{"id":7542,"date":"2024-07-01T06:40:00","date_gmt":"2024-07-01T06:40:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7542"},"modified":"2024-07-24T12:22:42","modified_gmt":"2024-07-24T12:22:42","slug":"self-storage-market-outlook-june-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/","title":{"rendered":"Self Storage Market Outlook \u2013 June 2024"},"content":{"rendered":"<p><em>On a monthly basis, 28 out of the top 30 metros had a positive rent growth, while two saw contractions, according to the latest Yardi Matrix self storage market outlook.<\/em><\/p>\n<h2>Key Takeaways<\/h2>\n<ul>\n<li>As of May, the annual advertised street rate continued to be negative, with the average annualized advertises same-store asking rent per square foot down 4.5 percent for the combined mix of unit sizes and types.<\/li>\n<li>Annually, the same-store advertised asking rates for the combined non-climate-controlled units were down 4.1 percent, while the advertised same-store asking rates for climate-controlled units fell by 5.0 percent.<\/li>\n<li>On a monthly basis, 28 out of the top 30 metros tracked by Yardi Matrix showed positive growth, while two decreased, as the advertised street rates per square foot were up 0.6 percent, or 10 cents, to $16.44.<\/li>\n<li>The national under-construction pipeline equaled 3.6 percent of existing inventory, <a href=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-may-2024\/\" rel=\"\"><strong>unchanged from the previous month<\/strong><\/a>.<\/li>\n<\/ul>\n<h2>Advertised street rates continue to perform negatively on a yearly basis<\/h2>\n<p>In May, the national average annualized same-store advertised asking rent per square foot was $16.44 for the combined mix of unit and sizes. This figure marked a 4.5 percent decrease compared to May 2023. Same-store national advertised street rates for combined non-climate-controlled units fell 4.1 percent on a yearly basis as of May, while same-store advertised asking rates for climate-controlled units decreased 5.0 percent on an annual basis. High growth markets are having a weaker street rate performance due to the influx of new storage supply.<\/p>\n<p><iframe id=\"datawrapper-chart-1ULOZ\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Year-over-Year Rent Change for Main Unit Sizes\" src=\"https:\/\/datawrapper.dwcdn.net\/1ULOZ\/3\/\" height=\"456\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>In May, all the top 30 metro areas had negative advertised street rate growth year-over-year. The decrease in combined same-store advertised rates for non-climate-controlled units and same-store climate-controlled units ranged between -1.2 percent in New York and -9.1 percent in Atlanta.<\/p>\n<p>The average national combined advertised street rates per square foot was up by 10 cents, to $16.44, a 0.6 percent increase. The overall positive growth is a sign of advertised street rates returning to their seasonal patterns while also displaying stronger growth between April and May, compared to the same interval last year. Despite a 1.0 percent rise for the average combined advertised street rates per square foot as of May, Columbus remains the most affordable metro, at $12.25.<\/p>\n<h2>Under construction pipeline remains steady nationwide<\/h2>\n<p>On a national level, new supply in the last three years has accounted for 8.5 percent of stock at the beginning of the period. Meanwhile, deliveries equaled 2.9 percent of that amount during the previous 12 months.<\/p>\n<p>Philadelphia leads the nation, as the metro had the largest amount of new supply delivered over the past three years, equal to 14.3 percent of starting stock and an inventory under-construction registering at 6.1 percent of existing inventory.<\/p>\n<p>Yardi Matrix keeps track of a total of 3,408 self storage properties in various stages of development across the U.S. The development pipeline included 856 under construction, 2,015 planned and 537 prospective properties. As of May, the under-construction portion of the pipeline accounted for 3.6 percent of stock, unchanged from the previous month.<\/p>\n<p>Austin registered the largest increase in construction activity as of May, seeing a 40-basis-point month-over-month gain, followed by Minneapolis, Phoenix, Sacramento, San Antonio, Chicago, Philadelphia, Dallas and Miami. The largest monthly decrease was in Orlando, with construction activity shrinking 90 basis points to 6.5 percent.<\/p>\n<p>Read the full Yardi Matrix National Self Storage Market Outlook: <a href=\"\/publications\/download\/File\/5780-MatrixSelfStorageNationalReport-June2024\" rel=\"\"><strong>June 2024<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On a monthly basis, 28 out of the top 30 metros had a positive rent growth, while two saw contractions, according to the latest Yardi Matrix self storage market outlook. Key Takeaways As of May, the annual advertised street rate continued to be negative, with the average annualized advertises same-store asking rent per square foot [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,21],"tags":[307],"class_list":["post-7542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-self-storage-market","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 Market Outlook \u2013 June 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Dampened by high interest rates, the housing market has remained sluggish in 2024, 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-market-outlook-june-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self Storage Market Outlook \u2013 June 2024\" \/>\n<meta property=\"og:description\" content=\"Dampened by high interest rates, the housing market has remained sluggish in 2024, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-01T06:40:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-24T12:22:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/SS-iStock-1204003418.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madalina Pojoga\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Self Storage Market Outlook \u2013 June 2024 - Yardi Matrix Blog","description":"Dampened by high interest rates, the housing market has remained sluggish in 2024, according to Yardi Matrix data.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/","og_locale":"en_US","og_type":"article","og_title":"Self Storage Market Outlook \u2013 June 2024","og_description":"Dampened by high interest rates, the housing market has remained sluggish in 2024, according to Yardi Matrix data.","og_url":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2024-07-01T06:40:00+00:00","article_modified_time":"2024-07-24T12:22:42+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/SS-iStock-1204003418.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Madalina Pojoga","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/"},"author":{"name":"Razvan Cimpean","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"headline":"Self Storage Market Outlook \u2013 June 2024","datePublished":"2024-07-01T06:40:00+00:00","dateModified":"2024-07-24T12:22:42+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/"},"wordCount":527,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/SS-iStock-1204003418.jpg","keywords":["Self Storage Outlook"],"articleSection":["Real Estate Trends","Self Storage Market"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/","url":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/","name":"Self Storage Market Outlook \u2013 June 2024 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/SS-iStock-1204003418.jpg","datePublished":"2024-07-01T06:40:00+00:00","dateModified":"2024-07-24T12:22:42+00:00","description":"Dampened by high interest rates, the housing market has remained sluggish in 2024, according to Yardi Matrix data.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/SS-iStock-1204003418.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/SS-iStock-1204003418.jpg","width":1200,"height":628,"caption":"Image by AnnaStills\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-june-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Self Storage Market Outlook \u2013 June 2024"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6","name":"Razvan Cimpean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","caption":"Razvan Cimpean"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/SS-iStock-1204003418.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=7542"}],"version-history":[{"count":1,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7542\/revisions"}],"predecessor-version":[{"id":7545,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7542\/revisions\/7545"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/7533"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=7542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=7542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=7542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}