With January coming to a close we can see how the rates have done compared with the same time last year.
In January 2022 the average price per square foot was $1.65. While this past month for January 2023 the average price per square foot had dropped to $1.41 per square foot. This was a 15% decrease.
With the recession getting into full swing, rates are reflecting the current state of the macro economy of the country. Self Storage has always been touted as being recession resilient, so it will be interesting to see if that title holds strong over the next couple of months.
Sourced from Radius+ data.