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SpareFoot Quarterly Trends Report

Report: Q2 2014

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Most competitive counties

Top 5 Counties by number of facilities. April 1-May 31.

Frequent price changes suggest that competition is fierce in these markets. Like buying airline tickets, the price to rent a self-storage facility in these markets is a moving target.
County State Price Changes Number of Stores Changes per Store
Fairfax County VA 4,971 57 87
Prince George MD 4,298 52 83
Santa Clara CA 6,069 74 82
Palm Beach County FL 6,391 83 77
Middlesex County MA 3,635 49 74

*Data provided by StorTrack

Most expensive counties

Average price per square foot for all units.

These 20 counties were the most expensive in the country to rent storage during the second quarter.
Non-climate-controlled Climate-controlled
County State Avg. $ / Ft.2 (Walk-in)
Atlantic County NJ $3.90
Tulsa County OK $3.70
Queens County NY $3.10
Kings County NY $2.90
Norfolk City VA $2.80
Climate-controlled
County State Avg. $ / Ft.2 (Walk-in)
Branch County MI $4.80
Marin County CA $4.40
New York County NY $4.30
Teton County WY $4.30
Lincoln County WI $4.20
County State Avg. $ / Ft.2 (Online)
Denver County CO $3.50
Kings County NY $3.20
Queens County NY $2.70
Los Angeles County CA $2.40
Fairfix County VA $2.30
Climate-controlled
County State Avg. $ / Ft.2 (Online)
Prima County AZ $8.70
Marin County CA $4.10
New York County NY $3.50
Kings County NY $3.10
Maui County HI $3.00

*Data provided by StorTrack; collected March 1 to May 15. *An online price is a price published by a store that has been specified as being its online rate. Often, StorTrack comes across sites which list prices such as "$149 online / $159 walk-in." StorTrack considers their walk-in price to be their regular price. When stores don't specify, StorTrack assumes that the published rate is the regular rate.

Client survey responses

When was the last time you raised rental rates on current tenants?

Spring appears to be the most popular time of year to send out rent increases on current tenants. Meanwhile, almost 10 percent of respondents haven’t raised rents in two years.

The average storage tenant length of stay is about 11 months. On average over the past year, how have you seen that change?

While public companies have recently reported tenants are staying longer overall, a majority of respondents report no changes.

*Client Survey data gathered by SpareFoot during May and June.

Most valuable markets

The 15 most valuable U.S. markets for Public Storage

In 2013, the top five markets contributed more than 40 percent of same-store revenue for the REIT.
City  State  Same-storage facilities  Same-store revenue (mil.)  Change in same-store revenue (2012 - 2013)  Share of total same-store revenue  Public Storage’s share of self-storage market 
Los Angeles CA 177 $232.9 5.2% 13.7% 21.8%
San Francisco CA 126 $145.0 6.0% 8.5% N/A
New York City NY 78 $111.7 7.1% 6.6% 10.3%
Chicago IL 125 $106.3 4.9% 6.2% 16.8%
Seattle WA 85 $82.1 6.3% 4.8% N/A
Washington D.C. 72 $81.8 5.2% 4.8% 20.1%
Miami FL 59 $70.4 3.1% 4.1% 24.6%
Dallas-Fort Worth TX 99 $68.2 7.9% 4.0% 11.0%
Houston TX 80 $62.2 6.3% 3.7% 11.7%
Atlanta GA 89 $59.6 3.8% 3.5% 15.6%
Philadelphia PA 55 $44.8 2.9% 2.6% 12.9%
Denver CO 47 $39.8 7.8% 2.3% N/A
Minneapolis-St. Paul MS 41 $33.9 8.0% 2.0% N/A
Portland OR 41 $30.1 5.1% 1.8% N/A
Orlando/Daytona FL 45 $29.3 4.2% 1.7% N/A

*Data provided by StorTrack

Construction spending

New self-storage development and expansion: 2013 vs. 2014
Year Month Cost (mil.)
2013 January $21
2013 February $47
2013 March $47
2013 April $35
2013 May $65
2014 January $35
2014 February $34
2014 March $31
2014 April $43
2014 May $53

*Data provided by U.S. Census Bureau

Second quarter acquisitions

The volume of portfolio acquisitions picked up in the second quarter, and the charge was led by Public Storage and Sovran Self Storage.
Buyer Location Number of facilities Price (mil.) Seller
Public Storage FL, MD, NJ, VA, NC 25 $240 Veritage Management
Storage Post FL 8 $91 The Albanese Group LLC
StorQuest (William Warren Group) AZ, CA, CO, TX 15 $65 Private family office
Uncle Bob's (Sovran Self Storage) MO 5 $35 Storage Banc
Public Storage NC 5 $26 Budget Self Storage
Infinite Storage ( The Sterling Group) IN 6 $15 Herman & Kittle Properties
Storage King USA (Andover Properties) NC 3 $14 J & J Real Estate Investments
Central Self Storage (Pegasus Group) CA 2 $8 Sobrato Family Foundation
Metro Self Storage GA 3 N/A Georgia Self Storage
Uncle Bob's (Sovran Self Storage) NJ, PA 5 N/A Lackland Self Storage
Uncle Bob's (Sovran Self Storage) NJ 3 N/A Treasure Island Storage

*Data provided by StorTrack

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