Self Storage National Report – April 2024

Street rates were up for less than a third of the metros month-over-month, the latest Yardi Matrix report shows.

Interiors of a self storage facility
Image by oneillbro/iStockphoto.com

The self storage sector is still facing headwinds due to lending difficulties, unclear pricing and continuous negative street rate movement. Nevertheless, Yardi Matrix data still shows that developers are moving forward with self storage projects.

Street rates have remained negative on an annual basis and as of March, the overall national street rate per square foot fell to $16.25, a 4.5 percent decline compared to the nationwide average recorded a year earlier. Annually, street rates for the 10×10 non-climate-controlled and climate-controlled units declined in all of the top 31 metros tracked by Yardi Matrix.

On a monthly basis, average street rates per square foot for the 10×10 non-climate and climate-controlled units combined fell by 0.2 percent, or a 3 cents decrease to $16.25. Out of the top 31 metros tracked by Yardi Matrix, eight registered a positive monthly growth, with Nashville as the only metro remaining flat. Boston led gains, with a 0.6 percent uptick month-over-month for same-store combined street rates.

Construction pipeline remains steady

As of March, there were 3,521 projects in all stages of development nationwide. The new-supply pipeline included 877 under construction, 2,055 planned projects and 589 prospective properties. The under-construction projects made up 3.7 percent of the total inventory, remaining unchanged from the previous month.

Orlando is keeping the lead, as its new supply remained at the top, representing 8.7 percent of existing inventory and unchanged month-over-month. Portland saw the largest increase in construction activity, up 50 basis points to 2.8 percent.

Read the full Yardi Matrix national storage report here.

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