Self Storage National Report – July 2024
Advertised street rates were down year-over-year for all top 30 metros, the latest Yardi Matrix report shows.
Despite a return to seasonal patterns in terms of rent trends and occupancy, storage demand remains low compared to previous years, with new deliveries leveling off instead of having a more noticeable drop, Yardi Matrix shows.
Advertised street rates have remained negative on an annual basis as of June, as the overall advertised street rate per square foot fell to $16.45, a 4.9 percent decline year-over-year. Annually, advertised street rates for the 10×10 non-climate-controlled and climate-controlled units declined in all the top 30 metros tracked by Yardi Matrix.
On a monthly basis, average advertised street rates per square foot for the 10×10 non-climate and climate-controlled units combined were up by 0.2 percent to $16.45, showing a muted growth rate compared to the previous three months. Of the top 30 metros tracked by Yardi Matrix, 19 registered improvement, eight showed a decrease, while Columbus, San Antonio and Miami remained flat. Boston led gains, with a 1.5 percent increase month-over-month for same-store combined advertised street rates.
Under construction activity steady, as abandoned projects increase
As of June, there were 3,370 self storage properties in all stages of development nationwide. The new-supply pipeline included 858 under construction, 2,011 planned projects and 501 prospective properties. The under-construction projects made up 3.6 percent of the total stock, unchanged from the previous month.
The amount of supply under-construction has remained steady, while abandoned projects tend to be in the planning and prospective stages, with 88 of self storage facilities being abandoned over the month.
Download the latest Yardi Matrix self storage report.
