The self-storage market is experiencing another solid year so far in 2022. Rental income increased nationwide in Q2 2022 due to the increases in asking rental rates even though the physical occupancy decreased. Notably, rent per available square foot increased in quarter both nationwide and for REITs, which have experienced strong performance this year with the pandemic causing the market sector to recover stronger than the normal self-storage yearly cycle.
Supply and demand metrics appear to be growing this quarter as well compared to all of last year. Construction starts increased 14% from Q1 2022, and according to F.W. Dodge, there have been 499 new starts the last four quarters (new starts includes new construction and alterations, additions, or renovations).
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