For the five designated regions tracked by Moody’s Analytics CRE, self-storage vacancy in the Northeast region has recorded the least variance over the past decade. Elevated levels of new supply in recent years have thus far been matched by increases in demand. Vacancy fell to 11% in the second quarter of 2022, which is below the region’s five-year, pre-pandemic, quarterly average of 11.6%.
Rent growth for climate-controlled and non-climate-controlled units usually correlates with vacancy changes. Moreover, the level and growth of self-storage rent are consistent with multi-family market rent performance in the same region. Industry rent growth in the Northeast is supported by the steady vacancy decline and stellar multi-family performance since the second half of 2021.
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.