Report based on 28,300 pipeline and completed properties illustrates nationwide supply and rent trends
SANTA BARBARA, Calif., June 12, 2018 – A new report from Yardi® Matrix outlines the impact of ongoing self storage deliveries across the U.S.
Key points of the national self storage report, which is available for download here, include:
- Development activity has been pronounced in fast-growing cities as well as historically underdeveloped urban markets, according to Yardi Matrix, which tracks more than 2,100 properties in the new supply pipeline. The strongest new supply pipelines are Nashville, Tenn.; Portland, Ore.; Boston; Denver; and Raleigh-Durham, N.C.;
- The new supply pipeline represents 9% of the 26,200 completed properties tracked by Yardi Matrix;
- The heavy new supply deliveries and slowing economic fundamentals are adding headwinds to self storage rents, which increased 2% year-over-year in April 2018 after growing by 5% in fall 2017;
- California metros that face significant barriers to development, such as the Inland Empire, Los Angeles and San Francisco, have the lowest percentage of existing stock under construction or in the planning phase.
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.