{"id":1693,"date":"2021-08-20T12:15:00","date_gmt":"2021-08-20T12:15:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1693"},"modified":"2024-02-06T11:09:58","modified_gmt":"2024-02-06T11:09:58","slug":"national-self-storage-market-report-august-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-self-storage-market-report-august-2021\/","title":{"rendered":"National Self Storage Market Report \u2013 August 2021"},"content":{"rendered":"<h4 class=\"has-text-align-center\">Self Storage Remains a Strong Performer, Hits New Records<\/h4>\n<!-- \/wp:post-content -->\n\n<!-- wp:separator -->\n\n<hr class=\"wp-block-separator\">\n\n<!-- \/wp:separator -->\n\n<!-- wp:paragraph -->\n\n<strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1303-MatrixNationalSelfStorageMonthly-August2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><em>Self storage continues to surge<\/em><\/a><em>, as demand pushed even some previously oversaturated markets to strong growth.<\/em><\/strong>\n\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":5} -->\n<h5>Report Highlights:<\/h5>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n\n\u00b7 National street rates rose 10.4% for 10&#215;10 NON CC units and 12.4% for 10&#215;10 CC units.\n\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n\n\u00b7 Oversaturated markets recorded double-digit rent growth.\n\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n\n\u00b7 The new-supply pipeline accounted for 8.5 percent of existing inventory.\n\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":16} -->\n<div class=\"wp-block-spacer\" style=\"height: 16px;\" aria-hidden=\"true\">&nbsp;<\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading {\"level\":5} -->\n<h5>Self Storage Rents Maintain Strong Growth, Miami Leads the Way<\/h5>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n\n<a href=\"https:\/\/www.yardimatrix.com\/blog\/category\/real-estate-trends\/self-storage-market\/\"><strong>National street rates<\/strong> <\/a>for 10\u00d710 non-climate-controlled units increased 10.4% year-over-year in July, to $127, the highest price recorded since Yardi began tracking rates in 2016. While rates increased 12.4% for 10&#215;10 climate-controlled units, reaching $145, falling just short of the $147 registered in August 2016. On a month-over-month basis national street rates also increased for both unit types, up 80 basis points for the standard non-climate- and 1.4% for climate-controlled units of similar size.\n\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n\nAll top markets saw positive rent growth for both unit types year-over-year in July, with Miami leading growth. The metro saw rates increase 24% for 10&#215;10 non-climate- and 21.2% for climate-controlled units of similar size.\n\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":15} -->\n<div class=\"wp-block-spacer\" style=\"height: 15px;\" aria-hidden=\"true\">&nbsp;<\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading {\"level\":5} -->\n<h5>Oversupplied Austin and Charleston Continue Steady Rebound<\/h5>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n\nDespite significant supply, equal to 11.4 net rentable square feet per capita, rates in Charleston have continued to recover. Since January this year, street rates for 10&#215;10 non-climate-controlled units recovered 9.7% reaching $102 in July, while rates for the same-sized climate-controlled units fared even better over this period, climbing 12% to $131. Thanks to heightened population growth driven by the pandemic, Charleston might be able to withstand the supply pressure that the metro felt in recent years, leading to further growth in the future.\n\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n\nHeavy deliveries in recent years also hindered growth in Austin, where the per-person inventory equates to 10 net rentable square. However, thanks to the pent-up demand the metro has seen rates rebound in 2021. On a year-over-year basis, street-rate rents increased 12.5% for the average 10\u00d710 non-climate-controlled and a significant 18.8 percent for climate-controlled units of similar size. Asking rates reached $108 and $139 for 10&#215;10 non-climate- and climate-controlled units in July, prices not seen in Austin since 2016.\n\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":15} -->\n<div class=\"wp-block-spacer\" style=\"height: 15px;\" aria-hidden=\"true\">&nbsp;<\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading {\"level\":5} -->\n<h5>Development Activity Shows Signs of Acceleration<\/h5>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n\nNationwide, projects under construction or in the planning stages accounted for 8.5 percent of existing stock, marking a 20-basis point uptick over June. On a month-over-month basis, 26 under construction and 24 planned projects were added to the national pipeline, which encompassed 2,357 self storage properties in various stages of development as of July. The sector\u2019s strong performance might increase developer\u2019s appetite, resulting in accelerated supply growth in the near future.\n\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n\nDue to limited supply, with only 3.6 net rentable square feet available per person, New York continues to attract developers. The metro led the nation in constructions, with the new-supply pipeline increasing from 18% in June to 18.3% in July. Orlando was the only top market to record a drop in development activity. The metro\u2019s new-supply pipeline shrank by a minor 10 basis points month-over-month, to 11.4%.\n\nRead the full <a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1303-MatrixNationalSelfStorageMonthly-August2021\"><strong>Matrix National Self Storage Monthly-August 2021<\/strong><\/a>\n\n&nbsp;\n\n&nbsp;","protected":false},"excerpt":{"rendered":"<p>Self Storage Remains a Strong Performer, Hits New Records Self storage continues to surge, as demand pushed even some previously oversaturated markets to strong growth. Report Highlights: \u00b7 National street rates rose 10.4% for 10&#215;10 NON CC units and 12.4% for 10&#215;10 CC units. \u00b7 Oversaturated markets recorded double-digit rent growth. \u00b7 The new-supply pipeline [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,21],"tags":[307],"class_list":["post-1693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-self-storage-market","tag-self-storage-outlook"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Self Storage Market Report \u2013 August 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Self storage continues to 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