The San Francisco-Oakland-Hayward, CA CBSA has been touted as having some of the most expensive real estate in the country. www.zumper.com/rent-research/san-francisco-ca reports that as of September 2023 the average one month rent of a one-bedroom apartment in San Francisco is $2,995.
With this in mind the Radius+ team took a look to see how rates fared in this market.
From year to date in 2023 the average price per square foot was $2.18, while in the same time frame in 2022 it was $2.49 marking a 12.6% decrease.
In 2021 supply grew by 1.4%. In 2022 it only grew by 1.3%, and in 2023 so far supply has grown by 1.3%. Understanding that new supply is slowly being added, the cool down of rates seems to be demand stabilizing from the all time highs of 2022, rather than rates being suppressed by an influx of new openings in this market.
All Self Storage related data sourced from the Radius+ Platform.