Storage Seeker, an online self-storage directory and price aggregator, has launched a monthly Self Storage Rent Index, which tracks average price fluctuations from same-store units in more than 3,000 U.S. cities. In November, the national index declined 0.7 percent, with some markets experiencing much larger swings on both sides of the spectrum, according to the company. Unit rentals in Waterbury, Conn., showed the largest average decline in price at 16.7 percent, while units in Hayward, Calif., experienced the largest increases at 54.2 percent.
Two indices display the percent increase and decrease in prices for the top 50 “major markets.” After Waterbury, Conn., the top five cities showing price reductions were Roseville, Calif. (12.1 percent); Cary, N.C. (10 percent); Palatine, Ill. (9 percent); and Fremont, Calif. (8 percent). Behind Hayward, Calif., for price increases were Monterey, Calif. (28.4 percent); Daly City, Calif. (18 percent); Burlington, N.J. (9.5 percent); and Warren, Mich. (7.1 percent).
Based on the data, most swings were much smaller than what is depicted at the top of the lists. Among the top 50 cities showing decreases, 33 had reductions of less than 5 percent. Of the top 50 markets showing increases, 27 had bumps of less than 2 percent.
“Since storage units are rented by approximately 10 percent of U.S. households and millions of businesses, knowing if rents are increasing or decreasing in the city where you rent storage or are moving [to] can save a consumer or business a lot of money over time,” Storage Seeker officials wrote in a blog post.
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 the company website.