Thanks to positive fundamentals, 2021 is off to a good start for the self storage sector. Street-rate rents rose 3.5 percent for the average 10×10 non-climate-controlled and 2.3 percent for the climate-controlled units of similar size, year-over-year as of January. Overall, annual street rate performance was positive in about 87 percent of the top markets tracked by Yardi Matrix for the standard 10×10 non-climate-controlled units, whereas month-over-month rent rates remained unchanged for both climate- and non-climate-controlled units.
California metros took the lead in rent growth, with some markets experiencing almost double-digit year-over-year growth for climate-controlled units. Over the past 12 months, street-rate rents for the standard 10×10 climate-controlled units increased 9.7 percent in the Inland Empire, 9 percent in San Jose and 8 percent on the San Francisco Peninsula and the East Bay.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.