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Special Report

Self-Storage

September 2021

Self-storage sector outperforming. Although not exempt to the challenges posed by the health crisis, self-storage properties have demonstrated remarkable resilience over the past 18 months. Prior to 2020 the sector was contending with the detrimental impact of record construction activity on rents. The swift adoption of remote learning and working practices, as well as migration to less dense areas, created new needs for storage units. This jump in demand has lowered the national vacancy rate to a multidecade low of 5.5 percent in June and revived rent growth across the country. The average asking rent for a standard 10-foot by 10-foot unit has climbed from a trough of $1.13 per square foot in the second quarter of 2020 to $1.24 in June of this year, a value not seen since mid-2016.
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