{"id":6063,"date":"2023-07-06T14:09:30","date_gmt":"2023-07-06T14:09:30","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6063"},"modified":"2024-03-12T16:01:18","modified_gmt":"2024-03-12T16:01:18","slug":"self-storage-outlook-june-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-june-2023\/","title":{"rendered":"Self Storage Outlook \u2013 June 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/self-storage-market-outlook\/\">Self Storage Market Outlook<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<p><em>On a monthly basis, most top markets registered increases in 10&#215;10 street rates, showing resilience amid continued headwinds.<\/em><\/p>\n<h2>Key Takeaways:<\/h2>\n<ul>\n<li>As of May, street rate growth for 10&#215;10 unit types <a href=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-street-rates-up-again-in-june\/\"><strong>stayed negative on a year-over-year basis<\/strong><\/a>.<\/li>\n<li>However, on a monthly basis, average street rates for the 10&#215;10 units combined increased $1 yet again to $134.<\/li>\n<li>Month-over-month, Sacramento was the sole market that saw decreases in average street rates for 10&#215;10 units combined.<\/li>\n<li>Construction activity picked up slightly, as the national under-construction pipeline grew to 3.6 percent of existing inventory, up 10 basis points compared to the month before.<\/li>\n<\/ul>\n<h2>Year-over-year rent growth remains negative<\/h2>\n<p>On an annual basis, national rates for standard-size 10\u00d710 units fell 4.7 percent for climate-controlled units, while rates for the same-sized non-climate-controlled units saw a 3.8 percent drop as of May. However, by historical standards these rates have remained elevated. At $128, the national rate for the 10&#215;10 non-climate-controlled units was 1.8 percent above its average over the past three years. Meanwhile at $143, the national rate for the 10&#215;10 climate-controlled units was 50 basis points higher than its average over the previous 36 months.<\/p>\n<p><iframe id=\"datawrapper-chart-6sMB4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Year-over-Year Rent Change 10x10 Units\" src=\"https:\/\/datawrapper.dwcdn.net\/6sMB4\/2\/\" height=\"974\" 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>Taking a closer look, Charleston was the sole metro that had positive annual rent growth in May. Rates for the 10x10 climate-controlled units increased by $1 to $138, accounting for a 70-basis-point year-over-year growth.<\/p>\n<p>Overall, on a monthly basis, the smaller-sized units were the strongest performing among all the rate types tracked by Yardi Matrix. The rates for 5x5 unit non-climate-controlled units increased by $1 to $57, amounting to a 1.8 percent growth. Meanwhile the same-sized climate-controlled units also increased by $1 to $59, amounting to a 1.7 percent growth.<\/p>\n<p>The average rate for the 10x10 units combined also increased by $1 to $134, this growth however amounted to only an 80-basis point increase. Merely a single metro among the top 31 tracked by Yardi Matrix had a negative monthly rate growth, while the majority saw increases. An improvement compared to the April figures, when 11 metros saw increases, four registered a decline and most markets stagnated.<\/p>\n<p>As of May, the Columbus market had the largest monthly gains with a 190-basis-point increase to $106. Minneapolis (180 basis points to $112) and Charleston (160 basis points to $124) rounded out the top three best-performing metros.<\/p>\n<h2>A resilient development pipeline<\/h2>\n<p>There were 4,799 self storage properties in different stages of development as of May. The pipeline included 1,959 planned properties, 1,341 abandoned projects, 807 facilities under construction, 646 prospective projects, and 50 deferred ones. The under-construction portion made up 3.6 percent of the total stock, increasing 10 basis points month-over-month.<\/p>\n<p><iframe id=\"datawrapper-chart-ZemOx\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"National Self Storage Pipeline\" src=\"https:\/\/datawrapper.dwcdn.net\/ZemOx\/3\/\" height=\"591\" 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>Orlando maintained its leading position among the top 31 markets in terms of relative new supply. The metro had more than 2 million square feet of projects under construction amounting to 7.5 percent of overall stock. While construction activity stagnated in most of the top metros, it increased in five. Columbus had a considerable 60-basis-point growth, expanding the under-construction pipeline to 5.9 percent of overall stock. With an inventory of roughly 12.5 million square feet, the metro had 6.6 net square feet of storage space available per capita, below the national 7.3 average.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/File\/4055-MatrixSelfStorageNationalReport-June2023\" target=\"_blank\" rel=\"noopener\">Matrix Self Storage National Report-June 2023<\/a><\/strong>.<\/p>","protected":false},"excerpt":{"rendered":"<p>On a monthly basis, most top markets registered increases in 10&#215;10 street rates, showing resilience amid continued headwinds. Key Takeaways: As of May, street rate growth for 10&#215;10 unit types stayed negative on a year-over-year basis. However, on a monthly basis, average street rates for the 10&#215;10 units combined increased $1 yet again to $134. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6064,"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-6063","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 June 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"On a monthly basis, most top markets registered increases in 10x10 street rates, showing resilience amid continued headwinds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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