Street Rates Decline Again as Self Storage Enters Busy Season, According to Yardi Matrix

News provided by

Apr 24, 2024, 08:00 ET

Annual street rate growth continues to drop, remaining negative as of March

SANTA BARBARA, Calif., April 24, 2024 /PRNewswire/ -- The self storage sector is still facing difficulties. REITs continue to push down rates, leading to a negative rent growth that has been increasing for the past few months, the latest Self Storage National Report from Yardi® Matrix shows.

Annual street rates remained negative in March. The average annualized same-store asking rent per square foot for combined mix of unit sizes reached an average of $16.25 nationally last month, marking a 4.5 percent decrease on a year-over-year basis.

All top metros registered a negative street rate on an annual basis in March. Combined same-store rates for non-climate-controlled units and climate-controlled units decreased in all the top metros tracked by Yardi Matrix on a year-over-year basis.

Yardi Matrix tracks a total of 3,521 self storage properties in various stages of development, including 877 under construction, 2,055 planned and 589 prospective properties. Yardi Matrix also maintains operational profiles for 30,677 facilities, bringing the total dataset to 34,198.

Gain more insight on the performance of the self storage sector.

View the full report for more data and insight.

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

Celebrating its 40-year anniversary in 2024, 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.

Logo - https://mma.prnewswire.com/media/1805266/Yardi_Matrix_Logo.jpg

SOURCE Yardi