Self-storage rental rates declined an average of 1 percent across the United States in August, according to the monthly Self Storage Rent Index maintained by Storage Seeker, an online self-storage directory and price aggregator. The decline marked the end of five consecutive months of rate growth dating back to March, according to a press release.
The index displays the percent increase or decrease in prices for the top 50 “major markets.” Jefferson, La., in the New Orleans Metropolitan Statistical Area (MSA) showed the largest average decline in August at 21 percent, while units in Modesto, Calif., posted the largest increase at 15.5 percent.
After Jefferson, the top five cities showing price reductions were Plymouth, Mass. (8.8 percent); St Louis (6.8 percent); Oakland, Calif. (6.6 percent); Nashville, Tenn. (5.6 percent); and Raleigh, N.C. (5.5 percent). All other cities in the top 50 had declines of less than 5 percent, with half below 2 percent.
The largest price increases behind Modesto were Corona, Calif. (9.7 percent); Lexington, S.C. (7.1 percent); Fontana, Calif. (5.8 percent); and San Francisco (4.8 percent). Among the top 10 growth markets, six were in California. In the top 50, 28 cities posted average rate increases below 2 percent and 10 markets indicated no increase at all.
Launched in December, the index tracks self-storage rent changes at same-store units in more than 3,000 cities across the nation, according to the company.
Based in Dover, Del., StorageSeeker.com allows consumers to compare self-storage unit prices at different facilities, while also providing some discounted rental rates or move-in specials when a unit is reserved online, according to the release.
