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Apartment Living to Continue to Drive Self-Storage Market

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An analysis of the self-storage industry in Australia and New Zealand suggests that the substantial increase in the population living in apartments in the major metropolitan areas of Sydney, Melbourne and Brisbane will give rise to stronger demand for self-storage units.

The Urbis Storage Index (USI) shows that the average occupancy for facilities in its research on the East Coast of Australia to June 30, 2017 is 86.85 per cent which was a marginal increase of less than one per cent in area occupied.

The USI data shows that the total Melbourne and Sydney market experienced a decline in area occupied by 0.64 per cent and 0.13 per cent respectively. The Brisbane market experienced a growth in area occupied of 1.73 per cent. Notwithstanding this rise, the Brisbane Outer region remains at softer occupancy levels averaging 82.33 per cent in occupancy.

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Census data shows the percentage change of people living in apartments between 2011 and 2016 census dates increasing by 18.92 per cent in Sydney, 9.41 per cent in Melbourne and 25.50 per cent in Brisbane.

Average Storage Fee rates achieved for all East Coast Australia facilities experienced moderate growth of 2.08 per cent over the 12-month period to June 2017. CPI growth over the same period was 2.20 per cent.

Auckland has been a stand out performer with storage fee rate growth at 4.18 per cent over the previous 12-months.

Urbis has been monitoring the self-storage industry in Australia and New Zealand since 2008.

Main image copyright: andreacrisante / 123RF Stock Photo

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Article originally posted at: https://https://theurbandeveloper.com/articles/apartment-living-to-continue-to-drive-self-storage-market-research