Supply pipeline hits a new high for the year
SANTA BARBARA, Calif., Aug. 21, 2018 – The latest national self storage report from Yardi® Matrix illustrates that development momentum continues in many U.S. metros, with demand strongest in emerging secondary markets and historically undersupplied metros with large urban clusters.
The report, which compiles data from nearly 2,100 self storage properties in the pipeline, shows that units under construction and in the planning stage account for 9.1% of the net rentable square footage of existing inventory, a new high point in development since the beginning of 2018. Nashville, Tenn.; Portland, Ore.; Boston; San Jose, Calif.; and Denver are the most active metros for development.
Rent rates for the average 10×10 non-climate-controlled unit decreased by 3.3% year-over year in July, while street rates for a similar size climate-controlled unit declined 2.1% since last summer, when a wave of stores came online.
The full national self storage report for August 2018 is available for download.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.
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Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.