{"id":6594,"date":"2023-11-17T12:47:14","date_gmt":"2023-11-17T12:47:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6594"},"modified":"2023-11-17T12:47:22","modified_gmt":"2023-11-17T12:47:22","slug":"self-storage-street-rates-continue-to-soften","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-street-rates-continue-to-soften\/","title":{"rendered":"Self Storage Street Rates Continue to Soften, Yardi Matrix Reports"},"content":{"rendered":"

In-place rent growth is one bright spot for operators as demand falters<\/em><\/p>\n

SANTA BARBARA, Calif., Nov. 17, 2023<\/strong> \u2013 Slowed demand for self storage continues to drive street rates lower, reports the new Self Storage National Report<\/a> from Yardi\u00ae Matrix.<\/p>\n

Annual street rate growth stayed negative in October. The average annualized same-store asking rate per square foot for the main unit types and sizes averaged $16.77 nationally last month, marking a 4.2 percent drop from the average recorded in October 2022.<\/p>\n

Street rates also remained negative on an annual basis in October in nearly all of the top metros. Combined same-store rates for non-climate-controlled units fell in all but one of the markets tracked by Matrix year over year, while asking rates for same-store climate-controlled units decreased in all of the top metros.<\/p>\n

\u201cElevated residential mortgage rates have slowed home sales, reducing population mobility, a major driver of storage demand. As a result, storage operators continue to lower asking rates to drive new rental demand,\u201d states the report.<\/p>\n

In-place storage rents continue to trend upwards, supported by existing customer demand, helping bolster rental income for operators. In addition, the labor market remains relatively strong and inflation is slowing, which will benefit the sector as it helps boost the financial confidence of new and existing customers.<\/p>\n

Nationally, Yardi Matrix tracks a total of 5,006 self storage properties in various stages of development, including 864 under construction, 1,940 planned, 673 prospective, 1,457 abandoned and 72 deferred properties. Yardi Matrix also maintains operational profiles for 29,234 completed self storage facilities in the U.S., bringing the total data set to 34,240.<\/p>\n

Gain more insight on self storage performance<\/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 or visit yardimatrix.com<\/a> to learn more.<\/p>\n

About Yardi<\/strong><\/p>\n

Yardi\u00ae 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":"

In-place rent growth is one bright spot for operators as demand falters SANTA BARBARA, Calif., Nov. 17, 2023 \u2013 Slowed demand for self storage continues to drive street rates lower, reports the new Self Storage National Report from Yardi\u00ae Matrix. Annual street rate growth stayed negative in October. The average annualized same-store asking rate per […]<\/p>\n","protected":false},"author":753,"featured_media":6595,"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-6594","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 Rates Continue to Soften, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\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-street-rates-continue-to-soften\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self Storage Street Rates Continue to Soften, Yardi Matrix Reports\" \/>\n<meta property=\"og:description\" content=\"In-place rent growth is one bright spot for operators as demand falters SANTA BARBARA, Calif., Nov. 17, 2023 \u2013 Slowed demand for self storage continues to drive street rates lower, reports the new Self Storage National Report from Yardi\u00ae Matrix. 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