Last month we looked at year-on-year rate trends for smaller unit sizes across the top MSAs in the country, so this year we thought we’d take a look at the larger unit sizes.
The chart below shows the MSAs ranked by growth in year-on-year regular rate, and year-on-year online rate;
Last month we focused on two MSAs – Riverside-San Bernardino showed the highest growth in year-on-year average rates for small units and Chicago-Naperville has the largest fall in average rates. This month, looking at large units, Riverside-San Bernardino again sits at the top of the list with the highest growth.
This time, however, it is Denver-Aurora that shows the largest fall in average rates year-on-year.
The chart above is for regular units (non-CC).. looking at the same chart for 10×10 units and above with climate-control shows the following;
Finally, Riverside gets knocked off its top spot! In this case year-on-year growth for Online Rates for larger units with climate control was higher in Tampa-St. Petersburg.
Tracking average rates over time is just part of the picture. Inventory withdrawal, price volatility and other factors exhibited by the dynamics of rate changing, as well as externally available data such as merger and acquisition activity, demographic change and other indicators such as housing and shopping mall development give useful and valuable insight into the demand and supply dynamics of each market.
Next month we will be taking a closer look at month-on-month two-year rate trends in 10 MSAs and making comparisons between high growth markets like Riverside and Tampa, and markets like Denver, Dallas and Chicago, and looking for other indicators in those markets that could explain these trends.