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Self storage rates keep edging up month after month due to persistent demand, according to the latest National Self Storage Report from Yardi® Matrix.
Average U.S. street rates for 10X10 climate-controlled (CC) units rose $1 to $132 in June, while average rates for 10X10 non-climate-controlled (NON CC) units also rose $1 to $150, both all-time highs.
“Demand continues to come from all directions, including the growth in home offices as most companies employ some type of hybrid strategy for knowledge workers, consumer spending on items such as clothing and furniture, and to a lesser degree businesses using storage for distribution purposes,” say Matrix analysts.
Solid occupancy rates also enable property managers to push in-place rents, calculating that vacant units can be filled by new customers at higher rates.
Nationally, the overall average street rate for all unit types increased 3.5 percent year-over-year in June. Although rates are at record highs, the growth rate has declined steadily since peaking at 14.4 percent in June 2021. However, market performance remains comfortably above historical trends.
Concerns for the sector center around the slowing economy and rising interest rates that have produced a reduction in home sales, which drives storage demand.
Storage facilities under construction or planned rose to 10 percent of existing stock this month. Strong fundamentals serve to incentivize development of new supply, but there is some concern that fear of oversupply may arise in highly penetrated markets.
Yardi Matrix tracks a total of 4,115 self storage properties nationwide in various stages of development — including 1,524 planned, 755 under construction and 516 prospective properties. Matrix also maintains operational profiles for 28,455 completed self storage facilities across the United States, bringing the total data set to 32,570.
Learn more about the state of the self storage market nationwide.
