Self-storage rents have stabilized following mostly a year of decline, RentCafe reported this week.
Nationally, rents for storage units were down 2.2% year over year in December and declined annually in 70% of the nation’s 150 largest cities, the company said.
The most significant drop was in Port St. Lucie, Florida, with a 12.9% decline, followed by Boston (-11.5%) and Fayetteville, North Carolina (-8.3%).
Paradise, Nevada saw the biggest annual jump in rents at 7.1%, followed by Yonkers, New York (5.7%). Most markets that experienced rent increases were undersupplied with units, according to RentCafe.
On a nationwide basis, storage rents have steadied since October, with the average street rate across the country remaining at $132 or roughly $1.10 per square foot for the third consecutive month.
“Signs point to market stabilization in 2025, as many oversaturated markets have scaled back new deliveries and demand normalizes following the pandemic-driven surge,” RentCafe wrote.
Despite declining rents, it was a strong year on the construction side, with about 59.5 million square feet of new space delivered, an increase of 7% over 2023, the company reported.
“Factors like increased moving activity, shrinking home sizes and undersupply in select markets are sustaining demand and driving further development in targeted areas,” RentCafe wrote.
