Year-over-year street rate growth stayed at over 7 percent for all unit types last month
SANTA BARBARA, Calif., Mar. 23, 2022 – The self storage sector starts spring on a strong footing, with healthy fundamentals contributing to its ongoing success, according to the latest Yardi® Matrix National Self Storage report.
“Coming off the banner year in 2021 means the industry is well ahead of where it normally is at this point in the year, a position of strength from which rates can remain high,” say Matrix analysts in the new report.
In February, year-over-year street rate growth for all unit types was unchanged. Nationally, 10×10 non-climate- controlled (NON CC) units were up 7.6 percent year-over-year, while rates for similar-size climate-controlled (CC) units grew 7.4 percent over the same period.
Rent growth continues to be healthy across major metros, led by growing markets in the Southeast and Southwest. For NON CC units, nine of the top 31 metros had rent growth of 10 percent or more year-over-year in February. For CC units, the story was much the same.
Yardi Matrix tracks a total of 3,864 self storage properties nationwide in various stages of development — including 730 under construction, 1,359 planned and 532 prospective properties. Matrix also maintains operational profiles for 28,139 completed self storage facilities across the United States, bringing the total data set to 32,058.
Learn more about the state of the self storage sector nationwide.
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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