{"id":93,"date":"2020-11-26T07:56:08","date_gmt":"2020-11-26T07:56:08","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=93"},"modified":"2023-04-13T11:48:34","modified_gmt":"2023-04-13T11:48:34","slug":"another-strong-month-for-self-storage-market-yardi-matrix-reports","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/another-strong-month-for-self-storage-market-yardi-matrix-reports\/","title":{"rendered":"Another Strong Month for Self Storage Market, Yardi Matrix Reports"},"content":{"rendered":"

National street rate performance continued to improve in October, but will be tested by latest COVID-19 surge<\/em><\/p>\n

SANTA BARBARA, Calif., Nov. 24, 2020<\/strong>\u00a0\u2013 It was another strong month for the self storage sector in October, according to the latest\u00a0National Self Storage Report<\/a><\/strong>\u00a0from Yardi\u00ae Matrix.<\/p>\n

Street rates continued to rebound remarkably in October, buoying the already positive outlook for storage operators. National street rates for standard 10\u00d710 non-climate-controlled (NON CC) units increased by 2.7% compared to October 2019. Year-over-year rates for 10\u00d710 climate-controlled (CC) units recorded an increase of 0.8%, marking the first positive growth in annual rates for this unit type since the end of 2017.<\/p>\n

Annual street rate performance was negative in only about 23% of the top markets tracked by Yardi Matrix for 10\u00d710 NON CC units. Year-over-year, 22 markets saw positive rate growth for the unit type, while rates remained flat in two markets. In addition, several storage REITs reported healthy demand and strong occupancy across their facilities in their third quarter earnings calls.<\/p>\n

However, next month\u2019s report will indicate whether the nationwide surge in COVID-19 virus cases will hamper the strong storage performance. \u201cWith a third surge of the COVID-19 pandemic hitting the country and likely to strain the U.S. economy again, the strength and resiliency of the self storage industry will be put to further tests in the coming months,\u201d states the report.<\/p>\n

Nationwide, Yardi Matrix tracks a total of 2,153 self storage properties in various stages of development\u2014comprising 585 under construction, 1,148 planned and 420 prospective properties. The national new-supply pipeline as a percent of existing inventory increased by 0.3% month-over-month in October, and the share of existing projects in planning and construction stages accounts for 8.5% of existing inventory.<\/p>\n

Gain detailed insights into this resilient real estate sector in the\u00a0November self storage national report<\/strong>.<\/a><\/p>\n

Yardi\u00a0Matrix 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, industrial, office and self storage property types. Email\u00a0matrix@yardi.com<\/a>, call (480) 663-1149 or visit\u00a0yardimatrix.com<\/a>\u00a0to learn more.<\/p>\n

About Yardi<\/strong><\/p>\n

Yardi\u00ae<\/sup>\u00a0develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit\u00a0yardi.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

National street rate performance continued to improve in October, but will be tested by latest COVID-19 surge SANTA BARBARA, Calif., Nov. 24, 2020\u00a0\u2013 It was another strong month for the self storage sector in October, according to the latest\u00a0National Self Storage Report\u00a0from Yardi\u00ae Matrix. Street rates continued to rebound remarkably in October, buoying the already […]<\/p>\n","protected":false},"author":650,"featured_media":94,"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-93","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-self-storage-outlook"],"yoast_head":"\nAnother Strong Month for Self Storage Market, Yardi Matrix Reports - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"It was another strong month for the self storage sector in October, according to the latest\u00a0National Self Storage Report\u00a0from Yardi\u00ae Matrix.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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