Section 3 • Rental Rates
controlled 10-by-10 units at single-story facilities was re- ported at nearly $30 less than the rental rate for climate controlled 10-by-10 units at multi-story facilities. The higher rental rates at multi-story facilities may correlate with the fact that expensive land prices in downtown ar- eas may require developers to build up rather than out, resulting in storage spaces at premium prices.
Metro Rental Growth On national and regional levels, all facilities reported rental rate growth. However, some metro areas posted substantial growth compared to the overall average. The rental rate growth for non-climate controlled 10- by-10 units in metro areas produced noteworthy results. The national average rental rate increase for non-
climate controlled 10-by-10 units was 2.8 percent for the first quarter of 2014 to the second quarter of 2014, while Denver experienced 4.9 percent rental growth during that period. Austin had the second greatest rental rate
growth with 4.5 percent, which was 1.7 percent above the national aver- age. Chicago, Northern New Jersey, and Suburban Maryland reported strong growth as well, with 4.4 percent rental rate increases. Nevertheless, the list of top metro areas changes quite a bit when
a year’s worth of data is compiled. Although Denver remained in the number one slot for rental growth from third quarter 2013 to second quarter 2014 with 12 percent, Fort Lauderdale and Minneapolis landed the second and third spots with 9.5 percent and 7.6 percent, respective- ly. Northern New Jersey was ranked fourth with 7 percent and Chicago was fifth with 6.9 percent rental growth for non-climate controlled 10-by-10 units. Perhaps more impressive than the rental growth these metro areas
experienced throughout 2014 is the fact that many are expected to have continued growth over the next five years, according to REIS, Inc. The company places Denver at number one for one-year, three-year, and five-year forecasted rental growth with 9.7 percent rent growth, 7.1 per- cent rent growth, and 5.2 percent rent growth, respectively. Other than Denver, Fort Lauderdale is the only other metro area to make it on all three forecasted rental growth tables.
Table 3.25a – Chicago Sub-Market Rental Rate Comparison (2014 Q2) Non-Climate
Metro Submarket Name Chicago METRO
Chicago Central Chicago Chicago South Cook County
Chicago Glendale Heights/Schaumburg/Palatine Chicago Downers Grove/Woodridge/Lisle Chicago Aurora/Naperville/Wheaton Chicago Oak Park/O'Hare/Wheeling Chicago Glenview/Evanston Chicago Far West Suburbs Chicago Lake County
Chicago Joliet/Far Southwest Chicago South Shore
* Data Not Available
Table 3.25b – Chicago Sub-Market Rental Rate Comparison (2014 Q2) Climate
Climate
Metro Submarket Name Chicago METRO
Chicago Central Chicago Chicago South Cook County
Chicago Glendale Heights/Schaumburg/Palatine Chicago Downers Grove/Woodridge/Lisle Chicago Aurora/Naperville/Wheaton Chicago Oak Park/O'Hare/Wheeling Chicago Glenview/Evanston Chicago Far West Suburbs Chicago Lake County
Chicago Joliet/Far Southwest Chicago South Shore
* Data Not Available 58 Self-Storage Almanac 2015
Occupancy Rate 90.3%
88.2% 88.9% 90.8% 91.7% 93.9% 89.4% 92.5% 90.1% 93.5% 91.0% 88.1%
Controlled 5 x 5 Rent
$59.16 $69.25 $52.50 $58.39 $60.16 $41.95 $56.49 $63.56 $41.92 $49.97 $43.64 $63.81
Controlled 5 x 10 Rent
$93.31
$103.83 $86.21 $84.63 $94.60 $74.96 $87.81 $110.85 $79.05 $84.96 $72.89 $97.85
Climate
Controlled 10 x 10 Rent
$160.51 $180.15 $143.80 $152.15 $165.91 $137.03 $137.56 $199.16 $138.66 $140.91 $138.55 $164.44
Occupancy Rate 90.3%
88.2% 88.9% 90.8% 91.7% 93.9% 89.4% 92.5% 90.1% 93.5% 91.0% 88.1%
Controlled 5 x 5 Rent
$49.26 $67.42 $48.90 $45.71 $47.12 $40.61 $52.87 $56.66 $34.71 $35.91 $41.70 $73.48
Non-Climate Controlled 5 x 10 Rent
$74.05
$103.55 $74.51 $72.41 $77.26 $62.45 $76.07 $78.24 $51.99 $58.05 $61.99 $115.40
Non-Climate Controlled 10 x 10 Rent
$118.31 $171.47 $115.24 $114.09 $118.12 $117.57 $122.14 $139.79 $82.79 $94.06 $95.48
$146.46
Non-Climate Controlled 10 x 15 Rent
$145.60 $199.49 $143.71 $141.81 $149.50 $137.85 $161.03 $168.60 $103.48 $123.96 $120.27 $179.99
Non-Climate Controlled 10 x 20 Rent
$178.12 $271.55 $179.62 $179.29 $193.97 $157.01 $189.15 $232.37 $122.10 $147.78 $134.89 $240.15
Source: © 2014 REIS, INC.
Climate
Controlled 10 x 15 Rent
$212.99 $240.38 $185.51 $206.08 $218.29 $173.29 $188.70 $258.97 $165.49 $211.55 $180.87 $210.88
Climate
Controlled 10 x 20 Rent
$252.78 $281.35 $224.62 $238.54 $259.67 $208.24 $221.02 $303.56 $199.46 $254.86 $201.95 $278.97
Source: © 2014 REIS, INC.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132
