With February behind us we can take a look and see how rates have changed from 2023 to now. For the month of February 2024 the average price per square ft was $1.19 which was a 17% decrease YoY compared to the average price per square foot in February 2023 which was $1.44.
It seems like rates are stabilizing to pre-pandemic numbers, while the facilities are able to keep their revenue high through existing customer rate increases.
*Average price per square foot data based on 10x10CC REIT data within the top 25 markets
Check out last months recap:
