05 May 2025
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.
(10x10 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.
