News Press Releases

Self Storage Stabilizes, Owners and Operators Express Optimism to Start 2024

Self Storage Stabilizes

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

 SANTA BARBARA, Calif., Jan. 31, 2024 – The self storage market is achieving stability after an 18-month slowdown, the latest Self Storage National Report from Yardi® Matrix shows.

Annual street rate growth was still negative as of December. The average annualized same-store asking rent per square foot for the combined mix of unit sizes and types reached an average of $16.57 nationally last month, a 2.7 percent decrease on a year-over-year basis.

Nearly all top metros had a negative street rate on an annual basis in December. Combined same-store rates for non-climate-controlled and climate-controlled units decreased in all but one of the top metros tracked by Yardi Matrix on a year-over-year basis.

“New supply is a concern in certain markets but overall new supply in the top markets is expected to drop in 2024 as construction lending has dried up in the face of declining street rates, slower lease up pace and higher interest rates,” say Matrix analysts.

Self storage is dependent on the housing market for demand and slowing home sales activity and fewer moves have had a significant impact. If the national housing market improves, the outlook for storage will quickly look up.

Across the U.S., Yardi Matrix tracks a total of 5,073 self storage properties in various stages of development, including 871 under construction, 1,980 planned, 621 prospective, 1,510 abandoned and 91 deferred properties. Yardi Matrix also maintains operational profiles for 29,745 completed self storage facilities, bringing the total data set to 34,818.

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.

Add Comment

Click here to post a comment