

Reduce delinquencies & auction-driven turnover

Improve lead volume in weak sites (e.g., Hiawatha)

Continue strategic rent increases

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Storage Depot T10 Portfolio – October 2025 Performance Report

Overview

October 2025 saw mixed performance for the Storage Depot T10 portfolio, with move-outs significantly exceeding move-ins and resulting in negative net rentals for the month, even as overall occupancy remained slightly higher than a year ago. Key performance highlights include: a year-over-year (YoY) increase in unit occupancy (78.0% vs 76.3% in Oct 2024), a modest rise in total revenue (approx. +5% YoY) but a widening gap between actual revenue and Gross Potential Income (GPI) due to higher standard rates and concessions, and lead conversion improving overall (especially from online sources) despite a drop in total lead volume. The following sections provide a comprehensive breakdown of portfolio-level and facility-level metrics, with visualizations to illustrate trends and comparisons across time and facilities.

Move-Ins, Move-Outs, and Net Rentals

The T10 portfolio recorded 58 move-ins and 117 move-outs in October 2025, yielding a net loss of 59 units occupied for the month (in contrast, October 2024 had 91 move-ins vs 51 move-outs, a net gain of +40). Table 1 below shows move-ins, move-outs, and net rental change by facility for October 2025 compared to October 2024:

Table 11

Table 11

Facility

Move-Ins 2024

Move-Ins 2025

Move-Outs 2024

Move-Outs 2025

Net Rentals 2024

Net Rentals 2025

Albertville

-4

Danville

-6

-8

Fort Payne

-15

Franklin

Hampton

-1

Hiawatha

-9

Mansfield

-2

Monroe

-13

Yorkville

-2

-7

There are no rows in this table

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Portfolio-wide, the sharp swing from a +40 net gain in Oct 2024 to a -59 net loss in Oct 2025 is notable. Several facilities experienced higher move-out volumes in 2025, eroding occupancy gains made earlier in the year. In particular, Fort Payne, Monroe, and Hiawatha saw large net losses. Fort Payne had only 3 move-ins against 18 move-outs (net -15), and Monroe had 12 move-ins vs 25 move-outs (net -13). Hiawatha had no move-ins at all in October 2025, with 9 move-outs (net -9). These three locations were responsible for a significant portion of the portfolio’s net occupancy decline in the month. By contrast, Franklin maintained equilibrium (6 move-ins and 6 move-outs, net 0), and Mansfield had strong move-in activity (11) nearly offsetting its move-outs (13).

The surge in move-outs at certain facilities appears to be driven in part by involuntary departures (e.g. lien auctions and unplanned skips – see the Move-Out Reasons section) as well as seasonal demand softness. Meanwhile, lower move-in counts at Hiawatha and Fort Payne suggest marketing or demand issues in those markets during the month.

Lead Activity and Conversion Rates

Marketing lead activity in October 2025 was lower than the prior year, but conversion rates improved. The portfolio generated approximately 114 new leads during the month (down from ~187 in Oct 2024), of which 60 resulted in move-ins by month-end (overall conversion ~52.6%, up from ~48% a year ago). The decrease in lead volume reflects reduced inquiry traffic or marketing spend, but the higher conversion indicates more efficient sales follow-up or higher lead quality.

Lead Sources: The chart below shows the breakdown of lead sources for October 2025. The majority of prospects came through direct phone inquiries to the call center (54% of leads), followed by online aggregators Storagely (32%) and Sparefoot (12%), with a small remainder from other sources (e.g. one referral from an existing tenant):

Lead Sources for October 2025: Over half of new leads originated via phone calls to the call center (54%), while about one-third came from Storagely online listings and 12% from Sparefoot. A negligible number of leads came from other sources.

Call-center leads not only dominated in volume but also performed well, converting at 56% to rentals. Notably, online aggregator leads had varied success – leads from Storagely converted at a high 65% rate, contributing significantly to move-ins, whereas Sparefoot leads converted at only ~7% (just 1 rental out of 14 leads). This suggests Storagely is delivering more qualified prospects, while Sparefoot’s lead quality may need evaluation (or perhaps those leads have move-in dates beyond October). The single “Existing tenant” referral did not convert.

On a facility level, lead conversion was strong in most locations. For example, Franklin and Mansfield each converted over 75% of their leads into move-ins (5 of 6 leads for Franklin; 11 of 14 for Mansfield), helping sustain their occupancies. Hiawatha, however, converted 0 of 6 leads into move-ins, which aligns with its poor move-in count – this is a red flag, indicating potential sales issues or weak demand at that site. Monroe generated the highest number of leads (24) but converted under half (11 move-ins), suggesting room for improvement in conversion efficiency there. Overall, focusing on boosting lead generation (especially in under-performing markets like Hiawatha) and improving conversion for low-performing channels (Sparefoot) should be priorities.

Unit Occupancy Rates

Despite the net move-out activity in October, the portfolio’s occupancy rate at month-end remained slightly higher YoY. As of October 31, 2025, unit occupancy stood at 78.0% (1,278 of 1,638 total units occupied), compared to 76.3% occupancy (1,259 of 1,651 units) a year prior【27†】. The chart below illustrates occupancy percentages by facility, showing October 2025 vs October 2024 side by side:

Unit Occupancy by Facility – October 2025 vs October 2024. Most facilities saw occupancy levels in 2025 that were similar to or higher than the prior year, with the exception of Hampton (declined from ~89.6% to 76.0%). Yorkville and Franklin had the highest occupancies (~89% in Oct 2025), while Monroe remained the lowest (~65.5%).

Nearly all facilities were in the 70–90% occupancy range at October-end 2025. Yorkville (89.5%) and Franklin (88.0%) led the portfolio with the highest occupancy rates, each improving slightly over last year. Danville (84.8%) also saw a solid YoY occupancy gain (up ~7 percentage points from 77.5% in Oct 2024), reflecting successful leasing through the year. In contrast, Hampton’s occupancy dropped sharply to 76.0% (from 89.6% a year ago) – although only net -1 in October, this facility had been very full last year and has since lost tenants (possibly due to rent increases or other factors earlier in the year). Monroe remained the weakest at 65.5% occupancy (essentially flat vs 65.5% last year), struggling to replace move-outs; Monroe’s heavy delinquency and auctions (discussed later) likely kept occupancy depressed.

Overall, the portfolio’s slight YoY occupancy improvement indicates that gains made in early 2025 still outweighed October’s losses. However, the month’s steep net move-out means many facilities exited October with less occupancy than they started with, so sustaining the YoY occupancy lead into year-end will depend on reversing the negative net rental trend in coming months.

Revenue and Gross Potential Income (GPI)

Rental revenue for October 2025 increased modestly year-over-year, but Gross Potential Income grew faster, indicating a decline in economic occupancy. Total actual revenue collected (rental plus ancillary income) for the portfolio in Oct 2025 was approximately $120.8K, about a 5% increase from roughly $115K in Oct 2024【28†】. This growth was driven by rental rate increases and higher occupancy early in the year. Every facility except Hampton showed higher or similar monthly revenue YoY. For instance, Danville’s October revenue grew to ~$22.9K (vs $22.3K last year) on improved occupancy, and Albertville grew to ~$14.3K (vs $12.1K)【26†】. On the other hand, Hampton’s revenue slipped (down to $12.36K from $13.11K) in line with its occupancy drop.

Gross Potential Income (Standard GPI) – the revenue if all units were rented at standard rates – climbed more sharply. Portfolio GPI for October 2025 is estimated around $149.5K, up ~17% from ~$127.8K in Oct 2024【28†】. This reflects significant increases in standard rental rates over the year (and possibly inclusion of more available units). However, actual revenue has not kept pace, leading to a lower economic occupancy (actual revenue divided by potential). The portfolio’s economic occupancy declined from about 90% in Oct 2024 to ~81% in Oct 2025【28†】. In other words, the portfolio is now realizing only 81% of its potential rent, whereas a year ago it realized ~90%.

This widening gap suggests more income is being lost to vacancies and concessions/discounts in 2025. For example, vacancies increased in some sites (e.g. Hampton’s vacant unit count rose), and several move-in promotions (free month, discount offers) were used to drive occupancy. Additionally, even after rate increases, many existing tenants are still below current standard rates (so there is unrealized rent potential). The trend is evident in facilities like Fort Payne, which had a 78.3% unit occupancy but only ~72% economic occupancy – implying heavy discounting or below-market in-place rents【26†】. Conversely, Danville managed nearly 98% economic occupancy (actual rent very close to potential), indicating strong revenue management at that site【26†】. Going forward, narrowing the revenue-vs-potential gap (through filling more vacancies and continuing strategic rate increases) will be important for improving economic yield.

Move-Out Reasons

Understanding why tenants left provides insight into October’s elevated move-outs. The majority of departures were unplanned or need-based rather than competitor-driven. The breakdown of recorded move-out reasons is shown in the chart below:

Reasons for Move-Outs in October 2025. The largest share of move-outs (30%) were tenants who vacated without notice, often indicating skips or sudden departures. Almost equally, 29% left because they no longer needed storage. 23% were due to auction lien sales (non-payment). About 14% of move-outs had no reason given (unknown), and only a small fraction (3%) cited other reasons (e.g. unhappy with service, relocating, consolidating units).

Notably, **“Vacated without notice” (30%) and lien auctions (23%) together accounted for over half of all move-outs. These are generally involuntary or unexpected exits, often linked to delinquency issues. In fact, five of the T10 facilities conducted auctions in October (26 units in total were auctioned portfolio-wide), with Monroe and Mansfield each writing off significant bad debt during the month. Such events contributed heavily to the move-out count and represent economic losses (units turning over without paying).

Meanwhile, nearly one-third (29%) of tenants left because they simply didn’t need storage anymore, reflecting normal lifecycle attrition as customers finish using their units. Only a handful of move-outs cited issues like service dissatisfaction or moving to a different location, suggesting competitive or service-related churn was minimal in October. The 14% unknown category indicates some move-outs were not tagged with a reason, which may warrant better exit surveys or tracking.

The prevalence of auctions and unnotified vacates in October highlights a need to address delinquencies proactively. Reducing delinquencies (through payment reminders or leniency plans) could lower the number of forced move-outs and auctions, thereby stabilizing occupancy. Additionally, engaging customers who might no longer need storage (perhaps offering downsizing options or incentives to stay) could mitigate some voluntary move-outs.

Rate Increase Summary

During October 2025, the portfolio continued its revenue management strategy by implementing rental rate increases for existing tenants in select facilities. A total of 92 customers received rent increases in October, representing about 7% of occupied units. Most of these adjustments were concentrated in one facility – Albertville – which alone accounted for 90 rate increases (likely as part of a scheduled annual increase batch), with the remaining 2 occurring at Fort Payne. No other T10 facility had tenant rate increases take effect during October (other sites may have had theirs in different months).

The magnitude of the rate increases was generally modest. On average, customers saw roughly a mid-single-digit to low-double-digit percentage uplift in their monthly rent. For example, a typical tenant paying $100/month might have been raised to around $108–$110. In dollar terms, the average increase was approximately $8–$10 per month for those impacted. These incremental raises are designed to move long-term tenants closer to current market rates without causing excessive move-outs. Indeed, many of the Albertville tenants who received increases had been significantly below standard rate – even after the October adjustments, they remain on average ~$22 under the standard price for their unit size, indicating room for future gradual increases.

Cumulatively, the October increases add roughly $750 of additional monthly rent going forward (about 0.6% of portfolio rent roll) – a small but meaningful boost. Importantly, no unusual surge in move-outs was observed at Albertville in October despite the large number of increases (Albertville’s 15 move-outs were in line with its normal activity, and primarily due to delinquency issues rather than rate protests). This suggests the rate adjustments were well-targeted and did not significantly drive away tenants, which is a positive outcome.

Going forward, other facilities will have their turn for rate reviews. As of early November, additional batches of increases are scheduled (for example, some Albertville tenants have another rent increase slated for December 1, 2025 per the revenue management report). Continual monitoring of occupancy after each increase cycle is crucial to ensure rent raises are not pushing the limits of tenant tolerance. So far, the strategy appears to be balancing improved revenue with acceptable retention. The portfolio should end the year with a healthier rental rate baseline, supporting future revenue growth.

Conclusion

In summary, October 2025 was a challenging month for the Storage Depot T10 portfolio in terms of net rentals, as high move-out volume (driven largely by auctions and unnotified skips) outpaced new move-ins. Nevertheless, on a year-over-year basis the portfolio is still ahead on occupancy and revenue, thanks to earlier gains and effective rate management. Lead generation and conversion showed positive signs – despite fewer leads, the marketing mix (especially call center and Storagely leads) yielded strong conversion rates, boding well for filling units if lead volume can be increased. Key areas of focus emerging from this report include addressing the causes of excess move-outs (particularly delinquencies leading to auctions), bolstering demand in low-performing markets (like Hiawatha and Fort Payne) to drive move-ins, and continuing prudent rate increases to close the gap between actual and potential income. With these strategies, the T10 portfolio can aim to improve its occupancy trajectory and maximize revenue as it moves into the final quarter of 2025.