{"id":6481,"date":"2023-10-02T12:54:52","date_gmt":"2023-10-02T12:54:52","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6481"},"modified":"2023-10-03T13:24:20","modified_gmt":"2023-10-03T13:24:20","slug":"self-storage-street-rate-growth-remains-negative-year-over-year","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-street-rate-growth-remains-negative-year-over-year\/","title":{"rendered":"Self Storage Street Rate Growth Remains Negative Year-Over-Year, Yardi Matrix Reports"},"content":{"rendered":"

SANTA BARBARA, Calif., Oct. 2, 2023<\/strong> \u2013 Self storage street rates have now been been negative year-over-year for almost a full year, reflecting slower demand caused by declining home sales and fewer relocations, reports the new\u00a0Self Storage National Report from Yardi\u00ae Matrix<\/a>.<\/p>\n

Street rate growth remained negative in August, with annualized same-store asking rents per square foot down an average of 4.1 percent nationwide for all unit sizes and types. This is a slight improvement from the negative national annual growth of -4.5 percent recorded in July.<\/p>\n

But it\u2019s not all gloom and doom.<\/p>\n

\u201cOperators have been able to grow revenue by increasing existing customer rents (ECRIs), and the average length of stay has been extended during the past few years, which counteracts the effect of lower move-in rates. In addition, the amount of new supply under construction is moderating and new deliveries are expected to fall below the long-term average over the next few years, helping to reduce competition among operators,\u201d say Matrix analysts.<\/p>\n

Last month, supply caused a drag on street rate growth in many metros. Markets with the most supply in lease up are also recording some of the worst rate performance. Combined same-store rates for non-climate-controlled (NCC) units decreased in all of the top 29 metros year-over-year.<\/p>\n

Street rates for same-store climate-controlled (CC) units dropped in all but one of the top metros annually. New York City was the only metro to see street rates increase compared to August 2022.<\/p>\n

Yardi Matrix tracks a total of 4,789 self storage properties in various stages of development, including 816 under construction, 1,890 planned, 625 prospective, 1,393 abandoned and 65 deferred. Matrix also maintains operational profiles for 28,939 completed self storage facilities across the United States, bringing the total data set to 33,728.<\/p>\n

Matrix has recently made updates to how it reports on the self storage sector nationwide. Get all the details in the new report<\/a>.<\/p>\n

Yardi Matrix 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, vacant land, industrial, office, retail and self storage property types. Email matrix@yardi.com<\/a>, call 480-663-1149<\/a> or visit yardimatrix.com<\/a> to learn more.<\/p>\n

About Yardi<\/strong>
\nYardi\u00ae<\/sup> develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 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., Oct. 2, 2023 \u2013 Self storage street rates have now been been negative year-over-year for almost a full year, reflecting slower demand caused by declining home sales and fewer relocations, reports the new\u00a0Self Storage National Report from Yardi\u00ae Matrix. Street rate growth remained negative in August, with annualized same-store asking rents per […]<\/p>\n","protected":false},"author":753,"featured_media":6483,"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-6481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-self-storage-outlook"],"yoast_head":"\nSelf Storage Street Rate Growth Remains Negative Year-Over-Year, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Self storage street rates have now been been negative year-over-year for almost a full year, reflecting slower demand, 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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