Section 3 • Rental Rates
sizes in every region had a drop in rental rates for that specific time frame but one: Rental rates for climate controlled 10-by-15 units in the Midwest had a small increase of 0.3 percent. On the contrary, climate controlled 5-by-10 units in the Midwest experi- enced a 1.7 percent decline in rental rates from the third quarter of 2013 to the fourth quarter of 2013—the greatest decrease in rental rates for climate controlled 5-by-10 units of any region. Another noteworthy statistic is that climate controlled 5-by-
5 units in the Northeast had the greatest decline in rental rates from third quarter 2013 to fourth quarter 2014 with a 1.9 percent decrease. Not including the 0.3 per- cent increase in the Midwest, the smallest decrease in rental rates from third quarter 2013 to fourth quarter 2013 was that of climate controlled 5-by-5 units in the West with a 0.1 percent drop. Both climate-controlled and non-climate con-
trolled units of all sizes within all regions experi- enced rental rate increases after the declines that occurred from third quarter 2013 to fourth quarter 2013. Most notable is the nationwide increase in rental rates for all sizes of both climate-controlled and non-climate controlled units from the first quarter of 2014 to the second quarter of 2014. On the lower end, non-climate controlled 10-by-15 and 10-by-20 units experienced 2.5 percent increases in asking prices during that time frame. All of the other three unit sizes (5-by-5s, 5-by-10s,
and 10-by-10s) had rental rates that increased by 2.8 percent from first quarter 2014 to second quarter 2014. Climate controlled units across the nation had a slightly greater increase in rental rates compared to non-climate controlled units during that time period. Both 10-by-15 and 10-by-20 climate con- trolled units experienced a 2.9 percent increase in
Table 3.16 – National Rental Rates
by Square Foot (Per 100 Square Feet)
Non-
Year 2011 Q4
2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
Source: © 2014 REIS, INC. 54 Self-Storage Almanac 2015
Climate Controlled
$1.09 $1.09 $1.11 $1.12 $1.12 $1.13 $1.14 $1.15 $1.14 $1.16 $1.19
Climate Controlled
$1.39 $1.39 $1.41 $1.42 $1.42 $1.43 $1.45 $1.46 $1.45 $1.47 $1.52
rental rates, while 5-by-5 and 10-by-10 climate controlled units had rental rates increase by 3.1 percent. The greatest national increase for climate controlled units was that of 5-by-10 units at 3.2 percent. Of course, a closer look at the first quarter 2014 to second
quarter 2014 time frame by region shows some unit sizes expe- riencing rental increases both above and below the national av- erage. For example, for climate controlled 5-by-10 and 10-by-10 units the Northeast had rental rate increases of 3.7 percent—0.5
Table 3.17a – Regional Rental Rates
by Square Foot (Per 100 Square Feet)
Non-
Region & Year
Climate Controlled
Midwest 2011 Q4 $0.87 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
$0.88 $0.89 $0.90 $0.90 $0.90 $0.92 $0.94 $0.93 $0.94 $0.97
Northeast 2011 Q4 $1.41 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
$1.41 $1.42 $1.43 $1.43 $1.44 $1.45 $1.46 $1.44 $1.47 $1.52
South Atlantic 2011 Q4 $1.02 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
$1.03 $1.03 $1.05 $1.05 $1.05 $1.06 $1.06 $1.05 $1.07 $1.10
Source: © 2014 REIS, INC.
Climate Controlled
$1.28 $1.29 $1.31 $1.34 $1.34 $1.34 $1.36 $1.38 $1.37 $1.39 $1.43
$1.74 $1.75 $1.76 $1.76 $1.76 $1.77 $1.79 $1.82 $1.80 $1.83 $1.90
$1.37 $1.38 $1.40 $1.41 $1.40 $1.41 $1.42 $1.43 $1.42 $1.44 $1.49
Region & Year
Table 3.17b – Regional Rental Rates
by Square Foot (Per 100 Square Feet)
Non-
Climate Controlled
Southwest 2011 Q4 $0.81 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
$0.82 $0.83 $0.84 $0.84 $0.85 $0.87 $0.88 $0.88 $0.89 $0.91
West 2011 Q4 $1.23 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
$1.24 $1.26 $1.28 $1.28 $1.28 $1.29 $1.30 $1.30 $1.32 $1.35
National 2011 Q4 $1.09 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
Source: © 2014 REIS, INC.
$1.09 $1.11 $1.12 $1.12 $1.13 $1.14 $1.15 $1.14 $1.16 $1.19
Climate Controlled
$1.16 $1.16 $1.19 $1.20 $1.21 $1.22 $1.24 $1.26 $1.24 $1.26 $1.30
$1.39 $1.39 $1.40 $1.42 $1.42 $1.42 $1.44 $1.45 $1.44 $1.45 $1.48
$1.39 $1.39 $1.41 $1.42 $1.42 $1.43 $1.45 $1.46 $1.45 $1.47 $1.52
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