Paradigm Blog Average Self-Storage Rents Fall as New Construction Ramps Up

Despite most self-storage properties being fully occupied, national average self-storage rents are falling due to many landlords needing to cut rents in an effort to keep their tenants as newer properties open nearby. Developers continue to draw plans to bring more properties to the market across the country, putting even greater pressure on self-storage rents as new buildings lease up. However, self-storage properties overall still record high occupancies as demand for self-storage space continues to grow, particularly in secondary markets with robust employment growth and high population gains.