Advertised asking rents continued to decline in July across all top metros
SANTA BARBARA, Calif., August 19, 2024 – Growth in the self storage sector continued to decelerate in the first six months of 2024 due to lower street rates and occupancy declines, according to industry data contained in the latest Self Storage National Report from Yardi® Matrix.
Moving into the third quarter, the average annualized same store advertised asking rent reached an average of $16.40 nationally in July 2024. That is a 4.1 percent decrease on a year-over-year (YoY) basis. Nevertheless, the figure marks an improvement from the prior four months, during which the growth rate was down 4.5 percent between March and May and 4.9 percent in June.
“Lower street rates are impacting realized rents while occupancy is starting to show signs of bottoming, as average quarter-end occupancy was up year-over-year and four-quarter moving average occupancy flattened the last two quarters,” say Matrix analysts.
Yardi Matrix tracks a total of 3,404 self storage properties in various stages of development, including 854 under construction, 2,033 planned and 517 prospective properties. Yardi Matrix also maintains operational profiles for 31,722 facilities, bringing the total data set to 35,126.
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