In Summer 2024, the RV and boat storage market is navigating a period of adjustment following a surge in new supply in 2023. While demand has softened, advertised rental prices have increased modestly since February, with the sector performing better than traditional self-storage, where rates declined by 4.9% in June.

Regional variations are significant. Markets like Jacksonville and Austin experienced rent increases above 2% in June, driven by migratory trends and limited supply. In contrast, cities such as Seattle and Las Vegas saw rent declines due to reduced demand and competition from newly developed self-storage facilities offering parking.

Despite a slowdown in RV and boat registrations from their 2021 highs, new storage facilities are still being constructed, particularly in the Midwest and Southeast. However, development activity has decelerated, with fewer new deliveries expected in the near future. As of June 2024, 52 storage sites are under development, accounting for 3.8% of existing stock.

Sales in the sector have also dropped, with only 14 properties sold in the first half of 2024 compared to 46 in the same period last year. Despite these challenges, the market remains attractive, with average prices per acre nearing $800,000.