Self-storage rates are rising
Life is all about "trying to find a place for your stuff," comedian George Carlin once declared.
- There's a whole industry dedicated to it, after all — but it's getting more expensive.
What's happening: Monthly rents for self-storage space have risen to record highs over the past three years, but Columbus renters are still getting a bargain, per a report from commercial real estate site Yardi Matrix.
By the numbers: Rent for a 10-by-10-foot unit here now averages $108 per month — lower than the $140 national average and all 30 metro areas in the report.
- Local prices rose 1% for climate-controlled units and 4% for non-climate-controlled units between July 2021-2022.
- Columbus also ranked No. 7 for new storage unit construction during that time.
- Demand for storage skyrocketed as people cleaned out their homes — and investors noticed.
- They started buying up units and building new facilities as fast as they could, while jacking up rates.
What they're saying: "Since everybody's on a month-to-month lease, on 30 days' notice you can raise the rent by any amount you want," self-storage investor Nick Huber says in a popular tutorial.
What we're watching: After several quarters of crazy growth, the rise in rental rates was more moderate nationwide from June to July this year, per the report.
- In Columbus, the rate didn't budge from month to month — a good sign for renters.
💭 Alissa's thought bubble: There are three self-storage businesses on a two-mile stretch of my street. Apparently that's not enough, because a fourth is opening any day now.
- Columbus, you've got a lot of stuff.
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