{"id":8272,"date":"2024-11-20T07:02:50","date_gmt":"2024-11-20T07:02:50","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8272"},"modified":"2025-02-11T09:12:03","modified_gmt":"2025-02-11T09:12:03","slug":"self-storage-market-outlook-december-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/self-storage-market-outlook-december-2024\/","title":{"rendered":"Self Storage Market Outlook \u2013 December 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, 26 out of the 30 metros recorded contractions, while Tampa saw the largest 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 November, the advertised asking rent movement continued to be negative, with the average annualized same-store asking rent per square-foot down 2.4 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 2.1 percent year-over-year, while rates for climate-controlled units fell by 2.7 percent.<\/li>\n\n\n\n
  • All but four of the 30 metros tracked by Yardi Matrix saw contractions month-over-month, while the asking rate growth in Tampa, Las Vegas, Portland and Orlando increased, as per square foot rate rates were down 30 basis points, to $16.27.<\/li>\n\n\n\n
  • The national under-construction pipeline equaled 3.2 percent of existing inventory, down 10 basis points from the previous month.<\/li>\n<\/ul>\n\n\n\n

    YoY improvement in advertised rate performance<\/h2>\n\n\n\n

    In November, the national average annualized same-store advertised asking rate per square foot was $16.27 for the combined mix of unit and sizes. This figure marks a 2.4 percent decrease compared to November 2023, but shows an improvement compared to the 3.1 percent drop in October and the -3.8 percent in September. Rates for combined non-climate-controlled units were down by 2.1 percent on a year-over-year basis as of November, while same-store advertised asking rates for climate-controlled units decreased by 2.7 percent.<\/p>\n\n\n\n