Moody's Market Snapshot: Self-Storage in the Northeast 2023

The Northeast saw a 1.2% increase in self-storage vacancies in the fourth quarter of 2022, which matched national levels. It proves the ongoing seasonality of the market, as the region has experienced this increase between Q3 and Q4 every year since 2011. While vacancies increased quarter over quarter, the final 12.8% rate was below 2021’s close of 13.5% and 2020’s finish of 15.1%.

Self-storage rents in the Northeast followed a similar pattern, with Q4 2022 rates slightly below those of Q3 but still slightly above where they were in the fourth quarter of 2021 and 2020.

Overall, when viewed in yearly terms, the region experienced a small decrease in vacancies and a slight increase in rents. When we look at the numbers on a quarterly basis, they were down in Q4 2022 compared to Q3 due to seasonal consumer habits.

Moody’s Analytics CRE works alongside members of the self-storage industry to increase the availability of key data that drives business decisions in this rapidly growing asset class. Learn more and get involved at cre.moodysanalytics.com/self-storage-partner-program.