Section 8 • Metro Areas
for instance, consistently had the lowest rental rates. For 5-by-5 and 5-by-10 units, the South Shore had the highest rates in both 2014 and 2015. This trend held despite the fact that there was a decrease in rents by $10.33 for 5-by-5 units and $13.85 for 5-by10 units.
In most industries, the old adage “keep it simple”
works best. That is not, however, necessarily true with self-storage. Complexity is consistently better.
For the Chicago area in general, all unit sizes showed an in-
crease over the 2014 rents with the exception of 5-by-5 units, which saw a slight decrease in 2015. And while 10-by-10, 10- by-15, and 10-by-20 units had commanded the highest rents in Central Chicago for 2014, only the two larger-sized units saw this trend carried over for 2015. For 10-by-10 units, the highest rates for 2015 were found in the Glenview/Evanston market area.
Looking at the bigger picture, while national rental rates for
all non-climate-controlled unit sizes saw an increase in 2015, Chicago as a whole followed the trend with all sizes except the 5-by-5, which saw a decrease of almost $1.
The comparison for climate-controlled units can be seen in
Tables 8.11 and 8.13. Both the national numbers and those for Chicago as a whole saw a year-over-year increase for all unit sizes. While the South Shore metro area continued to have the highest rates for 5-by-5 units, Glenview/Evanston had the steep- est rates for all other climate-controlled unit sizes. For 2015, the lowest rates for 5-by-5 and 5-by-10 units were seen in the Joliet/ Far Southwest, with the lowest rates for 10-by-10s in the Oak Park/O’Hare/Wheeling metro area. For 10-by-15 and 10-by-20 climate controlled units, the lowest rates were collected in the Far West Suburbs.
When comparing these numbers to 2014, we see some simi-
Table 8.10 – Chicago Metro Area Rent Comparison 2015 2Q (Non-Climate-Controlled) 5 x 5
5 x 10
Metro Submarket Name Chicago METRO
Central Chicago South Cook County
Glendale Heights/Schaumburg/Palatine Downers Grove/Woodridge/Lisle Aurora/Naperville/Wheaton Oak Park/O'Hare/Wheeling Glenview/Evanston Far West Suburbs Lake County
Joliet/Far Southwest South Shore
National Average
$60.88 $49.76 $46.20 $46.99 $40.78 $54.08 $58.00 $35.66 $38.01 $36.59 $63.15 $56.87
$95.53 $76.94 $73.07 $76.17 $63.84 $79.07 $80.97 $53.19 $60.79 $64.37
$101.55 $79.12
10 x 10 10 x 15 10 x 20
$121.07 $157.93 $120.44 $115.81 $118.17 $119.53 $127.23 $160.12 $87.87
$103.95 $99.64
$150.38 $125.24
$156.80 $205.11 $151.19 $170.22 $167.52 $140.68 $168.65 $213.64 $117.11 $136.83 $125.21 $187.52 $162.22
Rental Rate Rental Rate Rental Rate Rental Rate Rental Rate $48.31 $74.32
$182.37 $254.77 $185.89 $182.89 $196.48 $158.69 $195.03 $235.19 $142.05 $158.00 $140.65 $218.69 $196.39
larity in trends that we saw for non-climate-controlled units. In fact, Glenview/Evanston had the steepest rates for all sizes except the 5-by-5s, which saw the lowest rates for 2014 in the Far West Suburbs— and the Aurora/Naper- ville/Wheaton metro area saw rates that were only three cents higher for that size unit. The highest and lowest rates for 10-by15 and 10-by-20 unit sizes remained the same with the Glenview/ Evanston and Far West Suburbs, respectively.
Source: © 2015 REIS, INC.
Table 8.11 – Chicago Metro Area Rent Comparison 2015 2Q (Climate-Controlled) 5 x 5
5 x 10
Metro Submarket Name Chicago METRO
Central Chicago South Cook County
Glendale Heights/Schaumburg/Palatine Downers Grove/Woodridge/Lisle Aurora/Naperville/Wheaton Oak Park/O'Hare/Wheeling Glenview/Evanston Far West Suburbs Lake County
Joliet/Far Southwest South Shore
National Average 100 Self-Storage Almanac 2016 $98.14
$71.03 $53.28 $58.93 $63.39 $47.04 $65.86 $69.45 $52.33 $51.56 $45.02 $72.57 $71.14
$107.43 $89.89 $88.80 $98.46 $80.14 $93.28 $117.40 $83.63 $86.91 $78.83
$107.56 $101.52
10 x 10
$167.88 $183.12 $150.81 $157.68 $173.19 $145.56 $143.62 $209.47 $146.69 $171.12 $146.82 $175.83 $159.95
$223.70 $249.45 $193.45 $218.41 $231.69 $180.17 $200.60 $276.08 $172.67 $223.44 $191.03 $229.39 $208.45
Look At The Multi-Story Factor In most
industries, 10 x 15 10 x 20
Rental Rate Rental Rate Rental Rate Rental Rate Rental Rate $63.35
$260.04 $284.51 $229.99 $247.02 $271.09 $212.01 $230.01 $319.59 $204.21 $265.16 $212.74 $292.07 $255.00
Source: © 2015 REIS, INC. the
old adage “keep it sim- ple” works best. That is not, however,
essarily true with self- storage. Complexity
nec- is
consistently better. The question is, what do we regard as complexities in self-storage? And the an- swer is actually not very complex. The two most common upgrades to a self-storage develop- ment are multiple-story buildings instead of
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 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152
