iStock photo

As the big September moving day approaches, Bostonians have the fewest options to rent self-storage space and face the fastest-rising rental fees in the U.S., according to an industry study.

At $228 per month, the average rental fee rose 10 percent in the past year, the largest increase of 150 markets, according to RentCafe data.

The supply-and-demand imbalance is illustrated by Boston’s rate of under 0.7 square feet of self-storage space per capita, the lowest in the U.S. The national average is 7.2 square feet.

No new developments are scheduled for completion in 2023, suggesting that rental fees will continue to escalate. By contrast, markets such as Orlando and Las Vegas are adding more than 600,000 square feet of self-storage space this year.

“As employers and employees alike juggle time spent in an office and time spent working from home, the popularity of flexible workspace is another driver for the self storage sector, which provides space for office supplies, materials and stock,” Yardi Matrix Business Intelligence Manager Doug Ressler said in a statement.

Worcester ranked third nationwide in annual rental fee increases, rising 5.2 percent to $141. Nationwide, the average monthly rental fee is $127 per month.

The report is based upon listings from the RentCafe Self Storage online platform, with rental and development data from Yardi Matrix.

Boston Self-Storage Rental Fees Spiraling

by Steve Adams time to read: 1 min
0