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Self-storage industry update in 2016: vacancy rates decreasing, rents increasing

With vacancy rates decreasing during the first quarter of 2016 and rents increasing at a robust rate, the self-storage industry in the United States is making its continual progress. The decrease in vacancies is attributed to student turnover at the end of the school year. Even as there has been reported a steady decline in the national vacancy rate, quarterly data also illustrate the regular decrease of vacancies during the second quarter of every year before increasing in the third and fourth quarters and finally maintaining a steady pace in the first.

During the first quarter of 2016, the vacancy rate is at 11%, which is higher than the data for the second quarter of 2015, but lower than every other first quarter over the last four years. The same statistic indicates that occupancy has risen by 11% since the first quarter of 2012.

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