The State of Self Storage: Top 10 Markets in 2023

In the first ten months of 2023, the self-storage industry in the United States witnessed a decline in investor activity. Notwithstanding previous industry resilience, economic uncertainty led to a nationwide transaction volume of over $2.2 billion, reflecting a significant decrease from the $8.4 billion sales volume during the same period in 2022. The average price per square foot also plunged to $144, compared to the 2022 average of $182.4.

According to "Yardi Matrix data," the top ten self-storage markets (representing 40.4% of national transactions) were identified based on overall sales volume from January to October in 2023. New York is at the top of the list, followed closely by White Plains. Despite a decrease in transaction volume compared to the previous year, there was a remarkable increase from the 2021 figures. Additionally, unique players in the industry, like Safeguard Self Storage and The Simpson Organization, influenced transaction volumes significantly through various notable acquisitions.

This information was initially shared on Multi-Housing News by the author and is discussed more in the dedicated post linked.

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🔒📚 Hi! I'm Eric Manning, a self-storage operations nerd and lifelong learner. 🗝️ My articles blend industry know-how with a dash of humor and wisdom. Whether you're a storage newbie or a pro, join me as we explore the world of storage, one witty insight at a time! 📦😊🔑