For those looking for self-storage in the Eastern Coast of Australia and Auckland, New Zealand, Urbis Pty. Ltd. has recently released data on the self-storage industry regarding those regions.
The Australian public-policy evaluation and consultancy published its latest Urbis Storage Index (USI), which is the compilation of tracked data regarding self-storage demand, occupancy, revenue and rental rates covering the East Coast of Australia, and the city of Auckland, New Zealand, useful information for those looking for cheap storage in Narellan, or for companies looking to keep track of their competition.
The numbers from the index show that performance for the self-storage industry has been fairly stable in Australia around the middle of 2017, from May to October, whilst Auckland’s self-storage industry has shown slow, but steady and consistent improvement over 2017.
Detailing that, Australia has an average occupancy of about 87% mid-2017, which is a very small increase, less than 1% from the same time frame in the preceding year. Occupancy rates in Melbourne and Sydney, two major markets in the East Coast, declined by .64% and .13%, respectively. The Brisbane area’s market showed a slight growth in occupancy rates, increasing by 1.73%, though the “outer zone” of the city, with its occupancy rate of 82.3%, still has lower occupancy than Australia’s national average.
For those more interested in pricing and hoping to look for cheap storage in Narellan, bad news lies in the index, as it shows that the country’s rental rates for self-storage grew by 2.1% mid-2017. Notably, Urbis says that the Australian Consumer Price also grew during the same period, by a very close 2.2%.
Urbis made some predictions regarding the self-storage market in Australia. They expect that demand for it is looking to grow, which they attribute to an increase in apartment dwelling Australians across the country.
Meanwhile, in Auckland, occupancy rates dropped by 1.14% mid-2017, though the rental rates did go up by 4.2% at that time. Auckland’s occupancy rates also sits higher than Australia’s with an average of 90.5%.
Urbis has been in operation, tracking market values, doing research and providing consultation for 30 years, but they had only began tracking the storage industry back in 2008.