{"id":5983,"date":"2023-05-23T07:29:42","date_gmt":"2023-05-23T07:29:42","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5983"},"modified":"2023-09-12T17:02:16","modified_gmt":"2023-09-12T17:02:16","slug":"self-storage-outlook-april-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-april-2023\/","title":{"rendered":"Self Storage Outlook \u2013 April 2023"},"content":{"rendered":"<p><em>On a monthly basis, more top markets saw increases in 10&#215;10 street rates than in February.<\/em><\/p>\n<h2>Key Takeaways:<\/h2>\n<ul>\n<li>Annual national street-rate growth remained negative for both 10&#215;10 unit options.<\/li>\n<li>Nashville was <a href=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-march-2023\/\"><strong>the only market to see annual rent gains<\/strong><\/a> for the 10&#215;10 climate-controlled units, just as in the month prior.<\/li>\n<li>Month-over-month national rent growth remained level for the 10&#215;10 combined units.<\/li>\n<li>Construction activity picked up, as the under-construction pipeline amounted to 3.7 percent of existing inventory.<\/li>\n<\/ul>\n<h2>Rent movement negative nationally, but bright spots remain<\/h2>\n<p>As of March, year-over-year rent movement continued to be negative for the majority of the top 31 self storage markets. National rates for the 10&#215;10 non-climate-controlled units dropped to $127, amounting to a 2.3-percent annual decline. Although when compared to March 2021, this translates to a 4.1-percent gain and an even larger increase (9.4 percent) when contrasted to the March 2019 average. Rates for the similar-sized climate-controlled units fell to $142, representing a 3.4 contraction year-over-year.<\/p>\n<p><iframe id=\"datawrapper-chart-Ebzg7\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"\" src=\"https:\/\/datawrapper.dwcdn.net\/Ebzg7\/1\/\" height=\"891\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Overall, only Charlotte, Raleigh-Durham and Nashville saw modest annual gains for the 10x10 non-climate-controlled units. Nashville was the only market that saw rent increases for the 10x10 climate-controlled units on a year-over-year basis.<\/p>\n<p>Looking at month-over-month changes, rates improved in 14 out of the 31 markets tracked by Yardi Matrix, more than the previous month. The highest increase in street rates for the 10x10 non-climate-controlled and climate-controlled units combined was seen in Pittsburgh, which usually had a history of lagging in rate performance. The national average street rate for combined 10x10 units remained flat month-over-month.<\/p>\n<h2>Development activity continues at solid rates<\/h2>\n<p>As of March, there were 4,735 self storage properties in various stages of development. The development pipeline included 656 prospective properties, 1,896 facilities in the planning stages along with 817 properties under construction as well as some abandoned projects. Construction activity picked up somewhat, as the share of projects under construction grew to 3.7 percent of total inventory, a 10-basis-point improvement over the February figure.<\/p>\n<p>Although construction activity remained flat in most of Yardi Matrix\u2019s top 31 markets, more metros showed a slight increase in their new supply pipeline than a drop. San Antonio experienced the largest increase in development activity month-over-month. The metro\u2019s under-construction supply relative to existing inventory increased to 1.6 percent adding to its existing inventory, which amounts to 10.2 net square feet available per person, above the 7.2 national figure.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/File\/3768-MatrixSelfStorageNationalReport-April2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Self Storage National Report-April 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On a monthly basis, more top markets saw increases in 10&#215;10 street rates than in February. Key Takeaways: Annual national street-rate growth remained negative for both 10&#215;10 unit options. Nashville was the only market to see annual rent gains for the 10&#215;10 climate-controlled units, just as in the month prior. Month-over-month national rent growth remained [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5984,"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-5983","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 April 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"On a monthly basis, more top markets saw increases in 10x10 street rates than in February, according to Yardi Matrix data.\" \/>\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-april-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 April 2023\" \/>\n<meta property=\"og:description\" content=\"On a monthly basis, more top markets saw increases in 10x10 street rates than in February, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-april-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-23T07:29:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T17:02:16+00:00\" \/>\n<meta property=\"og:image\" 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