{"id":6755,"date":"2024-01-31T14:17:51","date_gmt":"2024-01-31T14:17:51","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6755"},"modified":"2024-02-01T15:44:06","modified_gmt":"2024-02-01T15:44:06","slug":"self-storage-stabilizes-owners-and-operators-express-optimism-to-start-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-stabilizes-owners-and-operators-express-optimism-to-start-2024\/","title":{"rendered":"Self Storage Stabilizes, Owners and Operators Express Optimism to Start 2024"},"content":{"rendered":"<p><em>Combined same-store rates are down year-over-year in all but one of the top metros<\/em><\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong>SANTA BARBARA, Calif., Jan. 31, 2024<\/strong> \u2013 The self storage market is achieving stability after an 18-month slowdown, the latest <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/5052-MatrixSelfStorageNationalReport-January2024?signup=false\">Self Storage National Report from Yardi\u00ae Matrix<\/a> shows.<\/p>\n<p>Annual street rate growth was still negative as of December. The average annualized same-store asking rent per square foot for the combined mix of unit sizes and types reached an average of $16.57 nationally last month, a 2.7 percent decrease on a year-over-year basis.<\/p>\n<p>Nearly all top metros had a negative street rate on an annual basis in December. Combined same-store rates for non-climate-controlled and climate-controlled units decreased in all but one of the top metros tracked by Yardi Matrix on a year-over-year basis.<\/p>\n<p>\u201cNew supply is a concern in certain markets but overall new supply in the top markets is expected to drop in 2024 as construction lending has dried up in the face of declining street rates, slower lease up pace and higher interest rates,\u201d say Matrix analysts.<\/p>\n<p>Self storage is dependent on the housing market for demand and slowing home sales activity and fewer moves have had a significant impact. If the national housing market improves, the outlook for storage will quickly look up.<\/p>\n<p>Across the U.S., Yardi Matrix tracks a total of 5,073 self storage properties in various stages of development, including 871 under construction, 1,980 planned, 621 prospective, 1,510 abandoned and 91 deferred properties. Yardi Matrix also maintains operational profiles for 29,745 completed self storage facilities, bringing the total data set to 34,818.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/5052-MatrixSelfStorageNationalReport-January2024?signup=false\">Gain more insight on the performance of the self storage sector.<\/a><\/p>\n<p>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\u00a0<a href=\"mailto:matrix@yardi.com\">matrix@yardi.com<\/a>, call 480-663-1149 or visit\u00a0<a href=\"https:\/\/www.yardimatrix.com\/\">yardimatrix.com<\/a>\u00a0to learn more.<\/p>\n<p><strong>About Yardi<\/strong><\/p>\n<p>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\u00a0<a href=\"https:\/\/www.yardi.com\/\">yardi.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Combined same-store rates are down year-over-year in all but one of the top metros \u00a0SANTA BARBARA, Calif., Jan. 31, 2024 \u2013 The self storage market is achieving stability after an 18-month slowdown, the latest Self Storage National Report from Yardi\u00ae Matrix shows. Annual street rate growth was still negative as of December. The average annualized [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6756,"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-6755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","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 Stabilizes, Owners and Operators Express Optimism to Start 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Combined same-store rates are down year-over-year in all but one of the top metros, 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-stabilizes-owners-and-operators-express-optimism-to-start-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self Storage Stabilizes, Owners and Operators Express Optimism to Start 2024\" \/>\n<meta property=\"og:description\" content=\"Combined same-store rates are down year-over-year in all but one of the top metros, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-stabilizes-owners-and-operators-express-optimism-to-start-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-31T14:17:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-01T15:44:06+00:00\" \/>\n<meta property=\"og:image\" 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