Street rates are still increasing year-over-year for non-climate controlled units, with some signs of potential upcoming slowdown
SANTA BARBARA, Calif., Sept. 13, 2021 – Yardi® Matrix reports that in August, self storage street rates across the nation continued to grow, but there are some signs of a potential slowdown coming.
Street rates on a national level once again saw an increase on a year-over-year (YoY) basis, with national average rates for 10×10 non-climate-controlled units remaining at an all-time high of $128. The new-supply pipeline also saw a slight uptick in activity and remains robust at 8.6 percent of existing stock.
“However, while the storage industry appears to be remaining resilient, its upward momentum may be showing slight signs of slowing down in the second half of the year, as street rates across the nation saw a slight deceleration in growth on a monthly basis in August,” say Matrix analysts.
While street rates across the nation saw substantial growth on an annual basis, rates for both 10×10 NON CC and CC units remained flat month-over-month in August, potentially signaling a slight slowdown in the street rate acceleration seen in 2021.
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Matrix tracks a total of 2,369 U.S. self storage properties in various stages of development—comprising 612 under construction, 1,288 planned and 469 prospective properties. Matrix also maintains operational profiles for 27,044 completed self storage facilities across the United States, bringing the total data set to 29,413 nationwide. Read the latest self storage report.
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