Rental Rates • Section 8 As previously discussed, only the rates for 10-by-20 units
exceeded July 2016 pricing. For non-climate-controlled units, Q2 2017 rates surpassed 2017 by nine cents per square foot. For climate-controlled units, pricing was exceeded by one cent per square foot.
With the exception of 10-by-20 units, rates per square
foot for non-climate-controlled units in Q2 2017 exceed- ed Q3 2016 unit rates by no more than three cents. And, while the rates for 10-by-15 units match for Q2 2016 and Q3 2017, it is essential to remember that the quarterly rates are the average of the three-month quarter that have been averaged out.
The 5-by-5 climate-controlled units for the East South Cen-
tral, as seen in Table 8.21, show the biggest gap in per square foot price between Q3 2016 and Q2 2017 at approximately 81 cents per square foot. For all other climate-controlled units in the East South Central subregion, except for 10-by-20s, which posted a gain, there was no more than a five-cent per square foot lag behind Q3 2016.
Table 8.22 compares the monthly rental rates for climate-
controlled vs. non-climate-controlled units in the West South Central subregion of the South.
The largest lag in climate-control pricing occurred for
10-by-20 units, which dropped $12 below July 2016’s posted $182.90 per month. The 10-by-15-unit price was able to jump back from a low of $136.20 in January of this year to $144.50 in June of 2017—an increase of $8.30. For 10-by-10 units, all but $2.70 was recouped from July 2016 to June 2017.
While none of the non-climate-controlled units came
back up to the July 2016 pricing, 5-by-5 units only lagged by $1.50. Faring a little better were the 5-by-10 units, coming in at $3.80 under July 2016’s $56.40. The largest units (10-by- 20s) came back to within $7.60 of the July 2016 numbers, with 10-by-10s trailing by $8.30. And 10-by-15 units came back up to $97.50—a $17.50 lag from July 2016’s $115.
Three-month quarterly rental rate data for the West
South Central subregion of the South appears in Tables 8.23 and 8.24 and is reflective of the trends seen in Table 8.22.
7/1/16 8/1/16 9/1/16
10/1/16 11/1/16
$51.80 $56.90 $56.30
12/1/16 $44.00 1/1/17 2/1/17 3/1/17 4/1/17 5/1/17 6/1/17
$48.80 $52.60 $52.60 $54.00 $55.10 $56.40
$77.00 $76.70 $75.30
$67.10 $65.30 $68.30 $71.90 $72.40 $74.20 $75.50 $79.50
$115.30
$112.60 $111.90
$104.60 $102.60 $105.00 $108.80 $108.70 $111.20 $112.20 $112.60
$147.90
$144.90 $148.10
$53.70 $70.90 $108.80 $143.50 $47.70
$143.40 $140.30 $136.20 $141.40 $142.80 $147.60 $149.20 $144.50
Source: Union Realtime and the 2017 Self-Storage Almanac
2016 Q3 $1.51 $1.06 $0.80 $0.69 $0.60 2016 Q4 2017 Q1 2017 Q2
Source: Union Realtime and the 2017 Self-Storage Almanac
$1.31 $0.94 $0.74 $0.62 $0.57 $1.38 $0.96 $0.74 $0.62 $0.56 $1.46 $1.03 $0.77 $0.65 $0.58
2016 Q3 $2.21 $1.53 $1.13 $0.98 $0.89 2016 Q4 2017 Q1 2017 Q2
Source: Union Realtime and the 2017 Self-Storage Almanac 2018 Self-Storage Almanac 99
$1.94 $1.36 $1.05 $0.95 $0.86 $2.04 $1.41 $1.07 $0.93 $0.87 $2.21 $1.53 $1.12 $0.98 $0.87
$182.90
$178.60 $176.20 $175.70 $172.90 $167.90 $171.00 $176.20 $176.20 $174.20 $174.60 $170.90
$39.50 $37.60 $36.30 $34.50 $32.60 $31.10 $33.90 $34.80 $34.70 $35.10 $36.40 $38.00
$56.40 $52.30 $50.80
$86.20 $78.20 $77.30
$49.40 $76.00 $46.70 $45.30 $47.80 $48.80 $48.30 $49.90 $51.30 $52.60
$72.30 $73.60 $74.50 $74.50 $74.20 $75.50 $77.30 $77.90
$115.00
$100.00 $97.40 $94.90 $90.90 $91.30 $93.90 $93.30 $93.80 $96.40 $98.10 $97.50
$125.50 $119.10 $116.40 $115.10 $112.40 $116.30 $114.50 $111.60 $110.90 $113.90 $115.40 $117.90
For June of 2017, all rates dropped below the previous
year’s July average except for climate-controlled 5-by-5s and 5-by-10s, both of which boasted higher rental rates. The 5-by- 10 climate-controlled units jumped $2.50 cents ahead of $77 to $79.50. The jump was greater for 5-by-5s, which increased by $4.60 to $56.40.
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