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Self Storage Faces Headwinds, According to Yardi Matrix

Self Storage Faces Headwinds

Combined same-store rates are down year-over-year in all the top metros

(SANTA BARBARA, Calif., April 01, 2024) – The self storage real estate sector is facing headwinds and continues to be affected by current market conditions, according to the latest Self Storage National Report from Yardi® Matrix.

Annual street rate growth was still negative in February. The average annualized same-store asking rent per square foot for combined mix of unit sizes reached an average of $16.37 nationally last month, marking a 3.6 percent decrease on a year-over-year basis.

All top metros registered a negative street rate on an annual basis in February. 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.

“There is hope that a turnaround in the housing market later this year or early 2025, contingent on interest rates cuts, could unlock pent-up demand for housing and migration, thus fueling demand for self storage,” say Matrix analysts.

Investors are showing precaution due to market uncertainty. Nevertheless, despite the impact of high interest rates, there is still interest in self storage development.

Yardi Matrix tracks a total of 5,148 self storage properties in various stages of development, including 880 under construction, 2,031 planned, 592 prospective, 1,546 abandoned and 99 deferred properties. Yardi Matrix also maintains profiles for 30,294 operational facilities, bringing the total dataset to 35,442.

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

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 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

About the author

Jeff Adler

Jeffrey Adler is Vice President, of Yardi® Matrix, the data division of Yardi Systems.

Yardi® Matrix is a US multifamily, student, office, medical office/lab space, industrial, and self-storage asset information toolset for originating, underwriting, and asset managing commercial real estate investments, with over 800 clients worldwide. Yardi® Matrix provides investment strategy, market and institutional research reports leveraging the underlying property level detail of 135 markets, >92,000 multifamily properties and >18 MM units. Mr. Adler also leads Commercial Property Executive and Multi-Housing News, two digital media websites.

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