SANTA BARBARA, California, – A new report from Yardi® Matrix shows that high supply levels are slowing rent growth in the U.S. self storage industry.
Street rates for standard 10×10 non-climate controlled units tumbled 2.5% year-over-year in July, with the average rate for climate controlled units falling 4.3%. Street rate performance declined in 89% of the top metros tracked by Yardi Matrix.
“Compared to July 2018, street rates have deteriorated even in markets with strong demand and limited new supply, such as large metros on the West Coast,” the report says.
Learn how storage operators are changing their operating strategy amid these headwinds in the full Yardi Matrix national self storage report for August 2019. The report compiles data from more than 27,000 U.S. self storage projects that are completed or in various stages of development.
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@example.com, call 480-663-1149 or visit yardimatrix.com to learn more.
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.