Rental Rates • Section 8
Central region of the Midwest occurred between Decem- ber 2019 and May 2020. And seven of the 10 unit sizes and types reported their bottommost rates in either April or May of 2020. Climate-controlled 5-by-5s was the only unit size to experience the normal seasonal uptick in the second quarter of 2020 after a first quarter of lower rates; its lowest rental rate ($45.98) was recorded for March 2020. All other climate- controlled unit sizes posted their weakest rates in May 2020, before making minimal gains in June 2020. In 2020, the greatest rebound in one month was reported for climate- controlled 10-by-20s, which increased from $169.14 in May to $175.50 in June. However, that rental rate is $47.75 less than that size’s high of $223.25 in November 2016. Tables 8.9 and 8.10, which provide data on a quarterly basis, show that the lowest rental rates per square foot for all climate-controlled and non-climate-controlled unit sizes were in 2020. The bot- tom rate of $0.55 per square foot for non-climate-controlled 10-by-20s was actually reported for five of the quarters listed in Table 8.9, including the first quarter of 2018, the first quar- ter of 2019, and the fourth quarter of 2019 as well as Q1 and Q2 of 2020.
Northeast (Middle Atlantic) (Tables on page 76) Also known as the Mid-Atlantic region, this area consists of three states: New Jersey, New York, and Penn- sylvania. Major MSAs in the Northeast (Middle Atlantic) include Albany, N.Y.; Allentown- Bethlehem-Easton, Pa.;
Buffalo,
N.Y.; Harrisburg-York-Lebanon, Pa.; New York-Newark, N.Y.-N.J.; Phil- adelphia, Pa.;
largest city is New York City. In the Middle Atlantic area of
the U.S., rental rates for all unit sizes and types were began inch- ing up in March 2020 after months of gradual declines in 2019 and into 2020. But those increases were short lived, as rental rates for every size of climate-controlled and non-climate-controlled units took a hit in April 2020. Of all unit sizes and types, climate-controlled 10-by-20s endured the greatest rate decline that month, dropping to $270.38 from $284.54 in March 2020—a $14.16 decrease. Howev- er, that specific unit size and type also noted the largest increase from May 2020 to June 2020, re- gaining slightly more than that loss ($14.67) and ending Q2 2020 at
Rochester, N.Y.; Scranton-Wilkes Barre, Pa.; and Syracuse, N.Y.
Pittsburgh, Pa.; Its
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18
Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
$278.67. Non-climate-controlled 5-by-5s reported the small- est reduction in April 2020, losing $2.14 before rebounding to $54.23 in May 2020 and then gaining another $2 in June 2020 to end the second quarter at $56.48. Seven of the 10 unit sizes in Table 8.11 posted their lowest rates in May 2020, but every unit size experienced rental rate increases in June 2020. The most modest rental rate increase in June 2020 was reported for non-climate-controlled 10-by-20s, which inched up $1.46 to $190.62 after its bottommost rental rate of $189.16 in May 2020.
When looking at rental rates by square foot in Tables 8.12
and 8.13, non-climate-controlled units actually fared worse from the end of 2016 to the beginning of 2017 than they did in 2020. What’s more, all sizes of non-climate-control units re- ported their strongest rental rates per square foot in the third quarter of 2019. For non-climate-controlled 10-by-20s, the difference from the highest and lowest quarters in Table 8.12 was $0.48. Conversely, the second quarter of 2020 was the softest for rental rates of four out of five climate-controlled unit sizes; the exception, climate-controlled 5-by-5, reported its bottommost rental rate per square foot in the fourth quar- ter of 2019 at $2.15—a $0.66 decrease from its high of $2.81 in the third quarter of 2016.
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Source: Radius+ 2021 Self-Storage Almanac 71
$2.15 $2.16 $2.16 $2.21 $2.25 $2.25 $2.27 $2.26 $2.22 $2.18 $2.16 $2.15 $2.15 $2.14 $2.15 $2.21 $2.25 $2.27 $2.27 $2.24 $2.17 $2.14 $2.10 $2.10 $2.11 $2.10 $2.12 $2.08 $2.05 $2.11
$1.61 $1.61 $1.61 $1.64 $1.67 $1.68 $1.71 $1.69 $1.68 $1.65 $1.64 $1.62 $1.62 $1.61 $1.63 $1.66 $1.70 $1.71 $1.69 $1.67 $1.61 $1.60 $1.58 $1.57 $1.58 $1.57 $1.58 $1.54 $1.53 $1.57
$1.26 $1.27 $1.27 $1.30 $1.31 $1.32 $1.33 $1.32 $1.30 $1.28 $1.28 $1.26 $1.26 $1.27 $1.28 $1.31 $1.33 $1.34 $1.32 $1.31 $1.28 $1.27 $1.25 $1.24 $1.24 $1.23 $1.24 $1.20 $1.19 $1.22
$1.11 $1.11 $1.11 $1.12 $1.13 $1.14 $1.15 $1.15 $1.14 $1.12 $1.11 $1.10 $1.09 $1.10 $1.13 $1.14 $1.15 $1.17 $1.16 $1.14 $1.12 $1.11 $1.10 $1.09 $1.09 $1.09 $1.09 $1.05 $1.04 $1.07
$1.07
$1.08 $1.06 $1.06 $1.08 $1.08 $1.10 $1.10 $1.08 $1.07 $1.06 $1.06 $1.06 $1.07 $1.10 $1.11 $1.11 $1.11 $1.10 $1.08 $1.06 $1.07 $1.06 $1.04 $1.03 $1.04 $1.06 $1.01 $1.01 $1.05
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