SANTA BARBARA, California, Jan. 7, 2020 /PRNewswire/ — 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.
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 matrix@yardi.com, 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.
SOURCE Yardi
