{"id":6683,"date":"2023-12-19T13:18:44","date_gmt":"2023-12-19T13:18:44","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6683"},"modified":"2023-12-19T13:31:22","modified_gmt":"2023-12-19T13:31:22","slug":"self-storage-demand-continues-to-face-headwinds","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-demand-continues-to-face-headwinds\/","title":{"rendered":"Self Storage Demand Continues to Face Headwinds, Yardi Matrix Reports"},"content":{"rendered":"

Street rates continue to be down year-over-year in most metros<\/em><\/p>\n

SANTA BARBARA, Calif., Dec. 19, 2023<\/strong> \u2013 The self storage industry is feeling the impact of the housing market slowdown on demand for storage units, states the latest Self Storage National Report from Yardi\u00ae Matrix<\/a><\/strong>.<\/p>\n

The average annualized same-store asking rate per square foot for combined unit sizes and types averaged $16.57 nationally in November, a 4.2 percent drop on a year-over-year basis.<\/p>\n

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

\u201cRising housing costs and incomes that have not kept pace has resulted in one of the most unaffordable housing markets in the past thirty years, stifling home sales. As a key storage demand driver, a slowdown in the housing market is dampening occupancy and weighing down street rates,\u201d say Matrix analysts.<\/p>\n

At a national level, Yardi Matrix tracks a total of 5,028 self storage properties in various stages of development, including 883 under construction, 1,940 planned, 631 prospective, 1,489 abandoned and 85 deferred properties. Yardi Matrix also maintains operational profiles for 29,376 completed self storage facilities, bringing the total data set to 34,404.<\/p>\n

Gain more insight on the performance of the self storage sector<\/a><\/strong>.<\/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\u00a0matrix@yardi.com<\/a>, call 480-663-1149 or visit\u00a0yardimatrix.com<\/a>\u00a0to 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\u00a0yardi.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Street rates continue to be down year-over-year in most metros SANTA BARBARA, Calif., Dec. 19, 2023 \u2013 The self storage industry is feeling the impact of the housing market slowdown on demand for storage units, states the latest Self Storage National Report from Yardi\u00ae Matrix. The average annualized same-store asking rate per square foot for […]<\/p>\n","protected":false},"author":753,"featured_media":6684,"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-6683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-self-storage-outlook"],"yoast_head":"\nSelf Storage Demand Continues to Face Headwinds, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Street rates continue to be down year-over-year in most metros, according to the December 2023 Yardi Matrix national report.\" \/>\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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