Section 4 • Rental Rates
units in the Northeast had rental rate increases in the high-2 percent to low-4 percent range, as seen in Tables 4.11 and 4.12.
When looking at year-over-year growth
in the Northeast, the most significant gains were for climate-controlled 10-by-15 units from the second quarter of 2014 to the second quarter of 2015 with a rental rate increase of almost $27.
For non-climate-controlled 5-by-5s, the second quarter of
2015 had a slightly smaller rate increase than the second quarter of 2014, with 2.8 percent compared with 3 percent. All of the
Change in Non-Climate- Year
2011 Q4 $59.13 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
$59.58 $60.27 $60.49 $60.67 $61.41 $61.84 $62.09 $61.52 $61.81 $63.69 $63.87 $63.08 $63.92 $65.68
* Data Not Available Climate- Year
2011 Q4 $77.22 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
$77.28 $78.03 $79.16 $79.33 $79.29 $80.28 $80.43 $78.92 $79.66 $82.08 $82.73 $81.68 $82.62 $85.99
* Data Not Available 54 Self-Storage Almanac 2016
Change in Climate-
*
0.1% 1.0% 1.4% 0.2% -0.1% 1.2% 0.2% -1.9% 0.9% 3.0% 0.8% -1.3% 1.2% 4.1%
Table 4.12 – Northeast Rental Rates (Climate-Controlled Asking Rent) Change in
Climate-
$112.93 $113.69 $115.53 $117.25 $118.55 $118.31 $119.89 $120.85 $119.14 $120.67 $124.99 $125.12 $122.99 $125.39 $130.43
Climate- *
0.7% 1.6% 1.5% 1.1% -0.2% 1.3% 0.8% -1.4% 1.3% 3.6% 0.1% -1.7% 2.0% 4.0%
Climate-
Asking Rent $179.66
$180.34 $181.63 $182.21 $182.29 $183.10 $185.34 $187.64 $186.17 $189.19 $196.05 $196.79 $194.02 $197.88 $205.65
Change in Climate-
Asking Rent *
0.4% 0.7% 0.3% 0.0% 0.4% 1.2% 1.2% -0.8% 1.6% 3.6% 0.4% -1.4% 2.0% 3.9%
Climate-
Asking Rent $236.29
$237.11 $238.63 $239.56 $241.08 $244.76 $246.32 $247.42 $245.32 $250.32 $257.94 $258.59 $255.69 $261.43 $270.85
Change in Climate-
Asking Rent *
0.3% 0.6% 0.4% 0.6% 1.5% 0.6% 0.4% -0.8% 2.0% 3.0% 0.3% -1.1% 2.2% 3.6%
Climate-
Asking Rent $293.56
$293.49 $296.37 $297.68 $299.98 $304.55 $305.17 $305.94 $302.42 $307.83 $317.16 $317.37 $314.28 $321.95 $332.33
Non-Climate- *
0.8% 1.2% 0.4% 0.3% 1.2% 0.7% 0.4% -0.9% 0.5% 3.0% 0.3% -1.2% 1.3% 2.8%
other sizes for non-climate-controlled units in the Northeast posted the largest rental rate increases during the second quar- ter of 2015, with 5-by-10s increasing by 3.2 percent, 10-by-10s by 3.8 percent, 10-by-15s by 3.1 percent, and 10-by-20s by 3.3 percent.
The highest rate increase in the Northeast is for climate-con-
trolled 5-by-5 units, which rose by 4.1 percent. On the other end of the scale, climate-controlled 10-by-20s saw the lowest rental rate increase in the second quarter of 2015 at 3.2 percent—still an admirable increase, with the unit’s rental rate enjoying an up- tick of nearly $11 over just one quarter.
When looking at year-over-year growth in the Northeast, the
most significant gains were for climate-controlled 5-by-5 units from the second quarter of 2014 to the second quarter of 2015 with a rental rate increase of almost 4.1 percent.
Table 4.11 – Northeast Rental Rates (Non-Climate-Controlled Asking Rent) Change in
Change in Non-Climate-
$87.32 $88.07 $88.81 $88.82 $89.41 $90.00 $90.68 $91.75 $90.50 $92.03 $94.69 $94.67 $93.32 $95.12 $98.13
Non-Climate- *
0.9% 0.8% 0.0% 0.7% 0.7% 0.8% 1.2% -1.4% 1.7% 2.9% 0.0% -1.4% 1.9% 3.2%
Controlled 5x5 Controlled 5x5 Controlled 5x10 Controlled 5x10 Controlled 10x10 Controlled 10x10 Controlled 10x15 Controlled 10x15 Controlled 10x20 Controlled 10x20 Asking Rent Asking Rent Asking Rent Asking Rent
Non-Climate- Asking Rent
$140.79 $141.14 $142.22 $142.75 $142.85 $143.82 $144.74 $145.55 $144.47 $146.89 $151.75 $151.58 $149.31 $152.20 $157.94
Non-Climate- Asking Rent
*
0.2% 0.8% 0.4% 0.1% 0.7% 0.6% 0.6% -0.7% 1.7% 3.3% -0.1% -1.5% 1.9% 3.8%
Non-Climate- Asking Rent
$180.20 $180.23 $182.45 $182.27 $183.28 $184.68 $184.53 $185.72 $184.17 $187.45 $192.62 $192.88 $190.20 $194.13 $200.12
Non-Climate- Asking Rent
*
0.0% 1.2% -0.1% 0.6% 0.8% -0.1% 0.6% -0.8% 1.8% 2.8% 0.1% -1.4% 2.1% 3.1%
Non-Climate- Asking Rent
$215.15 $216.84 $217.99 $219.30 $221.77 $223.77 $226.93 $229.07 $227.35 $231.64 $238.04 $238.59 $235.38 $240.25 $248.28
Non-Climate- Asking Rent
*
0.8% 0.5% 0.6% 1.1% 0.9% 1.4% 0.9% -0.8% 1.9% 2.8% 0.2% -1.3% 2.1% 3.3%
Source: © 2015 REIS, INC. Change in Change in
Change in Climate-
Controlled 5x5 Controlled 5x5 Controlled 5x10 Controlled 5x10 Controlled 10x10 Controlled 10x10 Controlled 10x15 Controlled 10x15 Controlled 10x20 Controlled 10x20 Asking Rent Asking Rent Asking Rent Asking Rent
Asking Rent *
0.0% 1.0% 0.4% 0.8% 1.5% 0.2% 0.3% -1.2% 1.8% 3.0% 0.1% -1.0% 2.4% 3.2%
Source: © 2015 REIS, INC.
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