On a monthly basis, 28 of the top 30 metros recorded increases in advertised asking rent growth, while Charlotte saw contractions and Orlando remained flat, according to the latest Yardi Matrix self storage market outlook.
Key takeaways
- As of March, the advertised asking rent movement remained negative, but close to becoming nearly flat, with the average annualized same-store asking rent per square foot down 0.2 percent for the combined mix of unit sizes and types.
- Same-store advertised asking rates for the combined non-climate-controlled units were down 0.5 percent year-over-year, while rates for climate-controlled units were up 0.1 percent.
- Of the top 30 metros tracked by Yardi Matrix, 28 recorded advertised rate increases, while Charlotte saw contractions month-over-month and Orlando remained flat, as the overall per square foot rates were up 0.4 percent to $16.51.
- The national under-construction pipeline equaled 2.9 percent of existing inventory, remaining unchanged from the previous month.
YoY improvement in most metros
In March, the national average annualized same-store advertised asking rate per square foot was $16.51 for the combined mix of unit and sizes. This figure marked an improvement from -0.8 percent registered in February and -1.1 percent in January.
Rates for combined non-climate-controlled units were down 0.5 percent on a year-over-year basis as of March, while same-store advertised asking rates for climate-controlled units were up 0.1 percent. In March, rates were up in 13 of the top 30 metros year-over-year for non-climate-controlled units, while rates were up in 17 of the top 30 metros for climate-controlled units.
Steady construction activity
On a national level, new supply in the last three years accounted for 9.3 percent of stock at the beginning of the period. Meanwhile, deliveries equaled 2.9 percent of that amount during the previous 12 months.
Yardi Matrix keeps track of a total of 3,191 self storage properties in various stages of development across the U.S. The development pipeline included 734 under construction, 2,046 planned and 411 prospective properties. As of March, the under-construction pipeline accounted for 2.9 percent of existing stock, remaining unchanged from the previous month.
As of March five metros registered an increase in construction activity month-over-month, six recorded a decrease, while the activity in the remaining 19 metros remained flat.
With a construction pipeline equal to 6.6 percent of existing stock and the largest in the U.S., Phoenix continues to face downward pressure on advertised asking rates due to the surge in new supply. Charleston registered the largest increase in construction activity, up 60 basis points month-over-month, but its pipeline remained relatively low, at 2.2 percent of existing inventory.
Read the full Yardi Matrix National Self Storage Market Outlook: April 2025
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