Self storage became an even more essential service during recent challenging times. Facilities stayed open and welcomed new clients, creating bonanza years for storage providers. Street rates often cooled after health concerns had eased but then recovered, and new development has stayed strong as customers continued renting storage, setting the sector up well going forward.<\/p>\n
During the pandemic, many people needed extra storage space when moving, to declutter crowded homes or when business premises they owned had to close. And space challenges are still accumulating, as many employees now prefer to work from home<\/a> \u2014 and apartments have been getting smaller<\/a> \u2014 further widening the storage sector\u2019s customer base. The storage industry has therefore been consolidating its position. It has even made operations more efficient, as pandemic concerns about hygiene fast-tracked the adoption of contact-free procedures and unmanned stores.<\/p>\n The heightened demand for self storage that began in 2020 followed a period of some market saturation. Many markets had been growing their inventories enthusiastically, and the nationwide average street rate had actually decreased over the previous three years. But the pandemic-triggered high occupancy levels at storage facilities meant operators could raise rents \u2014 by almost 17% for standard 10\u2019x10\u2019 non-climate-controlled units between June 2020 and June 2022, reaching $133 per month. Street rates then declined slightly when restrictions and Americans\u2019 lifestyles eased, but at $128 they remain significantly higher than they were pre-pandemic.<\/p>\n