{"id":1056,"date":"2021-05-25T13:51:36","date_gmt":"2021-05-25T13:51:36","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1056"},"modified":"2023-09-12T15:17:58","modified_gmt":"2023-09-12T15:17:58","slug":"ongoing-demand-prompts-continuing-strong-performance-for-self-storage-yardi-matrix-reports","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/ongoing-demand-prompts-continuing-strong-performance-for-self-storage-yardi-matrix-reports\/","title":{"rendered":"Ongoing Demand Prompts Continuing Strong Performance for Self Storage, Yardi Matrix Reports"},"content":{"rendered":"\n

Street rates are up both month-over-month and year-over-year in April<\/em><\/p>\n\n\n\n

SANTA BARBARA, Calif., May 19, 2021<\/strong> \u2013 As Americans continue to determine where and how they\u2019ll live and work in the aftermath of the pandemic, the self storage industry is in continued demand<\/a><\/strong>.<\/p>\n\n\n\n

National street rate performance in April recorded major improvements compared to April 2020. National average street rates for 10×10 non-climate-controlled (NON CC) units increased 8.0% year-over-year, with the average for 10×10 climate-controlled (CC) units up 9.5%. Street rates also saw strong positive growth month-over-month, rising 1.7% for 10×10 NON CC units and 2.2% for 10×10 CC units.<\/p>\n\n\n\n

Regionally, rates for 10×10 CC units increased the most year-over-year in San Jose (17.7%), Charleston (16.8%) and the Inland Empire (14.8%). The markets that had the least growth compared to April 2020 for 10×10 CC units\u2014including Nashville (4.0%), Pittsburgh (4.5%) and Columbus (4.7%)\u2014still had healthy rate growth.<\/p>\n\n\n\n

\u201cSelf storage continued to benefit from ongoing demand tailwinds in April. Street rates had another strong month and continue to rise nationwide, while there has not been a meaningful shift in development activity,\u201d states the report. Development volume will be one of the major factors for maintaining strong sector fundamentals moving forward.<\/p>\n\n\n\n

Yardi Matrix tracks a total of 2,219 U.S. self storage properties in various stages of development\u2014including 582 under construction, 1,206 planned and 431 prospective properties. From March to April, the national new-supply pipeline as a percent of existing stock increased by 0.1%. The share of projects in planning or under construction stages was equal to 8.3% of existing inventory in April. Matrix also maintains profiles for 26,673 operating self storage facilities, bringing the total data set to 28,892.<\/p>\n\n\n\n

Gain more insight into the self storage market.<\/strong><\/a><\/p>\n\n\n\n

Yardi Matrix offers the industry\u2019s 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, industrial, office and self storage property types. Email matrix@yardi.com<\/a>, call (480) 663-1149 or visit yardimatrix.com to learn more.<\/p>\n\n\n\n

About Yardi<\/strong><\/p>\n\n\n\n

Yardi\u00ae develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com<\/a>.<\/p>\n\n\n\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Street rates are up both month-over-month and year-over-year in April SANTA BARBARA, Calif., May 19, 2021 \u2013 As Americans continue to determine where and how they\u2019ll live and work in the aftermath of the pandemic, the self storage industry is in continued demand. National street rate performance in April recorded major improvements compared to April […]<\/p>\n","protected":false},"author":650,"featured_media":1057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[307],"class_list":["post-1056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-self-storage-outlook"],"yoast_head":"\nOngoing Demand Prompts Continuing Strong Performance for Self Storage, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"As Americans continue to determine where and how they\u2019ll live and work in the aftermath of the pandemic, the self storage industry is in continued demand.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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