{"id":7517,"date":"2024-06-26T12:43:40","date_gmt":"2024-06-26T12:43:40","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7517"},"modified":"2024-06-27T13:04:56","modified_gmt":"2024-06-27T13:04:56","slug":"self-storage-asking-rents-continue-to-drop","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-asking-rents-continue-to-drop\/","title":{"rendered":"Self Storage Asking Rents Continue to Drop, Reports Yardi Matrix"},"content":{"rendered":"<p><em>Annual average street rates were lower in May across all major metro areas tracked<\/em><\/p>\n<p><strong>SANTA BARBARA, Calif., June 26, 2024<\/strong> \u2013 Current economic conditions and the impact on the real estate market continue to dampen the self storage sector\u2019s performance, which is typically strongest at this time of year, shows the latest <strong><a href=\"\/publications\/download\/file\/5780-MatrixSelfStorageNationalReport-June2024?signup=false\">Self Storage National Report<\/a><\/strong> from Yardi\u00ae Matrix.<\/p>\n<p>The average annualized same store asking rent reached an average of $16.44 nationally in May 2024. That is a 4.5 percent decrease on a year-over-year (YoY) basis. A year ago, rates recorded an average 3.8 percent drop in May 2023.<\/p>\n<p>All top metros tracked by Matrix saw negative street rate movement in May. Combined same-store rates for non-climate-controlled units and climate-controlled units decreased YoY.<\/p>\n<p>\u201cInterest rates are expected to remain high. This will continue to influence storage demand from home sales, as well as self storage transaction activity well into next year,\u201d say Matrix analysts.<\/p>\n<p>Yardi Matrix tracks a total of 3,408 self storage properties in various stages of development, including 856 under construction, 2,015 planned and 537 prospective properties. Yardi Matrix also maintains operational profiles for 31,154 facilities, bringing the total data set to 34,562.<\/p>\n<p>Gain more information on the <strong><a href=\"\/publications\/download\/file\/5780-MatrixSelfStorageNationalReport-June2024?signup=false\">performance of the self storage sector<\/a><\/strong>.<\/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=\"\/\">yardimatrix.com<\/a>\u00a0to learn more.<\/p>\n<p><strong>About Yardi<\/strong><\/p>\n<p>Celebrating its 40-year anniversary in 2024, 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>Annual average street rates were lower in May across all major metro areas tracked SANTA BARBARA, Calif., June 26, 2024 \u2013 Current economic conditions and the impact on the real estate market continue to dampen the self storage sector\u2019s performance, which is typically strongest at this time of year, shows the latest Self Storage National [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7518,"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-7517","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 Asking Rents Continue to Drop, Reports Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Annual average street rates were lower in May across all major metro areas tracked, 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 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