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The self storage industry remains resilient despite VAT increase

The self storage industry remains resilient despite the addition of the 20 per cent VAT charge on storage costs introduced in October 2012. According to the latest Self Storage Association UK survey, produced by Deloitte Real Estate, a proportion of self storage firms opted to shield their customers from the full 20 per cent increase in rental costs by phasing in the increases over the year. As a result there was only a five per cent fall in the achieved average net rents for UK self storage operators in 2012.

The survey shows national occupancy levels remain steady with average occupancy having dipped just two per cent to 68 per cent over 12 months and the average length of stay increasing to 41 weeks. Operators are reporting that they...[…]