Supply Stunts U.S. Self Storage Rent Growth, Yardi Matrix Reports

Facility operators seek new strategy to counter heightened completion levels

SANTA BARBARA, Calif.,
Aug. 22, 2019 – A new report from
Yardi® Matrix shows that high supply levels are slowing
rent growth in the U.S. self storage industry.

Street rates for
standard 10×10 non-climate controlled units tumbled 2.5% year-over-year in July,
with the average rate for climate controlled units falling 4.3%. Street rate
performance declined in 89% of the top metros tracked by Yardi Matrix.

“Compared to July
2018, street rates have deteriorated even in markets with strong demand and
limited new supply, such as large metros on the West Coast,” the report says.

Learn how storage operators are
changing their operating strategy amid these headwinds in the full Yardi Matrix
national
self storage report for August 2019.
The report compiles data from more than 27,000 U.S. self storage projects that
are completed or in various stages of development.

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.

About Yardi

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.