But advertised asking rents still slip in June across all major metros
SANTA BARBARA, Calif., July 17, 2024 – High interest rates and below-average home sales contributed to another month of slow performance in the self storage sector, according to the latest Self Storage National Report from Yardi® Matrix.
The average annualized same store advertised asking rent reached an average of $16.45 nationally in June 2024. That is a 4.9 percent decrease on a year-over-year (YoY) basis and marks a deterioration from the prior six months.
All top metros tracked by Matrix saw negative movement in advertised asking rents in June. Combined same-store advertised asking rents for non-climate-controlled units and climate-controlled units decreased YoY.
“Although rent trends and occupancy are returning to more normal, seasonal patterns, progress has been slow as storage demand is well below prior years and new deliveries have leveled off instead of dropping noticeably,” say Matrix analysts.
Yardi Matrix tracks a total of 3,370 self storage properties in various stages of development, including 858 under construction, 2,011 planned and 501 prospective properties. Yardi Matrix also maintains operational profiles for 31,451 facilities, bringing the total data set to 34,821.
Gain more information on the performance of the self storage sector.
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