With 2023 behind us, we can see how the average price per square foot for this past year overall compared to 2022.
The average price per square foot for the year 2022 was $1.67*, while the average price per square foot in 2023 was $1.42, a 15.5% decrease YoY.
This drop marks the asking rates in the self-storage industry stabilizing from the banner years of 2021 and 2022. It will be interesting to see where rates go in 2024 as interest rates start to come down and home transactions pick back up.
Average price per square foot data based on 10x10CC REIT data within the top 25 markets
