{"id":4773,"date":"2022-09-22T10:12:14","date_gmt":"2022-09-22T10:12:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4773"},"modified":"2023-09-13T05:14:48","modified_gmt":"2023-09-13T05:14:48","slug":"self-storage-rents-slow-despite-continued-demand","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-rents-slow-despite-continued-demand\/","title":{"rendered":"Self Storage Rents Slow Despite Continued Demand, Yardi Matrix Reports"},"content":{"rendered":"\n

Self storage street rates fell slightly from record highs in August<\/em><\/p>\n\n\n\n

SANTA BARBARA, Calif., Sept. 22, 2022<\/strong> \u2013 Average self storage street rates reduced slightly in August, according to the latest National Self Storage Report<\/a> from Yardi\u00ae Matrix.<\/p>\n\n\n\n

A national average overall street rate of $149 was recorded. Despite moderating street rate performance, demand continues to be strong.<\/p>\n\n\n\n

The new self storage report focuses on areas of demand for storage units, which include apartment renters and Gen X (late 30s to 50s) customers.<\/p>\n\n\n\n

\u201cGen Xers are among the biggest users of storage, with 44 percent reporting use of storage units and 21 percent planning to use it in the near future. But even as an increasing number of households use self storage, we expect to see further moderation of street rates the rest of this year,\u201d states the report.<\/p>\n\n\n\n

Storage owners remain focused on growing rents of existing customers, relying on demand for the service that grew significantly in 2021.<\/p>\n\n\n\n

Secondary markets experiencing rapid population growth continue to lead in street rate gains. For 10×10 non-climate-controlled (NON CC) units, eight of the top 31 metros had street rate increases greater than five percent in August, while rates decreased in seven metros.<\/p>\n\n\n\n

Year-over-year street rate growth continues to decelerate. Nationwide, the overall average street rate, which includes all unit sizes and types, grew 1.4 percent year-over-year in August, a 130-basis-point drop from July\u2019s annual growth rate and a 280-basis-point drop from the rate in June.<\/p>\n\n\n\n

Learn more about the state of the self storage market<\/a> nationwide.<\/p>\n\n\n\n

Yardi Matrix tracks a total of 4,203 self storage properties nationwide in various stages of development \u2014 including 1,594 planned, 760 under construction and 515 prospective properties. Matrix also maintains operational profiles for 28,719 completed self storage facilities across the United States, bringing the total data set to 32,922.<\/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<\/a> 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. With 8,000 employees, Yardi is working with our clients globally to drive significant innovation in the real estate industry. 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":"

Self storage street rates fell slightly from record highs in August SANTA BARBARA, Calif., Sept. 22, 2022 \u2013 Average self storage street rates reduced slightly in August, according to the latest National Self Storage Report from Yardi\u00ae Matrix. A national average overall street rate of $149 was recorded. Despite moderating street rate performance, demand continues […]<\/p>\n","protected":false},"author":650,"featured_media":4774,"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-4773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-self-storage-outlook"],"yoast_head":"\nSelf Storage Rents Slow Despite Continued Demand, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Average self storage street rates reduced slightly in August, according to the latest National Self Storage Report from Yardi\u00ae Matrix.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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