{"id":5799,"date":"2023-04-12T12:09:14","date_gmt":"2023-04-12T12:09:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5799"},"modified":"2023-09-12T17:15:34","modified_gmt":"2023-09-12T17:15:34","slug":"self-storage-outlook-march-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/","title":{"rendered":"Self Storage Outlook \u2013 March 2023"},"content":{"rendered":"<p><em>Month-over-month rent growth remained unchanged nationally.<\/em><\/p>\n<h2>Key Takeaways:<\/h2>\n<ul>\n<li>Annual national street-rate movement remained at -2.8 percent, <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-january-2023\/\">unchanged from January<\/a><\/strong>.<\/li>\n<li>Overall, only three top markets showed yearly rent increases for the 10&#215;10 non-climate-controlled units and just one for the similar-sized climate-controlled units.<\/li>\n<li>Month-over-month, national average street rates for the 10&#215;10 combined units were also flat in February with only five markets showing an increase.<\/li>\n<li>Despite an expected slowdown in new deliveries, none of the top 30 metros tracked by Yardi Matrix saw a monthly decline in construction activity.<\/li>\n<\/ul>\n<p>As of February, national rates continued to taper, as growth for all unit sizes were at -2.8 percent year-over-year, just as the previous month. Despite the average rate for 10&#215;10 non-climate-controlled units stagnating at $126 since December, it represents a 3.1 percent drop year-over-year. Meanwhile average rates at $141 for the 10&#215;10 climate-controlled options declined 4.1 percent annually.<\/p>\n<div><script type=\"text\/javascript\" defer=\"\" src=\"https:\/\/datawrapper.dwcdn.net\/gJAjn\/embed.js?v=1\" charset=\"utf-8\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/gJAjn\/full.png\" alt=\"\"><\/noscript><\/div>\n<p>Overall, only three of the top 30 metros tracked by Yardi Matrix showed increases in rents for the 10&#215;10 non-climate-controlled units. Charlotte and Raleigh-Durham led the list with a 1.0 percent annual increase, while Las Vegas displayed the greatest decline of 9.8 percent. Meanwhile, street rates for 10&#215;10 climate controlled units only increased in Nashville and were down more than 10 percent in Pittsburgh.<\/p>\n<p>On a month-over-month basis, street-rate rents remained level for the 10&#215;10 combined units and the majority of the markets followed this trend. Five markets had rates for the 10&#215;10 non-climate-controlled and climate-controlled units combined increase $1 compared to the January values. Seven markets saw a $1 monthly decrease, among these San Antonio and Charlotte had the largest month-over-month change amounting to a 90-basis-point fall.<\/p>\n<h2>Under-construction pipeline leveling<\/h2>\n<p>Nationally, there were 4,730 self storage properties in various stages of development as of February. The new-development pipeline included 823 projects under construction, 1,885 self storages in the planning stages as well as 662 prospective facilities. Overall, the national under-construction pipeline amounted to 3.6 percent of the overall inventory, unchanged from January. While only six markets registered an increase in development activity on a monthly basis, no market saw decreases.<\/p>\n<p>Orlando led the top markets as the metro\u2019s under-construction supply relative to existing inventory increased from 6.8 percent in January to 7.2 percent. Washington, D.C., and San Diego experienced similarly large increases month-over-month, a 40-basis-point uptick for all three markets.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/File\/3508-MatrixSelfStorageNationalReport-March2023\" target=\"_blank\" rel=\"noopener\">Matrix Self Storage National Report-March 2023<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Month-over-month rent growth remained unchanged nationally. Key Takeaways: Annual national street-rate movement remained at -2.8 percent, unchanged from January. Overall, only three top markets showed yearly rent increases for the 10&#215;10 non-climate-controlled units and just one for the similar-sized climate-controlled units. Month-over-month, national average street rates for the 10&#215;10 combined units were also flat in [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5800,"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-5799","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>Self Storage Outlook \u2013 March 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Despite street rate growth moderating further in February, the industry remains in a comfortable position as the spring leasing season nears.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self Storage Outlook \u2013 March 2023\" \/>\n<meta property=\"og:description\" content=\"Despite street rate growth moderating further in February, the industry remains in a comfortable position as the spring leasing season nears.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-12T12:09:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T17:15:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/04\/self-storage-iStock-174924198.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Agota Felhazi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Self Storage Outlook \u2013 March 2023 - Yardi Matrix Blog","description":"Despite street rate growth moderating further in February, the industry remains in a comfortable position as the spring leasing season nears.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/","og_locale":"en_US","og_type":"article","og_title":"Self Storage Outlook \u2013 March 2023","og_description":"Despite street rate growth moderating further in February, the industry remains in a comfortable position as the spring leasing season nears.","og_url":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2023-04-12T12:09:14+00:00","article_modified_time":"2023-09-12T17:15:34+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/04\/self-storage-iStock-174924198.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Agota Felhazi","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/"},"author":{"name":"Razvan Cimpean","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"headline":"Self Storage Outlook \u2013 March 2023","datePublished":"2023-04-12T12:09:14+00:00","dateModified":"2023-09-12T17:15:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/"},"wordCount":382,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/04\/self-storage-iStock-174924198.jpg","keywords":["Self Storage Outlook"],"articleSection":["Real Estate Trends","Self Storage Market"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/","url":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/","name":"Self Storage Outlook \u2013 March 2023 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/04\/self-storage-iStock-174924198.jpg","datePublished":"2023-04-12T12:09:14+00:00","dateModified":"2023-09-12T17:15:34+00:00","description":"Despite street rate growth moderating further in February, the industry remains in a comfortable position as the spring leasing season nears.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/04\/self-storage-iStock-174924198.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/04\/self-storage-iStock-174924198.jpg","width":1200,"height":628,"caption":"Image by chandlerphoto\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Self Storage Outlook \u2013 March 2023"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6","name":"Razvan Cimpean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","caption":"Razvan Cimpean"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/04\/self-storage-iStock-174924198.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/5799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=5799"}],"version-history":[{"count":1,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/5799\/revisions"}],"predecessor-version":[{"id":5801,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/5799\/revisions\/5801"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/5800"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=5799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=5799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=5799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}