Price per square foot has always been a strong indicator of the health of the Self Storage industry. Three Markets in particular stood out as having a large increase in rates when compared to the same time last year.
In Q1 of 2021 the average price per square foot in the Atlanta-Sandy Springs-Roswell, GA was $1.24, while in Q1 of 2022 it was $1.58 which was a 27% increase year over year.
Tampa-St. Petersburg-Clearwater, FL had an average price per square foot of $1.35 in Q1 of 2021 which increased to $1.69 in Q1 2022 seeing a 25% increase year over year.
Houston-The Woodlands-Sugar Land, TX had an average price per square foot of 1.17 in Q1 2021 which rose to $1.43 in Q1 2022. An increase of 22% year over year.
These three markets saw exceptional growth in their rates from Q1 2021 to Q1 2022, and should be on the watch list for the rest of the year to see if their high price per square foot stays strong.