Storage unit rental rates continue to skyrocket for the third year in a row, according to our new report. The average monthly rent for a storage unit in California has climbed more than 26% since 2014. View the full data here.
The average monthly rental rate of a storage unit in California reached $114 in 2017, up 8.5% year-over-year from a 2016 average of $105. That’s following a 6% year-over-year increase from 2015 and an 11% increase from 2014.
Prior to 2014 rates had remained relatively stable for years, buoyed by a glut of storage facilities built prior to 2008’s financial crisis. Since then, California’s facilities have seen record high occupancy rates, which paired with the steady population growth has allowed facilities to raise rates. New facility construction is popping up all around California in response, but high barriers to entry keep the amount of development from fully catching up to demand.
California’s metro areas have seen the steepest increases in price, with the Los Angeles Metropolitan Area leading the pack. The average price of a storage unit in LA hit $156 this year, up from $135 in 2016.