{"id":8157,"date":"2024-12-16T06:57:23","date_gmt":"2024-12-16T06:57:23","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8157"},"modified":"2024-12-16T06:57:25","modified_gmt":"2024-12-16T06:57:25","slug":"self-storage-market-outlook-november-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-november-2024\/","title":{"rendered":"Self Storage Market Outlook \u2013 November 2024"},"content":{"rendered":"\n

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

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On a monthly basis, 29 out of the 30 metros recorded contractions, while Tampa saw its advertised asking rent growth increase, according to the latest Yardi Matrix self storage market outlook.<\/em><\/p>\n\n\n\n

Key Takeaways<\/h2>\n\n\n\n
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  • As of October, the advertised asking rent movement continued to be negative, with the average annualized same-store asking rent per square foot down 3.1 percent for the combined mix of unit sizes and types.<\/li>\n\n\n\n
  • Same-store advertised asking rates for the combined non-climate-controlled units were down 2.6 percent year-over-year, while rates for climate-controlled units fell by 3.7 percent.<\/li>\n\n\n\n
  • All but one of the 30 metros tracked by Yardi Matrix saw contractions month-over-month, while Tampa\u2019s asking rent growth increased, as per square foot rates were down 100 basis points, to $16.35.<\/li>\n\n\n\n
  • The national under-construction pipeline equaled 3.3 percent of existing inventory, down 10 basis points from the previous month.<\/li>\n<\/ul>\n\n\n\n

    Improvement in YoY advertised rates decline<\/h2>\n\n\n\n

    In October, the national average annualized same-store advertised asking rent per square foot was $16.35 for the combined mix of unit and sizes. This figure marks a 3.1 percent decrease compared to October 2023 and shows an improvement compared to the 3.8 percent drop in September and the -3.9 percent in August. Rates for combined non-climate-controlled units fell by 2.6 percent on a year-over-year basis as of October, while same-store advertised asking rates for climate-controlled units decreased by 3.7 percent.<\/p>\n\n\n\n