{"id":8053,"date":"2024-10-30T10:50:00","date_gmt":"2024-10-30T10:50:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8053"},"modified":"2024-11-20T11:01:19","modified_gmt":"2024-11-20T11:01:19","slug":"self-storage-market-outlook-october-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/","title":{"rendered":"Self Storage Market Outlook \u2013 October 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/self-storage-market-outlook\/\">Self Storage Market Outlook<\/a><\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p><em>On a monthly basis, 29 out of the 30 metros recorded contractions, while Seattle saw its advertised asking rent growth stay flat, according to the latest Yardi Matrix self storage market outlook.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\">Key Takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>As of September, advertised asking rent movement continued to be negative, with the average annualized same-store asking rent per square foot down 3.5 percent for the combined mix of unit sizes and types.<\/li>\n\n\n\n<li>Same-store advertised asking rates for the combined non-climate-controlled units were down 3.1 percent year-over-year, while rates for climate-controlled units fell by 4.3 percent.<\/li>\n\n\n\n<li>All but one out of the 30 metros tracked by Yardi Matrix saw contractions month-over-month, while Seattle\u2019s asking rent growth remained flat, as per square foot rates were down 100 basis points, to $16.55.<\/li>\n\n\n\n<li>The national-under construction pipeline equaled 3.4 percent of existing inventory, <a href=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook\/\"><strong>remaining unchanged month-over-<\/strong><\/a><a href=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-september-2024\/\"><strong>month<\/strong><\/a>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-monthly-decrease-in-advertised-asking-rent\">Monthly decrease in advertised asking rent<\/h2>\n\n\n\n<p>In September, the national average annualized same-store advertised asking rent per square foot was $16.55 for the combined mix of unit and sizes. This figure market a 3.5 percent decrease compared to September 2023. Rates for combined non-climate-controlled units fell by 3.1 percent on a year-over-year basis as of September, while same-store advertised asking rates for climate-controlled units decreased by 4.3 percent. In almost every market, the rates for smaller-size units were weaker than those for larger units.<\/p>\n\n\n\n<p><iframe title=\"Year-over-Year Rent Change for Main Unit Sizes\" aria-label=\"Table\" id=\"datawrapper-chart-Tz1rH\" src=\"https:\/\/datawrapper.dwcdn.net\/Tz1rH\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"456\" 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\n\n\n<p>In September, nearly all of the top 30 metro areas had negative advertised street rate movement year-over-year. The decrease in combined same-store advertised rates for non-climate-controlled units and climate-controlled units ranged between -0.5 percent in Portland to -8.3 percent in Atlanta, while Washington D.C.\u2019s rate for non-climate-controlled units was up 0.5 percent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-under-construction-pipeline-at-a-standstill\">Under-construction pipeline at a standstill<\/h2>\n\n\n\n<p>On a national level, new supply in the last three years has accounted for 8.8 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\n\n\n<p>With one of the largest under-construction pipelines, only matched by Orlando, Phoenix has become the top metro as of September at 6.5 percent of existing stock. That shows a 50-basis-point increase monthly and also a 370-basis-point growth compared to its pipeline in September 2023.<\/p>\n\n\n\n<p>Yardi Matrix keeps track of a total of 3,418 self storage properties in various stages of development across the U.S. The development pipeline included 850 under construction, 2,065 planned and 503 prospective properties. As of September, the under-construction pipeline accounted for 3.4% of existing stock, remaining unchanged from the previous month.<\/p>\n\n\n\n<p>A total of 10 out of the top 30 metros tracked by Yardi Matrix recorded an increase in the under-construction pipeline, six metros showed contractions and the remaining 14 stagnated. That includes San Jose, which remains at 0% stock as of September due to a lack of construction starts in 2023 and 2024.<\/p>\n\n\n\n<p>Despite the under-construction pipeline still being up 7.5 percent year-over-year, the Yardi Matrix fourth quarter storage supply forecast shows for a 10 percent decline in supply in 2024.<\/p>\n\n\n\n<p>Read the full Yardi Matrix National Self Storage Market Outlook: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/File\/6354-MatrixSelfStorageNationalReport-October2024\"><strong>October 2024<\/strong><\/a>.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On a monthly basis, 29 out of the 30 metros recorded contractions, while Seattle saw its advertised asking rent growth stay flat, according to the latest Yardi Matrix self storage market outlook. Key Takeaways Monthly decrease in advertised asking rent In September, the national average annualized same-store advertised asking rent per square foot was $16.55 [&hellip;]<\/p>\n","protected":false},"author":2829,"featured_media":7951,"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-8053","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 October 2024 | Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"While fundamentals and advertised rates remain weak, the self storage industry is cautiously optimistic, thanks to some positive movement.\" \/>\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-october-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 October 2024\" \/>\n<meta property=\"og:description\" content=\"While fundamentals and advertised rates remain weak, the self storage industry is cautiously optimistic, thanks to some positive movement.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-30T10:50:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-20T11:01:19+00:00\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/10\/iStock-97500102.jpg\" \/>\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 October 2024 | Yardi Matrix Blog","description":"While fundamentals and advertised rates remain weak, the self storage industry is cautiously optimistic, thanks to some positive movement.","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-october-2024\/","og_locale":"en_US","og_type":"article","og_title":"Self Storage Market Outlook \u2013 October 2024","og_description":"While fundamentals and advertised rates remain weak, the self storage industry is cautiously optimistic, thanks to some positive movement.","og_url":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2024-10-30T10:50:00+00:00","article_modified_time":"2024-11-20T11:01:19+00:00","author":"Madalina Pojoga","twitter_card":"summary_large_image","twitter_image":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/10\/iStock-97500102.jpg","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-october-2024\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/"},"author":{"name":"Madalina Pojoga","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a"},"headline":"Self Storage Market Outlook \u2013 October 2024","datePublished":"2024-10-30T10:50:00+00:00","dateModified":"2024-11-20T11:01:19+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/"},"wordCount":477,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/10\/iStock-97500102.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-october-2024\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/","url":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/","name":"Self Storage Market Outlook \u2013 October 2024 | Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/10\/iStock-97500102.jpg","datePublished":"2024-10-30T10:50:00+00:00","dateModified":"2024-11-20T11:01:19+00:00","description":"While fundamentals and advertised rates remain weak, the self storage industry is cautiously optimistic, thanks to some positive movement.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-2024\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/10\/iStock-97500102.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/10\/iStock-97500102.jpg","width":3000,"height":1981,"caption":"Image by REKINC1980\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-october-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 October 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\/7ced0369df035c845a1e5d647c62dd7a","name":"Madalina Pojoga","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7ae41b67c16d61f8d1bb6528cc47d8285b6e758c5fd4b2f8afee59b08dbe2de2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7ae41b67c16d61f8d1bb6528cc47d8285b6e758c5fd4b2f8afee59b08dbe2de2?s=96&d=mm&r=g","caption":"Madalina Pojoga"},"description":"Madalina Pojoga is an associate editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2022. Madalina is covering the self storage sector on MHN and industrial and medical office building assets for CPE. She has an academic background in film studies and performative arts.","url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/10\/iStock-97500102.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/8053","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\/2829"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=8053"}],"version-history":[{"count":2,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/8053\/revisions"}],"predecessor-version":[{"id":8058,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/8053\/revisions\/8058"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/7951"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=8053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=8053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=8053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}