Project completions drive street rates down in approximately 75% of top markets
SANTA BARBARA, Calif., Jan. 7, 2020 – New supply continues to depress U.S. self storage street rates, which dropped in about 75% of the top markets that Yardi® Matrix tracked in November 2019.
Street rates for standard 10×10 non-climate-controlled units fell 1.7% year-over-year in November. The drop for similar-size climate-controlled units was even steeper. Only Las Vegas, Los Angeles and California’s Inland Empire among the 31 top markets had year-over-year rate growth in both unit categories.
Self storage projects under construction or in the planning stages accounted for 9% of the total nationwide stock in November, a 0.2% month-over-month increase. “Ongoing heightened completion levels continue to weigh on street rates and the storage industry is in for a continued tough slog,” the report says.
Download the Yardi Matrix national self storage report for December 2019 to learn why New York City saw a big increase in development activity in November, which metros had the highest and lowest street rates, and more.
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