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5 May, 2025
Analysis | Latest
April Recap 2025
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Written by James McLean

James McLean is the Head of Business Development at Radius+. James helps maintain external relationships with clients and assisting internally with the sales process. He also, manages internal data processes working alongside the operations team to ensure we are supporting high level data quality.

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With April behind us, the Radius+ team looked to see how rental rates have trended year over year.

In April 2024, the average price per square foot was $1.22.

In April 2025, it was $1.18, which marks a 3.7% decrease year over year.

April 2024 to April 2025 (10×10 CC for big 3 REITs (Public, EXR, CUBE) in top 25 markets)

This may be attributed to the California rent control bill SB709- https://legiscan.com/US/bill/SB709/2025

This law, if it passes, would limit the price increases on existing self-storage tenants. The jump in rates we see on the above graph in February could be attributed to the REITs’ reaction to the possibility of rent control laws being applied to self-storage.

Regardless of whether or not the bill passes in CA, I hope that this does not set a precedent and be applied to the rest of the Country.