{"id":7180,"date":"2024-01-03T11:17:00","date_gmt":"2024-01-03T11:17:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7180"},"modified":"2024-03-26T14:22:11","modified_gmt":"2024-03-26T14:22:11","slug":"self-storage-market-outlook-december-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-december-2023\/","title":{"rendered":"Self Storage Market Outlook \u2013 December 2023"},"content":{"rendered":"\n

Read the latest Yardi Matrix Self Storage Market Outlook<\/a><\/strong>.<\/p>\n\n\n

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On a monthly basis, the under-construction pipeline represented 3.8 percent of the existing inventory, the same as in October.<\/em><\/p>\n

Key Takeaways<\/h2>\n
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  • As of November, the annual street continued to be negative, with the average annualized same-store asking rent per square foot down 4.2 percent for the combined mix of unit sizes and types.<\/li>\n
  • On an annual basis, the same-store national street rates for the combined non-climate-controlled units fell 4.1 percent, while the same-store asking rates for climate-controlled units declined 4.4 percent.<\/li>\n
  • Month-over-month, all top 31 metros tracked by Yardi Matrix showed negative growth and fell 1.0 percent in November from October.<\/li>\n
  • The national under-construction pipeline equaled 3.8 percent of existing inventory, unchanged from the previous month.<\/li>\n<\/ul>\n

    Street rates down year-over-year<\/h2>\n

    In November, the national average annualized same-store asking rent per square foot was $16.57 for the combined mix of unit sizes and types. Compared to the $17.40 average of November 2022, this figure marked a 4.2 decrease. November\u2019s same-store national street rates for combined non-climate-controlled units fell 4.1 percent, following its average 4.1 percent decrease over the trailing six months. Same-store asking rates for climate-controlled units decreased 4.4 percent on an annual basis, the same as its average of -4.4 percent over the past six months.<\/p>\n