{"id":7298,"date":"2024-03-26T11:27:00","date_gmt":"2024-03-26T11:27:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7298"},"modified":"2024-04-25T13:54:45","modified_gmt":"2024-04-25T13:54:45","slug":"self-storage-market-outlook-march-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-march-2024\/","title":{"rendered":"Self Storage Market Outlook \u2013 March 2024"},"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, more than half of the 31 top metros either had a positive rent growth or remained flat.<\/em><\/p>\n

Key Takeaways<\/h2>\n
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  • As of February, the annual street rate continued to be negative, with the average annualized same-store asking rent per square foot down 3.6 percent for the combined mix of unit sizes and types.<\/li>\n
  • Annually, the same-store asking rates for the combined non-climate-controlled units were down 3.3 percent, while the same-store asking rates for climate-controlled units fell 4.1 percent.<\/li>\n
  • On a monthly basis, more than half of the top 31 metros tracked by Yardi Matrix either remained flat or showed positive growth, as the street rates per square foot remained mostly unchanged as of February, increasing by 1 cent to $16.37.<\/li>\n
  • The national under-construction pipeline equaled 3.7 percent of existing inventory, a 10-basis drop from the previous month.<\/li>\n<\/ul>\n

    Small changes in street rate growth<\/h2>\n

    In February, the national average annualized same-store asking rent per square foot was $16.37 for the combined mix of unit types and sizes. This figure marked a 3.6 percent decrease compared to the $17.16 average of February 2023. Same-store national street rates for combined non-climate-controlled units fell 3.3 percent on a yearly basis as of February, a small deceleration compared to its performance in January, which fell by 3.2 percent and was down 2.8 percent in December. Same store asking rates for climate-controlled units decreased 4.1 percent on an annual basis, contracting faster, as the rates were down 3.8 percent in January and 3.3 percent in December.<\/p>\n