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Continuing steady demand signals stability for the U.S. self storage sector even as street rates declined in January, according to the February 2023 National Self Storage Report from Yardi Matrix.
Year-over-year street rates for 10X10 non-climate-controlled units slid by $7 to $126 in January, a 2.3% drop from their peak of $133 in the summer of 2022. Only five of the top 31 metros tracked by Matrix recorded rate growth in January. Despite this typical seasonal slowdown, “average street rates [for climate-controlled and non-climate-controlled units] remain healthy compared to historical levels,” the report says.
The new-supply pipeline increased by 10 basis points month-over-month in January, accounting for 3.7% of completed inventory.
In 2022, the number of households using self storage reached 14.5 million, an increase of about 970,000 since 2020. “As a result of the record demand, the self storage sector appears to be well-positioned to withstand potential economic headwinds in 2023,” according to the report.
Get the latest on self storage supply, rent trends and more in the new Yardi Matrix report. Get even more details in a webinar on March 1.
Yardi Matrix tracks 4,626 self storage properties nationwide in various stages of development. Matrix also maintains operational profiles for 29,072 completed self storage facilities, bringing the total data set to 33,698.
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.
