November asking rents expressed a more cautious tone compared to the positive momentum experienced in October.
Sydney asking rents reversed any gains from the previous month as operators continue to battle pricing resistance across the market. Perth, which had experienced steady growth over the last twelve-months, realized negative growth in November across all tracked unit sizes. Brisbane and Melbourne broadly performed well, though some rental reversion was noted.
Our full November 2024 report can be downloaded from the link below:
At the SSAA’s Annual Self Storage Conference on the Gold Coast in November, market sentiment was positive, but cautionary that incoming supply will dampen market performance in the short term. Asking rents will be a primary focus as new supply is delivered to market, and operators attempt incentivise new customers to fill occupancy.
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