Rental Rates • Section 8
with 10-by-10s only showing a 10-cent loss when comparing July 2016 to June 2017 unit prices. The most significant drop occurred for 10-by-20 units, which lagged behind July 2016 pricing by $7.50.
... these slight rate drops are proof that the self-storage industry as a
whole has been able to successfully regulate rental rates to match current market conditions.
Non-climate-controlled units in this area of the coun-
try did not fare as well. This is best exhibited with 10-by-15 units. Starting out the comparison in July of 2016, these units showed a rental rate of $231 per month; however, they dropped to a 12-month low of $197.10 in September of that year. Rates fluctuated over the following months ending with a reported rate of $211.40 in June of 2017. This equates to a drop of $19.60.
In addition, 10-by-20 non-climatized units dropped from $275.10 in July of 2016 to a low of $235.60 in September
of that year, followed by a gradual increase to $257.90 in June of 2017—still $17.20 less than the earlier 2016 pricing. Other unit sizes fared better on a month-to-month basis, with 5-by-5s taking the smallest hit ($4.80). Non-climate- controlled 5-by-10 and 10-by-10 units lagged in the eight- dollar range.
Rental rates per square foot for the Pacific subregion of the
West are shown in Tables 8.29 and 8.30. Again, this gives the three-month average per quarter. Non-climate-controlled rents for 10-by-10s and 10-by-15s, for instance, show no year- over-year loss when examined by quarter. In addition, when examined by quarterly average instead of the highs and lows month-by-month, climate-controlled units on a square foot basis show no decline year over year.
While, overall, many of the unit sizes and types reported
in these tables experienced declines in rental rates from July 2016 to June 2017, the losses really were minimal when examined by square footage. Moreover, considering the dramatic increase of new self-storage supply across the na- tion throughout this time frame, these slight rate drops are proof that the self-storage industry as a whole has been able to successfully regulate rental rates to match current market conditions.
7/1/16 8/1/16 9/1/16
$75.30 $71.40 $69.20
10/1/16 $68.60 11/1/16 $68.50 12/1/16 $65.20 1/1/17 2/1/17 3/1/17 4/1/17 5/1/17 6/1/17
$66.00 $67.40 $70.10 $72.80 $73.30 $71.30
$118.20 $114.50 $112.20 $111.30 $107.40 $107.90 $108.80 $108.90 $112.10 $115.30 $116.00 $116.30
$196.70
$187.00 $184.20 $183.00 $180.40 $178.10 $182.60 $186.50 $187.10 $195.10 $194.90 $196.60
Source: Union Realtime and the 2017 Self-Storage Almanac
2016 Q3 $2.80 $1.97 $1.64 $1.43 2016 Q4 2017 Q1 2017 Q2
$2.63 $2.00 $1.58 $1.40 Source: Union Realtime and the 2017 Self-Storage Almanac
$1.23
$2.55 $1.93 $1.57 $1.39 $1.25 $2.64 $1.99 $1.64 $1.43
$1.33 $1.28
2016 Q3 $2.87 $2.29 $1.89 $1.61 2016 Q4 2017 Q1 2017 Q2
Source: Union Realtime and the 2017 Self-Storage Almanac 2018 Self-Storage Almanac 101
$1.62
$2.70 $2.18 $1.80 $1.54 $1.49 $2.71 $2.20 $1.85 $1.58 $1.58 $2.90 $2.32 $1.96 $1.68
$1.63
$254.60 $239.70 $235.40 $236.40 $231.90 $225.60 $235.40 $238.00 $237.90 $247.00 $249.60 $257.20
$330.60 $327.20 $317.40 $307.40 $293.30 $292.10 $315.60 $322.40 $312.80 $324.50 $331.30 $323.10
$72.80 $71.10 $66.80 $66.90 $66.10 $64.60 $64.50 $63.00 $63.20 $64.40 $65.70 $68.00
$107.80 $95.20 $94.40 $97.60 $99.60 $102.90 $98.00 $96.20 $95.30 $100.60 $98.70 $99.70
$175.00 $160.70 $158.80 $160.10 $160.00 $155.50 $156.40 $153.80 $158.90 $162.20 $162.60 $166.40
$231.00 $217.00 $197.10 $207.60 $213.70 $211.30 $204.20 $207.20 $214.90 $218.30 $216.30 $211.40
$275.10 $243.60 $235.60 $251.60 $276.10 $274.20 $250.40 $247.50 $252.70 $257.10 $255.20 $257.90
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