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With March coming to an end we are seeing rates start to stabilize and fall into traditional healthy patterns. The average price per square foot in the month of March 2021 was $1.55*. In 2022 the average price per square foot in March was $1.67*. This was almost a 7.6% increase from the previous year. 7.6% is almost in line with the cost of inflation, showing that things have slowed down in terms of rates increasing year over year.
Given these numbers, it will be interesting to see if rates stay around 7.6% higher than last year for the next few months. Will rates continue to stay higher than the previous year?
*(rounded to the second decimal)