{"id":1294,"date":"2021-06-21T13:09:00","date_gmt":"2021-06-21T13:09:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1294"},"modified":"2024-02-06T11:17:12","modified_gmt":"2024-02-06T11:17:12","slug":"june-2021-national-self-storage-market-outlook","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/june-2021-national-self-storage-market-outlook\/","title":{"rendered":"June 2021 National Self-Storage Market Outlook"},"content":{"rendered":"\n

Self storage continues to see strong growth across the country<\/strong><\/h3>\n\n\n\n

As 2021 progresses, demand for storage<\/a><\/strong> does not appear to be decelerating. Pricing power continues to be exceedingly strong, and street rates improved nationwide again in May. National average rates for both 10×10 non-climate-controlled and climate-controlled units have bounced back to prices not seen since 2017, before the most recent supply boom began. Meanwhile, the new-supply pipeline has remained steady. As investor appetite grows for the strong-performing asset, development activity will likely continue to increase.<\/p>\n\n\n\n

National street rate performance continues to improve<\/h3>\n\n\n\n

Street rates<\/strong><\/a> continued to record strong growth nationally and in individual markets in May. Street rates on a national level for 10×10 non-climate-controlled (NON CC) units increased by 10.7% compared to May 2020, and rates for 10×10 climate-controlled (CC) units grew by 12.8% on an annual basis. On a monthly basis, national street rates for 10×10 NON CC units accelerated 1.6% to an average of $124, while rates for 10×10 CC units performed even better, rising 2.2% month-over-month to an average of $141.<\/p>\n\n\n\n

In May, street rate performance was positive in all of the top markets tracked by Yardi Matrix for 10×10 NON CC and 10×10 CC units on an annual and monthly basis. Rates for 10×10 NON CC units increased the most month-over-month in Philadelphia (2.9%) and Charlotte (2.2%), while migration hubs including Austin (3.1%) and Denver (2.9%) saw the largest growth in rates for similar-size CC units.<\/p>\n\n\n\n

Across the nation, Yardi Matrix tracks a total of 2,262 self storage properties in various stages of development\u2014comprising 575 under construction, 1,223 planned and 464 prospective properties. In May, the national new-supply pipeline as a percent of existing inventory increased by 20 basis points month-over-month, and the share of existing projects in planning or under construction stages accounted for 8.3% of existing inventory.<\/p>\n\n\n\n

Yardi Matrix also maintains operational profiles for 26,732 completed self storage facilities across the United States, bringing the total data set to 28,994.<\/p>\n\n\n\n

Read the full Matrix National Self Storage Monthly-June 2021<\/a><\/strong><\/p>\n\n\n\n

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Watch the video below for our June self storage supply and rent recap!<\/strong><\/p>\n\n\n\n

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