Self Storage Update

Sept 2024 Matrix self storage monthly report

Despite the uncertainty fueled by declines in advertised asking rental rates, investor interest remains high for acquisition and development, depending on seasonal patterns as well, according to industry data contained in the latest Self Storage National Report from Yardi Matrix.

The annualized same store advertised asking rate reached an average of $16.31 nationally in August 2024. That is a 4.3 percent decrease on a year-over-year (YoY) basis. This is the 23rd consecutive month of declines.

All top metros tracked by Yardi Matrix saw negative movement in advertised asking rents in August. Combined same-store advertised asking rents for non-climate-controlled units and climate-controlled units decreased YoY. Rates for larger units are faring better than those for smaller units in almost all metros.

Yardi Matrix tracks a total of 3,408 self storage properties in various stages of development, including 837 under construction, 2,063 planned and 508 prospective properties. Yardi Matrix also maintains operational profiles for 32,142 facilities, bringing the total data set to 35,550.

Gain more information on the performance of the self storage sector.

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, affordable housing, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.

SHARE POST

Facebook LinkedIN

AUTHOR

Leah Etling is the founding editor of the Balance Sheet and a 12-year Yardi employee who also oversees press releases and social media. An award winning journalist, she holds a master's degree from UC Berkeley and is a native of Santa Barbara County, Yardi's home.

Recent articles

Team Yardi at Sales Conference event

Yardi sales team unites for community service organizations

More than 400 members of Yardi’s global sales team took time out from a recent internal conference to assemble welcome care bags for four local nonprofits.

03 / 10 / 26

Two professionals looking at a laptop together

How to calculate loan-to-value (LTV) ratio in commercial real estate

Learn what the loan-to-value ratio is and how it impacts loan terms, pricing and risk assessment in commercial real estate. This article explains how to calculate loan-to-value ratio and how it impacts loan structure and financing decisions.

Computer screenshot with four people onscreen

AI in CRE valuation: Start small, build trust

Learn how commercial real estate teams can apply AI to valuation and appraisal workflows by focusing on better data, clear outcomes and human oversight.