Self Storage is Solid

07 / 22 / 22

2 min read

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.

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

Yardi Virtuoso Enterprise capabilities: native AI, data connectors, an assistant, AI agents, and a composer for building custom agents

AI in property management: how it works, where it’s used, what to expect

AI in property management is software that handles high-volume communication and administrative tasks, from lead qualification and tour scheduling to maintenance triage and renewal outreach, while your team stays in charge of the decisions and relationships that define a well-run community. Yardi groups these capabilities under an AI + Automation suite - Virtuoso, CRM IQ, Chat IQ and Maintenance IQ - connected tools built on a single governed data foundation.

08 / 14 / 26

Chat IQ

Maintenance IQ

Which Yardi data solution is right for you?

3 data management tools drive smarter decisions

How do you choose a data management solution? There isn’t just one choice. Yardi offers three complementary choices that govern all data management contingencies.

08 / 12 / 26

Virtuoso

Artificial intelligence

Woman looking at Fixed Assets Manager on a computer

Fixed asset data as a capital planning tool

Finance leaders are finding new value in fixed asset data — not just for depreciation, but for capital planning and long-term portfolio strategy. Here's how centralized data changes the picture.

08 / 11 / 26

Fixed Assets Manager

Commercial

Self Storage is Solid

Leah Etling

Recent articles

AI in property management: how it works, where it’s used, what to expect

3 data management tools drive smarter decisions

Fixed asset data as a capital planning tool

We’re here to help