Section 4 • Rental Rates
rental rates of each year included in those tables show rates either decreasing or remaining flat. Conversely, the greatest increases in rental rates takes place during the second quarter of each year, which would include the spring to summer peak seasons for self-storage when tenants are more likely to be mov- ing or, for residential customers, it may be the result of spring- cleaning in their homes.
Although the data in Table 4.1 and Table 4.2 suggests that
rental rates will experience slight increases during the third quarter and then decrease in Q4 2015, the ever-increasing dem- and for self-storage coupled with the in- dustry’s current lack of supply may alter that fourth-quarter trend.
Table 4.3 – 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 2014 Q3 2014 Q4 2015 Q1 2015 Q2
Source: © 2015 REIS, INC.
Climate- Controlled
$1.09 $1.10 $1.11 $1.12 $1.12 $1.13 $1.14 $1.15 $1.14 $1.16 $1.19 $1.20 $1.18 $1.21 $1.25
Climate- Controlled
$1.40 $1.40 $1.42 $1.43 $1.43 $1.44 $1.46 $1.47 $1.46 $1.48 $1.52 $1.53 $1.51 $1.54 $1.60
Drilling down to
the national rental rates by square foot, as seen in Table 4.3, the second quarter of 2015 posted the highest amounts for both climate- and non-climate-con- trolled units—$1.60 and $1.25 per 100 square feet, respec- tively. The second most gainful period listed was the first
While national averages can offer
interesting insights, comparing those numbers to regional data can be equally informative for
developers and operators alike.
Comparing National And Regional Rates While national averages can offer interesting insights, com- paring those numbers to regional data can be equally infor- mative for developers and operators alike. Tables 4.4 and 4.5 provide averages for national and regional rental rates of climate- controlled and non-climate-controlled units.
As seen in both tables, the Northeast led the way with the
Chart 4.5 – Asking Rent for 10 x 20 Climate-Controlled Vs. Non-Climate-Controlled
$0.00 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00
Climate-Controlled 10 x 20 50 Self-Storage Almanac 2016 Non-Climate-Controlled 10 x 20
top rental rates for each reported unit size. Moreover, the high- est recorded rental rate in the Northeast was $332.33 for 10-by- 20 climate-controlled units, exceeding the national average for that unit size and type by an astounding $77.33. In addition, all of the rental rates reported by the Northeast were well above the national average. The West was the only other region to report rental rates above the national average for non-climate-controlled units.
Across the board, as shown in Table
4.4, the West posted the second highest rental rates for non-climate-controlled units of each listed unit size, followed by the South Atlantic region, the Midwest, and the Southwest. The lowest reported rental rate for non-climate-controlled units was $42.46 for 5-by-5s in the Southwest, which was $14.41 below the national average and $23.22 less than the Northeast.
Source: © 2015 REIS, INC.
On the other end of the spectrum, the Northeast’s rental rate for 10-by-20s
quarter of 2015, during which non-climate-controlled units av- eraged $1.21 per 100 square feet and climate-controlled units were $1.54 per 100 square feet.
Similar to the data in Tables 4.1 and 4.2, rental rates
experienced slight dips each year from the third quarter to the fourth quarter on a per-square-foot basis. For example, both climate-controlled and non-climate-controlled units had rental rate decreases of two cents per 100 square feet from the third quarter to the fourth quarter in 2014. Then, as in previous years, those rates increased by three cents per 100 square feet from the fourth quarter of 2014 to the first quarter of 2015.
2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2
Asking Rent
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
