Using StorTrack’s Explorer platform for rate analysis in new markets
Demand for self-storage in the U.S. remains high and rate activity continues to reflect this. StrorTrack‘s analysis of the last 3 years shows a steady growth in rates. In the analysis below of nationwide rates, 10×10 non-climate units in 2022 averaged $1.82 per square foot in 2022, up from $1.74 in 2021 and $1.53 in 2020. Meanwhile 10×10 climate-controlled units averaged $2.22 in 2022, up from $2.07 in 2021 and $1.71 in 2020 – reflecting a 26 percent increase over two years.
For reference, average rates (for all unit types) in 2022 were $1.92 per square foot, $1.84 in 2021 and $1.57 in 2022.
For operators, investors and developers, location and market conditions continue to be the main drivers of self-storage investments. Having insights into the rate trends at a micro-level is important and can be a deciding factor in the type of facility you build as well as its size and unit mix.
StorTrack’s Explorer market analysis platform provides you the tools you need to run a detail analysis of the conditions in any market, including rate trends over the last 3 years. Look into current and historical rates, for specific unit types/sizes, as well as rates for specific stores within the market. All of these tools are available for you to evaluate new markets swiftly and confidently.
*Available in the Explorer market analysis platform
Explorer is StorTrack’s market analysis platform for self-storage operators, investors and developers. Explorer is available for the evaluation of any primary, secondary and tertiary market in the US, Canada and the UK. Sign up free to start evaluating self-storage markets.
