{"id":562,"date":"2019-10-21T06:40:34","date_gmt":"2019-10-21T13:40:34","guid":{"rendered":"https:\/\/www.storagecafe.com\/blog\/?p=562"},"modified":"2024-02-13T23:19:17","modified_gmt":"2024-02-14T07:19:17","slug":"boston-self-storage-sector-shows-signs-of-strength-despite-negative-y-o-y-performance","status":"publish","type":"post","link":"https:\/\/www.storagecafe.com\/blog\/boston-self-storage-sector-shows-signs-of-strength-despite-negative-y-o-y-performance\/","title":{"rendered":"Boston\u2019s Self-Storage Sector Shows Signs of Strength, Despite Negative Y-O-Y Performance"},"content":{"rendered":"

Boston\u2019s self-storage market is historically under-supplied, featuring a net market penetration of 4.5 rentable square feet per capita<\/strong>, lower than both the national average of 6.3 square feet per capita <\/strong>and the traditional benchmark of 7 square feet per capita.<\/p>\n

The metro area is home to 455 self-storage properties with almost 30 million square feet of space, according to Yardi Matrix<\/a>. There are also 30 planned properties with 2.2 million square feet of space, and 14 other self-storage facilities already under construction, totaling almost 950,000 of space.<\/p>\n

<\/span>Street Rates and New Self-Storage Construction Dropped Y-O-Y in Boston<\/strong><\/span><\/h2>\n

The rate of new construction in the self-storage sector had a mixed evolution y-o-y in Boston and followed a mainly descending trend, with minor fluctuations month-over-month.<\/p>\n

In September 2018, the planned and under-construction new self-storage facilities in Boston expressed as a percentage of the existing inventory, stood at 19.4%. The number dropped significantly by September 2019, to 15%<\/strong>, according to Yardi Matrix.<\/p>\n

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