Self Storage National Report – June 2024

Advertised street rates were down annually for all top 30 metros, the latest Yardi Matrix report shows.

Image of empty corridor of storage room with green storage boxes
Image by AnnaStills/iStockphoto.com

Economic hurdles and particularly high interest rates are still dampening the self storage sector’s performance, which will continue to influence the demand for storage and transaction activity for the upcoming year, according to Yardi Matrix.

Advertised street rates have remained negative on an annual basis as of May, as the overall national advertised street rate per square foot fell to $16.44, a 4.5 percent decline compared to the average recorded last year. Annually, advertised street rates for the non 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 0.6 percent, or 10 cents increase to $16.44. Out of the top 30 metros tracked by Yardi Matrix, 28 registered improvement, with Portland and Atlanta as the only metros showing a decrease. Austin led gains, with a 1.7 percent uptick month-over-month for same-store combined advertised street rates.

Construction pipeline remains steady nationwide

As of May, there were 3,408 projects in all stages of development nationwide. The new-supply pipeline included 856 under construction, 2,015 planned projects and 537 prospective properties. The under-construction projects made up 3.6 percent of the total stock, unchanged from the previous month.

Orlando’s new supply remains at the top, representing 7.4 percent of existing inventory, but also saw its inventory under construction shrinking by 90 basis points month-over-month. Austin had the largest uptick in construction activity monthly, up 40 basis points to 3.1 percent.

Read the full Yardi Matrix national storage report here.

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