National average rate for all unit types was $142 in November
SANTA BARBARA, Calif., Dec. 20, 2022 – National self storage street rates continued to slow down last month, in line with typical seasonal trends, according to the latest National Self Storage Report from Yardi® Matrix.
“Despite the drop from peak levels, the bigger picture shows street rates are healthy, as they are still more than 10 percent higher than they were prior to the pandemic,” states the new report. “Although demand has weakened slightly due to seasonality and the housing market’s slowdown, occupancy remains high and operators are focusing on increasing rates for existing customers. Meanwhile, the development pipeline is anticipated to gradually slow.”
The overall average national street rate, which includes all standard-size unit types, was $142 in November, a decrease of 0.7 percent year-over-year. That is the lowest the overall national rate has been in 17 months.
Unique unit types, specifically 10×20 and 10×30 climate-controlled lockers, performed very well on an annual basis, helping boost the overall rate performance compared to the performance of 10×10 non-climate-controlled (NON CC) and climate-controlled (CC) units.
Learn more about the state of the self storage market nationwide.
Yardi Matrix tracks a total of 4,536 self storage properties nationwide in various stages of development — including 1,721 planned, 828 under construction and 644 prospective properties. Matrix also maintains operational profiles for 28,900 completed self storage facilities across the United States, bringing the total data set to 33,436.
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, student housing, 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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