Self-storage is still enjoying a strong year despite increasing headwinds overall including normalizing social behaviors and demand drivers.
According to a new analysis from Marcus & Millichap, the average asking rent for a standard 10-by-10 unit in June was up 15% compared to year-end 2019, while vacancy contracted over the same period by 190 basis points to 6.6%.
Marcus & Millichap's 2022 forecast sees self-storage vacancy rise on an annual basis for the first time since the onset of the pandemic to hit 7.25%, an increase of 60 basis points year over year. However, lifestyle changes wrought by the pandemic are still expected to keep unit availability "well below" pre-2020 levels, they say.
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