Metro Areas • Section 8
one-story—and climate-controlled units instead of non- climate-controlled.
Although the difference between the simple and the com-
plex doesn’t result in a huge variance when it comes occupancy and rates, there is enough of a discrepancy to give an owner/ builder pause when considering a new facility.
Comparing 10-by-10 units in the top 50 metro areas in Table
8.14 on the next page, those located in non-climate-controlled, multi-story buildings consistently drew higher rents than the same type unit in a single-story building. This may be due in part to the fact that many single-story facilities are drive-up units with outside access, which may be considered less secure that those located within a closed building.
Drilling down the numbers in Q1 2013, the asking rent for a
non-climate-controlled unit in a multi-story facility was $137.23 as seen in Table 8.14. Conversely, the asking rent for the same unit in a single-story fa- cility sat at $97.43—a difference of $39.80. While rates increased for both building types through the second and third quarters, 4Q saw a drop in rates by 0.7 per- cent and 0.9 percent for multi-story and single- story rents, respectively.
Metro Submarket Name Chicago METRO
Central Chicago South Cook County single-story
Rates increased for non-cli-
mate-controlled units in 2014 for Q2; however, both Q3 and Q4 saw a slight decline in rates for those units. Although there was no drop in rates for 2015 Q3 for multi-story units, there was another 0.7 percent drop in rates for Q4, after which a steady increase fell back into place for both multi-story and sin- gle-story units.
The biggest increase
for both single-story and multi-story units came in the second quarter of 2015. The asking rent for a non-climate-controlled unit in a multi-story
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 Looking at the rental rates for climate-controlled units in
a multi-story facility, we see the same pattern emerge, with the first drop in rents seen in 4Q 2013. Subsequently, rates in- creased until the second half of 2014 when multi-story units saw a dip in rates for both the third and fourth quarters. Single- story, climate-controlled units, however, saw a dip in Q4 2013 and 4Q 2014. In addition, the biggest increases for this type of unit—4.0 and 3.6 percent, respectively—also came in 2Q 2015.
Trends in occupancy for the top 50 metro areas can be seen
in Table 8.15 on the next page. Both multi-story units and single- story units saw varied fluctuation in occupancy between Q1 2013 and Q2 2015. Unlike with rental rates, we see a very different trend in terms of the highest occupancy rates. For multi-story units, the
Table 8.12 – Chicago Sub-Market Rent Comparison 2014 Q2 (Non-Climate-Controlled) 5 x 5
5 x 10 $74.05
$67.42 $48.90 $45.71 $47.12 $40.61 $52.87 $56.66 $34.71 $35.91 $41.70 $73.48 $54.22
$103.55 $74.51 $72.41 $77.26 $62.45 $76.07 $78.24 $51.99 $58.05 $61.99 $115.40 $75.21
10 x 10
$118.31 $171.47 $115.24 $114.09 $118.12 $117.57 $122.14 $139.79 $82.79 $94.06 $95.48
10 x 15 10 x 20
Rental Rate Rental Rate Rental Rate Rental Rate Rental Rate $49.26
$146.46 $119.06
$145.60 $199.49 $143.71 $141.81 $149.50 $137.85 $161.03 $168.60 $103.48 $123.96 $120.27 $179.99 $154.05
$178.12 $271.55 $179.62 $179.29 $193.97 $157.01 $189.15 $232.37 $122.10 $147.78 $134.89 $240.15 $186.85
Source: © 2015 REIS, INC.
Table 8.13 – Chicago Submarket Rent Comparison 2014 Q2 (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
$69.25 $52.50 $58.39 $60.16 $41.95 $56.49 $63.56 $41.92 $49.97 $43.64 $63.81 $67.97
$103.83 $86.21 $84.63 $94.60 $74.96 $87.81 $110.85 $79.05 $84.96 $72.89 $97.85 $96.89
10 x 10
$160.51 $180.15 $143.80 $152.15 $165.91 $137.03 $137.56 $199.16 $138.66 $140.91 $138.55 $164.44 $152.42
$212.99 $240.38 $185.51 $206.08 $218.29 $173.29 $188.70 $258.97 $165.49 $211.55 $180.87 $210.88 $198.69
facility rose to $152.91 and the asking rent for a non-climate- controlled unit in a single-story facility increased to $109.71— a difference of $43.70.
10 x 15 10 x 20
Rental Rate Rental Rate Rental Rate Rental Rate Rental Rate $59.16 $93.31
$252.78 $281.35 $224.62 $238.54 $259.67 $208.24 $221.02 $303.56 $199.46 $254.86 $201.95 $278.97 $244.00
Source: © 2015 REIS, INC. 2016 Self-Storage Almanac 101
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