Rental Rates • Section 8 This trend is consistent for 10-by-10 non-climate-


controlled units, as seen in Chart 8.3. Rates in Q1 2016 were at $125.68. While increasing slightly to $129.23 in Q2 2016 and then dipping for the next three quarters, rates topped Q1 2016 at $125.99 for second quarter of 2017.


Similar to 5-by-10 units, rates for climate control did not


bounce back. While Q1 2016 saw rates at $158.25, increas- ing to $162.83 during Q2, after the decline over the next three quarters, rates only bounced back to $142.08 in Q2 2017—$16.17 less than the rate for Q1 of 2016.


Thanks to new data from


Union Realtime, regional rental rates are now reported on a monthly basis. In addition,


price per square foot rates are also reported regionally.


Rental rates for 10-by-15 units are compared in Chart 8.4


on page 94. Non-climate-controlled rates were at $162.94 during the first quarter of 2016, bumping up slightly to $167.59 during Q2, after which rates dropped slightly for the next three quarters. While bouncing back to $161.57 for Q2 2017, they did not quite reach the rate from the first quarter of 2016.


However, it is essential to remember, as stated pre-


viously, that Q1 rates for 2016 were based on the REIS numbers, which focused on metro areas with several states unreported. The Union Realtime numbers reflect a wider range of facilities in all areas—metro, suburban, and rural. Looking at the monthly reported rates from Union Real- time gives a more accurate snapshot of rental rate trends.


Chart 8.5 on page 95 compares rental rates for 10-by-


20 units. Climate-controlled unit rates peaked in Q2 2016 at $213.39, which represents a $6.14 increase over rates posted for the same type unit in Q1 2016. After seasonally dropping, rates came back up to $188.95 in Q2 2017.


Rate trends were similar for non-climate-controlled


units, which started at $162.94 in Q1 of 2016. After increas- ing to $167.59 in Q2, then dropping for the next three quarters, rates leveled out at $161.57 in Q2 of 2017, $1.37 less than the Q2 2016 rates.


Midwest Rental Rates Thanks to new data from Union Realtime, regional rental rates are now reported on a monthly basis. In addition,


2018 Self-Storage Almanac 93


price per square foot rates are also reported regionally. Monthly rental rates from July 2016 to June 2017 for climate-controlled and non-climate-controlled units in the East North Central sub- region of the Midwest are compared in Table 8.7 on page 94.


Across all climate-controlled unit sizes, rates reported for June 2017 exceeded rates for July of 2016. The most significant


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