The self-storage sector has remained resilient despite the imposition of a 20% VAT charge on self-storage costs in October last year, according to a new survey from Deloitte.
National occupancy levels have remained steady since VAT was levied on the sector, with occupancy rates falling by 2% to 68% over the past 12 months.
A number of self-storage providers have chosen to shield their customers from cost increases by phasing them in over the course of the year.
Ollie Saunders, head of self-storage at Deloitte, said: "The introduction of VAT has meant that domestic customers have seen some meaningful price increases, but it has not led to a significant impact on occupancy. Investors and operators are telling us that optimism is returning and the sector is not oversupplied."