{"id":6215,"date":"2023-08-28T09:40:51","date_gmt":"2023-08-28T09:40:51","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6215"},"modified":"2023-09-12T15:29:03","modified_gmt":"2023-09-12T15:29:03","slug":"self-storage-outlook-august-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/","title":{"rendered":"Self Storage Outlook \u2013 August 2023"},"content":{"rendered":"<p><em>On a monthly basis, three top markets recorded monthly rate growth for the 10&#215;10 units with the New York metro having the largest increase.<\/em><\/p>\n<h2>Key Takeaways:<\/h2>\n<ul>\n<li>As of July, street rates for the 10&#215;10 unit types continued to decline on a year-over-year basis for all of the top metros tracked by Yardi Matrix.<\/li>\n<li>The national average street rates for the 10&#215;10 units combined <a href=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-july-2023\/\"><strong>declined on a monthly basis<\/strong><\/a> as well, however a small number of metros saw increases or stagnated.<\/li>\n<li>Month-over-month, New York had the average street rates for 10&#215;10 units combined increase to $261, the largest increase among the top metros.<\/li>\n<li>Construction activity remained steady, despite the national under-construction pipeline falling to 3.6 percent of existing inventory, down 10 basis points compared to the previous month.<\/li>\n<\/ul>\n<p>As of July, the overall national street rate dropped to $141, registering a 70-basis-point fall compared to the previous month. Rates however were up by historical standards, as the national July 2019 average stood at $126, and the figure remained unchanged in July 2020. The rate falls short compared to the stellar performance of the past couple of years, as the July 2021 national street rate was $143 and the July 2022 value was $147.<\/p>\n<p><iframe id=\"datawrapper-chart-seWck\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Year-over-Year Rent Change 10x10 Units\" src=\"https:\/\/datawrapper.dwcdn.net\/seWck\/3\/\" 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>Looking at annual performance on a metro level, street rates for the 10x10 non-climate-controlled units declined in all of the top 31 metros tracked by Yardi Matrix. The same was true for the 10x10 climate-controlled units.<\/p>\n<p>Month-over-month, the average street rates for the 10x10 non-climate-controlled and climate-controlled units combined fell $1 to $134. The decline was widespread, as most of the metros mirrored this trend with Washington, D.C. registering the largest losses with rates falling $3 to $157. On the other end, New York had the largest gains with rates increasing $2 to $261. Overall, three metros saw rate gains and the combined rates for the 10x10 non-climate-controlled and climate-controlled units stagnated in six metros.<\/p>\n<h2>A robust new development pipeline<\/h2>\n<p>As of July, there were 4,916 self storage projects in various phases of development on a national level. The new-development pipeline included 1,977 planned facilities, 1,375 abandoned projects, 830 self storages under construction, 672 prospective properties, and 62 deferred ones. The under construction projects made up 3.6 percent of the total inventory, decreasing 10 basis points month-over-month.<\/p>\n<p><iframe id=\"datawrapper-chart-qnfr6\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"National Self Storage Pipeline\" src=\"https:\/\/datawrapper.dwcdn.net\/qnfr6\/1\/\" 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 had nearly 2 million square feet of storage space under construction amounting to 7.1 percent of existing inventory. The metro maintained its leading position among the top 31 markets in terms of relative new supply, even as the supply fell 20 basis points compared to the June value. Orlando developers worked to add onto the metro\u2019s 8.9 net square feet of storage space available per capita, which lies above the 7.3 national average.<\/p>\n<p>New York was among the best performers when it comes to monthly street rate performance and the metro also led the nation when it comes to construction activity. New York had the largest development pipeline with more than 4.6 million net rentable square feet of storage space under construction.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/File\/4220-MatrixSelfStorageNationalReport-August2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Self Storage National Report-August 2023<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On a monthly basis, three top markets recorded monthly rate growth for the 10&#215;10 units with the New York metro having the largest increase. Key Takeaways: As of July, street rates for the 10&#215;10 unit types continued to decline on a year-over-year basis for all of the top metros tracked by Yardi Matrix. The national [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6216,"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-6215","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 August 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Reduced move-in activity produced weaker-than-normal street rate performance in July, 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-august-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 August 2023\" \/>\n<meta property=\"og:description\" content=\"Reduced move-in activity produced weaker-than-normal street rate performance in July, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T09:40:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:29:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/SS-August-iStock-182460317.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=\"3 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Self Storage Outlook \u2013 August 2023 - Yardi Matrix Blog","description":"Reduced move-in activity produced weaker-than-normal street rate performance in July, according to Yardi Matrix data.","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-august-2023\/","og_locale":"en_US","og_type":"article","og_title":"Self Storage Outlook \u2013 August 2023","og_description":"Reduced move-in activity produced weaker-than-normal street rate performance in July, according to Yardi Matrix data.","og_url":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2023-08-28T09:40:51+00:00","article_modified_time":"2023-09-12T15:29:03+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/SS-August-iStock-182460317.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Agota Felhazi","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/"},"author":{"name":"Razvan Cimpean","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"headline":"Self Storage Outlook \u2013 August 2023","datePublished":"2023-08-28T09:40:51+00:00","dateModified":"2023-09-12T15:29:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/"},"wordCount":483,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/SS-August-iStock-182460317.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-august-2023\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/","url":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/","name":"Self Storage Outlook \u2013 August 2023 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/SS-August-iStock-182460317.jpg","datePublished":"2023-08-28T09:40:51+00:00","dateModified":"2023-09-12T15:29:03+00:00","description":"Reduced move-in activity produced weaker-than-normal street rate performance in July, according to Yardi Matrix data.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/SS-August-iStock-182460317.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/SS-August-iStock-182460317.jpg","width":1200,"height":628,"caption":"Image by PierreDesrosiers\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-outlook-august-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Self Storage Outlook \u2013 August 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\/09\/SS-August-iStock-182460317.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6215","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=6215"}],"version-history":[{"count":2,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6215\/revisions"}],"predecessor-version":[{"id":6218,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6215\/revisions\/6218"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/6216"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=6215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=6215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=6215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}