Annual Self Storage Street Rate Growth Stayed Negative in September, Yardi Matrix Reports

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Oct 19, 2023, 08:00 ET

Same-store asking rent per square foot averaged $17.07 nationwide last month

SANTA BARBARA, Calif, Oct. 19, 2023 /PRNewswire/ -- Annual self storage street rate growth stayed negative in September, reports the new Self Storage National Report from Yardi® Matrix.

In September, the average annualized same store asking rent per square foot was $17.07 nationwide for the combined mix of unit sizes and types. This is a 4.2 percent decrease compared to the national average of $17.83 recorded in September 2022.

Street rate growth continued to be negative year-over-year in almost all of Matrix's top 31 metros in September. Combined same-store rates for non-climate-controlled (NCC) units fell in all but one of the top metros on an annual basis. Street rates for same-store climate-controlled (CC) units decreased in all but one of the metros annually.

Yardi Matrix tracks a total of 4,909 self storage properties in various stages of development, including 836 under construction, 1,942 planned, 650 prospective, 1,415 abandoned and 66 deferred. Matrix also maintains operational profiles for 29,082 completed self storage facilities across the United States, bringing the total data set to 33,981.

The level of development (net rentable square feet) under construction nationwide was equivalent to 3.7 percent of existing stock in September.

Matrix has recently made updates to how it reports on the self storage sector nationwide. Get all the details in the new report.

Yardi Matrix offers the industry's most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi

Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

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SOURCE Yardi