Self Storage

Although metros on the West maintained rent growth, on a national level, street-rate rents have dropped 1.7 percent over the past 12 months.

Heightened construction activity continued to hinder rent growth in the storage sector across the U.S.

New projects coming online have continued to pressure self storage rents, which have dropped by 2.5 percent nationally.

Street-rate rates have dropped 1.7 percent across the U.S. Select metros in the west, however, continued to experience some improvement.

Nationally, rents fell 2.5 percent for standard non-climate-controlled units and 4.3 percent for climate-controlled units.

Rent growth in the sector continues to be hindered by high levels of new development. Street-rate rents dropped by 1.7 percent nationally.

Street rates decreased in about 42 percent of the top markets tracked by Yardi Matrix. Nationally, rents fell by 0.9 percent for standard non-climate-controlled units and 2.2 percent for climate-controlled units.

A new wave of completed projects and oversupplied markets put pressure on rents, which have dropped 1.7 percent on a national level.

Although street-rate rents remained flat for the standard non-climate-controlled units month-over-month, rent performance for climate-controlled units improved by 70 basis points compared to the previous month.

While street-rate rents were down 0.9 percent on a year-over-year basis, the rate actually indicates an 80-basis-point improvement compared to the previous month’s rent rate decrease of 1.7 percent.

Despite significant rent growth in the West, street-rate rents declined 1.7 percent on a national level. Additionally, the new development pipeline continued to decrease.

Large markets in the Northeast and Southwest continued to experience rent growth, however, street-rate rents fell by 1.7 percent on a national level.