{"id":2975,"date":"2022-01-24T15:22:29","date_gmt":"2022-01-24T15:22:29","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=2975"},"modified":"2023-09-21T10:58:16","modified_gmt":"2023-09-21T10:58:16","slug":"self-storage-expects-another-strong-year-in-2022-yardi-matrix-reports","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-expects-another-strong-year-in-2022-yardi-matrix-reports\/","title":{"rendered":"Self Storage Expects Another Strong Year in 2022, Yardi Matrix Reports"},"content":{"rendered":"

Street rate growth declined slightly month-over-month in December, but the outlook for the sector is optimistic<\/em><\/p>\n

SANTA BARBARA, Calif., Jan. 24, 2022<\/strong> \u2013 Street rates for self storage properties are coming off record-high gains in 2021, and experts are optimistic the sector will continue to perform well in 2022, according to the latest National Self Storage Monthly Report<\/strong><\/a> from Yardi\u00ae Matrix.<\/p>\n

Year-over-year, national rates for 10×10 non-climate-controlled (NON CC) units increased 6.7 percent in December. Rates for 10×10 climate-controlled (CC) units increased 7.4 percent. However, month-over-month, street rates for 10×10 NON CC units declined nationally by $1 to $127 in December. National street rates for 10×10 CC units declined by $1 for the third straight month to $145.<\/p>\n

While performance is dropping back from major gains made during the summer, the growth rates are well ahead of where they were in December 2020, when national year-over-year increases were between 2-4 percent for all unit types.<\/p>\n

The reasons for optimism include the traditional \u201c4Ds\u201d of self storage demand: death, divorce, dislocation and disaster. Owners\/managers see demand not only from those traditional drivers, but from two new Ds: decluttering and distribution\/business demand.<\/p>\n

Executives who participated in a panel at the recent KeyBanc Capital Markets 2022 Self Storage Investor Forum all were optimistic about demand, rent growth and capital trends in the year ahead. One commented: \u201cAs we look back on 2021 I consider it the greatest year to date in the storage industry. 2022 will be a good year for our business.\u201d<\/p>\n

Most operators will start spring leasing season with exceptionally high occupancy rates, giving them pricing power to increase street rates and bring existing leases up to the new market rates. Although a repeat of 2021\u2019s 8.5 percent rate growth for 10×10 non-climate-controlled units is unlikely, Matrix analysts expect strong overall growth in 2022.<\/p>\n

Yardi Matrix tracks a total of 3,022 self storage properties nationwide in various stages of development \u2014 including 734 under construction, 1,285 planned and 508 prospective properties. Matrix also maintains operational profiles for 27,245 completed self storage facilities across the United States, bringing the total data set to 31,053.<\/p>\n

Learn more about the state of the self storage<\/strong><\/a> sector nationwide.<\/p>\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, call (480) 663-1149<\/a> or visit yardimatrix.com<\/a> to learn more.<\/p>\n

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

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

Street rate growth declined slightly month-over-month in December, but the outlook for the sector is optimistic SANTA BARBARA, Calif., Jan. 24, 2022 \u2013 Street rates for self storage properties are coming off record-high gains in 2021, and experts are optimistic the sector will continue to perform well in 2022, according to the latest National Self […]<\/p>\n","protected":false},"author":650,"featured_media":2976,"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-2975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-self-storage-outlook"],"yoast_head":"\nSelf Storage Expects Another Strong Year in 2022, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Street rate growth declined slightly 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