Advertised asking rates remained negative across all top metros in August
SANTA BARBARA, Calif., Sept. 18, 2024 – Despite the uncertainty fueled by declines in advertised asking rental rates, investor interest remains high for acquisition and development, depending on seasonal patterns as well, according to industry data contained in the latest Self Storage National Report from Yardi® Matrix.
The annualized same store advertised asking rate reached an average of $16.31 nationally in August 2024. That is a 4.3 percent decrease on a year-over-year (YoY) basis. This is the 23rd consecutive month of declines.
All top metros tracked by Yardi Matrix saw negative movement in advertised asking rents in August. Combined same-store advertised asking rents for non-climate-controlled units and climate-controlled units decreased YoY. Rates for larger units are faring better than those for smaller units in almost all metros.
Yardi Matrix tracks a total of 3,408 self storage properties in various stages of development, including 837 under construction, 2,063 planned and 508 prospective properties. Yardi Matrix also maintains operational profiles for 32,142 facilities, bringing the total data set to 35,550.
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