For the sixth year in a row, self-storage rental rates in Florida have continued to increase according to a recent analysis of SpareFoot reservation data. The average price of a storage unit in Florida was over $88 in 2017, up from $85 in 2016.
In 2010 the average price of a unit was less than $65 and in 2011 prices jumped up 15% to over $75 – the largest increase this decade. Things came back down in 2012 but since then prices have been growing at about a 5% increase year-over-year.
During that same period, all of Florida’s major metro areas have seen similar increases including Jacksonville, Tampa, Miami, Orlando and Tallahassee. Since 2011, Miami has been the most expensive market for storage with an average price of over $101 in 2017; Tallahassee has the lowest average price of the major metros with a unit costing around $76 in 2017.
The pricing power for self-storage in Florida has made development of new facilities an attractive investment. Florida has seen a surge of new development, especially in Miami where there are more than 100 self-storage projects in some stage of development. As more facilities open and compete with each other it’s likely that average prices will decline, but that could still be a year or more in the future.