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11 Jan 2022

REVIEW - A year on: How rates have been affected in the cities of the top 5 markets

James McLean

Union Realtime

Comparing the past 5 Markets from December 2020 to December 2021 showed just how resilient Self Storage was as an industry. COVID-19 took the world off guard, and devastated many industries.

However, with Self Storage, the rates in all but one of the top Markets generally trended upwards. This was indicative of there being high demand in those markets. It is significant to note that with everything going on, and the uncertainty of the pandemic- people still deemed Self Storage as a necessary expense. Self Storage gives people the option to protect their belongings, and keep it in one place when they are relocating or need to clear up space. With all the displacement brought on during COVID it is no surprise that renting a Self Storage unit was top of mind for many people.

New York City has led the country in Self Storage facilities being built in the past year. With this context- the rates trending slightly lower in 2021 makes more sense, as there was a large increase in supply as well as new projects in development. Although, I would wager that once new construction slows down in NYC and facilities begin to fill up- we can expect rates in NYC to increase as well.

Click here to view the report.