Self Storage National Report – December 2024
Year-over-year declines in advertised asking rates decreased across the nation, Yardi Matrix data shows.
The self storage advertised asking rate performance saw improvement in November, compared to the steeper declines registered at the end of last year. In addition, despite the 26 months of year-over-year decreases in a row, the rate of decline has lessened.
The overall advertised street rate fell to $16.27 in November, a 2.4 percent decline year-over-year. Annually, 28 of the top 30 metros had less of a decrease in advertised rate growth compared to November 2023. Advertised street rates for the 10×10 non-climate and climate-controlled units were up 0.3 percent in Washington, D.C., and 0.1 percent in Tampa, Fla.
On a monthly basis, average advertised street rates per square foot for the 10×10 non-climate and climate-controlled units combined were down 30 basis points to $16.27. Of the top 30 metros tracked by Yardi Matrix, 26 showed a decrease, while four registered an uptick, led by Tampa, with a 1.6 percent monthly increase. The metro’s performance was influenced by hurricane-driven demand.
Under-construction pipeline shrinking nationwide
As of November, there were 3,341 self storage properties in all stages of development nationwide. The pipeline included 804 under construction, 2,063 planned projects and 474 prospective properties. The under-construction pipeline projects made up 3.2 percent of the total stock, down 10 basis points from the previous month.
On a monthly basis, Nashville and Tampa registered the largest increase in construction activity, both up 0.4 percent. Nashville also had a 350-basis-point increase year-over-year, which might affect its rent growth once the properties will be delivered.
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