SOUTHWESTERN CITIES EXCEL: SELF-STORAGE OPERATORS INCREASE INCOMES Many cities in the Southwestern states have thriving economies and experience influxes of people who come either for work or for the great year-round weather. Self-storage has clearly become a vital resource for many of these people, whether they are moving to a new home, downsizing, engaging in the outdoor activities the region has to offer, or simply needing extra space for their pos- sessions. It is good value in these places when compared both to larger cities across the country and to the national average, and rents are trending upwards.
The cities with the highest street rates — San Fran- cisco, New York, and Los Angeles — all saw them gain slightly between 2017 and 2020, attaining averages of $256, $237 and $232, respectively. At the opposite end of the price spectrum, Memphis, Indianapolis, and Oklaho- ma City all witnessed slight street rate reductions during that period, ending 2020 at $79, $79 and $65, respectively. Philadelphia, Phoenix and Seattle also make the top 10 of cities with improved street rates during 2020, but it is a group of cities in the nation’s Southwest which saw the most exciting increases.
TOP US CITIES WITH HIGHEST STREET RATE INCREASES 2017-2020
$130
$125
$120
$115
$110
$105
$100
$95
$90
$85
$80
$75
$70
2017
2018
2019
2020
FRESNO, CA EL PASO, TX
LAS VEGAS, NV
TUCSON, AZ
ALBUQUERQUE, NM NATIONAL AVERAGE
Note: Average rates for a 10x10 non-cl imate control led storage uni t Source: STORAGECafé analysis of Yardi Matr ix and U.S Census Bureau data.
14 : : COMMERC IAL REV I EW
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