\u25a0 The self storage industry has continued to prove its resilience over the past 16 months, even amid the pandemic\u2019s challenges. Property fundamentals remained strong through the first half of the year, with June seeing an acceleration in street rates and steady development activity across the nation. With national street rates reaching prices not seen in years and new supply forecasted to moderately slow through 2026, the outlook for storage remains positive. Self storage has been one of the best-performing real estate sectors<\/a><\/strong>\u2014if not the best performing\u2014in the last 18 months. However, if short-term demand drivers sparked by the pandemic dissipate, the industry may return to pre-COVID growth levels.<\/p>\n\n\n\n \u25a0 Across the nation and in most markets, street rates continued to jump in June. On a national level, street rates for 10×10 non-climate-controlled (NON CC) units rose 10.6% compared to June 2020, while national rates for 10×10 climate-controlled (CC) units saw an uptick of 12.7% year-over-year. This marks some of the best annual rate performance both unit types have experienced since Yardi Matrix began tracking storage rates, falling only slightly below the record year-over-year growth seen in May 2021. Month-overmonth, national street rates also saw positive growth, increasing 80 basis points for 10×10 NON CC units and 70 basis points for CC units of the same size.<\/p>\n\n\n\n \u25a0 Annual 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 in June. Minneapolis (4.4%) and Pittsburgh (3.2%) were the only top markets that saw rates for 10×10 NON CC units grow less than 5% year-over-year.<\/p>\n\n\n\nNational street rate performance continues positive momentum<\/h4>\n\n\n\n