With May coming to a close, we can see how the rates have compared to last year.
In May 2022, the average price per square foot was $1.82. While this past month, for May 2023, the average price per square foot had dropped to $1.56 per square foot. This was a 14.5% decrease year over year.
While this is a large YoY decrease, when we compare the average price per square foot of May 2019, before COVID-19 had struck the average price per square foot was $1.37. Making the percentage change from May 2019 to May 2023 a 14% increase. We miss the full picture when comparing the monthly average price per square foot to the rates of 2022, when storage had unprecedented demands. But when we see how it is doing against pre-COVID demand, we can see that the industry is in a great place.
Pros and Cons of Self Storage SBA Loans vs. Traditional Loans
Decide wisely between SBA and traditional loans for your self-storage business. SBA offers lower down payments, but traditional loans provide lender reliability. Make informed investment choices for your storage facility.