{"id":5900,"date":"2023-04-20T04:50:33","date_gmt":"2023-04-20T04:50:33","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5900"},"modified":"2023-09-12T17:10:34","modified_gmt":"2023-09-12T17:10:34","slug":"self-storage-performance-continues-to-lag-behind-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-performance-continues-to-lag-behind-2022\/","title":{"rendered":"Self Storage Performance Continues to Lag Behind 2022, Yardi Matrix Reports"},"content":{"rendered":"

SANTA BARBARA, Calif., April 20, 2023<\/strong> \u2013 Self storage street rates continue to fall off of last year\u2019s historic highs each month, according to the latest National Self Storage Report<\/a> from Yardi\u00ae Matrix. However, sector fundamentals remain strong.<\/p>\n

Year-over-year street rate growth was negative in March for the sixth straight month, with national average rates for standard-size 10×10 units down 2.3 percent year-over-year for non-climate-controlled (NON CC) units at $127 and 3.4 percent for climate-controlled (CC) units at $142.<\/p>\n

\u201cAlthough street rates are negative on an annual basis, rates remain relatively steady sequentially, with some unit types and sizes registering increases on a month-over-month basis,\u201d say Matrix analysts. \u201cOperators largely remain optimistic about demand despite the volatility in the financial markets because storage performance has repeatedly proven to be stable during times of economic volatility.\u201d<\/p>\n

Most of Yardi Matrix\u2019s top 31 metros recorded negative street rate growth last month compared to March 2022. Year-over-year, rates for 10×10 NON CC units were again negative in the majority of the top metros, with 25 experiencing decreases. Nashville was the only metro with positive YOY rate growth in March for both 10×10 NON CC and CC units, and the only city tracked without a drop in rates for CC units.<\/p>\n

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

Yardi Matrix tracks a total of 4,735 self storage properties nationwide in various stages of development \u2014 including 817 under construction, 1,896 planned and 656 prospective properties. Matrix also maintains operational profiles for 29,299 completed self storage facilities across the United States, bringing the total data set to 34,034.<\/p>\n

Yardi\u00a0Matrix 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

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

Yardi\u00ae develops industry-leading software for all types and sizes of real estate companies across the world. With over 8,500 employees, Yardi is working with our clients 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","protected":false},"excerpt":{"rendered":"

SANTA BARBARA, Calif., April 20, 2023 \u2013 Self storage street rates continue to fall off of last year\u2019s historic highs each month, according to the latest National Self Storage Report from Yardi\u00ae Matrix. However, sector fundamentals remain strong. Year-over-year street rate growth was negative in March for the sixth straight month, with national average rates […]<\/p>\n","protected":false},"author":753,"featured_media":5901,"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-5900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-self-storage-outlook"],"yoast_head":"\nSelf Storage Performance Continues to Lag Behind 2022, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"National average rates were down annually between two to three percent for all unit types in March, Yardi Matrix reports.\" \/>\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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