Self-storage rental rates declined an average of .7 percent across the United States in October, according to the monthly Self Storage Rent Index maintained by Storage Seeker, an online self-storage directory and price aggregator. The decline marked the third consecutive month of rate drops, following a .8 percent decrease in September and a 1 percent decrease in August.
The index displays the percent increase or decrease in prices for the top 50 “major markets.” Springfield, Mass., showed the largest average decline in October at 17.9 percent, while units in Elizabeth, N.J., posted the largest increase at 15.8 percent.
After Springfield, the top five cities showing price reductions were Jersey City, N.J. (12.7 percent); Somerset, N.J. (9.6 percent); Plymouth, Mass. (7.4 percent); Norfolk, Va. (6.7 percent); and St. Louis (6.6 percent). In all, 13 cities in the top 50 had declines of more than 5 percent, with 11 below 3 percent.
The largest price increases behind Elizabeth were Yonkers, N.Y. (15.8 percent); Tulsa, Okla. (10.5 percent); Manchester, N.H. (6.3 percent); and Miami Gardens, Fla. (5.8 percent). No other cities in the top 50 posted average rate increases above 5 percent, though 39 cities showed bumps of less than 3 percent and 17 below 1 percent.
Launched in December 2016, the index tracks self-storage rent changes at same-store units in about 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 a press release.