{"id":5998,"date":"2023-06-07T09:47:09","date_gmt":"2023-06-07T09:47:09","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5998"},"modified":"2023-09-12T17:00:02","modified_gmt":"2023-09-12T17:00:02","slug":"self-storage-outlook-may-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-may-2023\/","title":{"rendered":"Self Storage Outlook \u2013 May 2023"},"content":{"rendered":"<p><em>On a monthly basis, while most top markets stagnated, eleven saw increases in 10&#215;10 street rates, despite overall annual decline, according to the latest Yardi Matrix National Self Storage report.<\/em><\/p>\n<h2>Key Takeaways:<\/h2>\n<ul>\n<li>Annual national street-rate growth remained negative for both 10&#215;10 unit types as of April.<\/li>\n<li>Meanwhile on a monthly basis, average street rates for the 10&#215;10 combined units increased $1 to $133, amounting to an 80-basis-point growth.<\/li>\n<li>National street rates also gained $1 month-over-month, reaching $141 in April.<\/li>\n<li>Construction activity continued to face headwinds, as the under-construction pipeline amounted to 3.6 percent of existing inventory, <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-april-2023\/\">unchanged from a month before<\/a><\/strong>.<\/li>\n<\/ul>\n<h2>Incremental growth in national street rates<\/h2>\n<p>On a monthly basis, the average national street rate for all unit sizes saw minor gains, a $1 increase to $141 in April. The growth amounted to a 70-basis-point increase month-over-month. Meanwhile, the average rate for the 10&#215;10 units combined also increased $1, representing an 80-basis-point growth. While most of the top 31 metros tracked by Yardi Matrix registered no changes in the combined street rates for the 10&#215;10 non-climate-controlled and climate-controlled units, only four showed decreases. On the other hand, eleven metros registered an increase in combined street rates for the standard-size 10&#215;10 units.<\/p>\n<p><iframe id=\"datawrapper-chart-q2h2P\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"April Year-over-Year Rent Change 10x10 Units\" src=\"https:\/\/datawrapper.dwcdn.net\/q2h2P\/2\/\" height=\"2154\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Grouped Column Chart\" 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>The Sacramento market had the largest monthly gains with a 140-basis-point increase to $145. Washington, D.C., followed with similar gains (130 basis points to $156), succeeded by Columbus, (100 basis points to $104) and the San Francisco Peninsula &amp; East Bay (100 basis points to $211).<\/p>\n<h2>Raleigh-Durham stands out<\/h2>\n<p>Annually, national rates for standard-size 10\u00d710 units fell 4.1 percent for climate-controlled units, while rates for the same-sized non-climate-controlled units saw a 3.1 percent drop. Taking a closer look, Raleigh-Durham was the sole metro that had positive rent growth in April. Rates for the 10x10 non-climate-controlled units increased by $1 to $101.<\/p>\n<p>Overall, the rates across the self storage sector continued to decline. Rates remained level in two top metros for the 10x10 non-climate-controlled units, while Las Vegas rounded out the list, as street rates fell 9.8 percent year-over-year. Rates for the 10x10 climate-controlled units showed a similar downward trend stretching from a 1.4-percent drop in Nashville to a 9.4-percent drop in the Inland Empire.<\/p>\n<p>In April, there were 4,713 self storage properties in different stages of development. The pipeline included 1,885 planned properties, 1,328 abandoned projects, 812 facilities under construction, 638 prospective projects, and 50 deferred ones. The under construction portion made up 3.6 percent of the total stock and this slice of the pipeline remained unchanged month-over-month.<\/p>\n<h2>Orlando's dominant new supply pipeline<\/h2>\n<p>Orlando had the greatest new supply pipeline, even with the ample 8.7 net square feet of storage space available per capita. As of April, the share of projects under construction across the metro amounted to 7.6 percent of its existing inventory, unchanged from March.<\/p>\n<p><iframe id=\"datawrapper-chart-zfw5L\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"National Self Storage Pipeline\" src=\"https:\/\/datawrapper.dwcdn.net\/zfw5L\/2\/\" height=\"564\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Donut Chart\" 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>Looking at development activity, only Tampa saw an increase. Properties under construction grew to equal 3.7 percent of Tampa\u2019s total stock. The new supply will add to the metro\u2019s 29.6 million square-foot footprint or 8.2 net square feet available per capita, which is already above the 7.2 national figure. Similarly, a single market had seen a decrease in development activity. The Atlanta metro had 2.2 million square feet of space under construction amounting to 4.5 percent of total stock, down 10 basis points month-over-month.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/File\/3796-MatrixSelfStorageNationalReport-May2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Self Storage National Report-May 2023<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On a monthly basis, while most top markets stagnated, eleven saw increases in 10&#215;10 street rates, despite overall annual decline, according to the latest Yardi Matrix National Self Storage report. Key Takeaways: Annual national street-rate growth remained negative for both 10&#215;10 unit types as of April. Meanwhile on a monthly basis, average street rates for [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5999,"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-5998","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 May 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"On a monthly basis, while most top markets stagnated, eleven saw increases in 10x10 street rates, despite overall annual decline, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" content=\"index, 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