Storage Monitor: Top Markets for Rental Rate Growth

With the first three quarters of the year behind us, we now have a pretty good view of how self-storage rental rates fared in 2023.

The average self-storage rate in September 2023 across the entire SpareFoot was $91.80 per month, down 16.7% compared to last year. Looking at SpareFoot’s 200 most popular markets, average self-storage rates through the first nine months of the year totaled $96.53 a month, down 11.8% from the same period last year.

The decline in rates is due to a fall in storage demand following the pandemic, but that is just the national story. So far this year, several markets across the country have actually managed to take rental rate growth into positive territory. Based on reservation data from the SpareFoot network, there were 22 markets (out of 200 markets with the most reservations) that posted positive street rate growth for the first nine months of 2023, compared to the same period last year.

Let’s take a closer look at these high-performing markets:

Hialeah, FL

Del Rey Oaks, CA

Carson, CA

Top Performing Markets for Self-Storage Rental Rate Growth January – September 2023

Gearing up for the home stretch