Self-storage prices across the country are down more than 14% in July compared to last year’s record setting year.
The average self-storage rate in July 2023 was $100.14, according to reservations made on SpareFoot.com That marks a decline of more than 2.8% from June 2023 where rates reached an average of $103.10.
That doesn’t bode well for operators if past trends hold up. Rates typically decline each month once peaking in the summer. The decline in rates from June to July suggest that prices may continue to drop for the remainder of 2023.
29 Self-Storage Markets with Positive Rate Growth
While overall rates are down from last year, some markets are experiencing a hot storage summer. SpareFoot analyzed its top 200 markets by total reservations to find the markets where operators are commanding positive rate growth:
| July 2022 | July 2023 | Percent change | |
| GAINESVILLE FL | $110.00 | $175.94 | 59.95% |
| SAN FRANCISCO CA | $138.69 | $198.00 | 42.77% |
| JERSEY CITY NJ | $109.12 | $153.93 | 41.07% |
| SANTA ANA CA | $126.94 | $167.30 | 31.79% |
| CARSON CA | $124.03 | $158.67 | 27.92% |
| IRVING TX | $80.32 | $100.10 | 24.62% |
| VAN NUYS CA | $157.64 | $182.60 | 15.83% |
| CONROE TX | $101.35 | $116.99 | 15.43% |
| MORGAN HILL CA | $116.04 | $129.29 | 11.42% |
| BOSTON MA | $173.35 | $191.44 | 10.44% |
| SAVANNAH GA | $129.35 | $139.36 | 7.74% |
| TOLEDO OH | $78.04 | $84.04 | 7.69% |
| COLUMBUS GA | $83.85 | $88.85 | 5.97% |
| HIALEAH FL | $160.92 | $170.45 | 5.92% |
| SAN JOSE CA | $119.11 | $126.00 | 5.79% |
| BALTIMORE MD | $87.78 | $92.80 | 5.73% |
| OMAHA NE | $70.83 | $74.44 | 5.09% |
| ALEXANDRIA VA | $110.05 | $115.59 | 5.03% |
| CLARKSVILLE TN | $93.65 | $98.31 | 4.98% |
| FORT COLLINS CO | $159.83 | $167.28 | 4.66% |
| AMARILLO TX | $63.60 | $65.90 | 3.62% |
| BIRMINGHAM AL | $95.95 | $99.06 | 3.24% |
| GRAND RAPIDS MI | $84.15 | $86.64 | 2.96% |
| DECATUR GA | $113.32 | $116.03 | 2.39% |
| WACO TX | $99.64 | $101.99 | 2.36% |
| LUBBOCK TX | $66.53 | $67.78 | 1.88% |
| POMPANO BEACH FL | $118.33 | $120.06 | 1.46% |
| ATHENS GA | $120.43 | $121.93 | 1.24% |
| ONTARIO CA | $149.02 | $150.39 | 0.92% |
Self-Storage Markets with the Highest Rental Rates – July 2023
With more than half located in California, below are the markets that saw the highest average monthly rental rates for self-storage in July 2023.
| July 2023 | Percent change | |
| SOUTH SAN FRANCISCO CA | $218.18 | -10.76% |
| SOQUEL CA | $201.07 | -30.42% |
| SAN FRANCISCO CA | $198.00 | 42.77% |
| BOSTON MA | $191.44 | 10.44% |
| VAN NUYS CA | $182.60 | 15.83% |
| GAINESVILLE FL | $175.94 | 59.95% |
| TORRANCE CA | $174.38 | -11.38% |
| HIALEAH FL | $170.45 | 5.92% |
| LOS ANGELES CA | $168.44 | -18.17% |
| SANTA ANA CA | $167.30 | 31.79% |
| FORT COLLINS CO | $167.28 | 4.66% |
| CARSON CA | $158.67 | 27.92% |
| BOULDER CO | $157.73 | -14.99% |
| JERSEY CITY NJ | $153.93 | 41.07% |
| IRVINE CA | $150.92 | -23.41% |
| ONTARIO CA | $150.39 | 0.92% |
| RANCHO CUCAMONGA CA | $150.18 | -13.08% |
| HOLLYWOOD FL | $150.16 | -8.82% |
| LONG BEACH CA | $145.94 | -12.71% |
| BURLINGAME CA | $144.42 | -29.99% |
Rates on the Decline
A number of factors are hampering rate growth in the self-storage industry, chief among them is the evaporation of COVID-19 demand that peaked last year coupled with continued stagnation in the housing market. The diminished demand for storage units is leading operators to cut prices and introduce steeper discounts to gain occupancy. As these trends continue, operators will likely rely on dynamic pricing strategies and rate increases on existing tenants to drive revenue growth.
