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Self storage street rates were solid in May, with several unit types and sizes improving on a monthly basis and sequential growth staying to trend, according to the latest National Self Storage Report from Yardi Matrix.
The self storage market continues to be resilient, despite headwinds to demand caused by a slowing housing market. National street rates for standard-size 10×10 non-climate-controlled (NON CC) units and 10×10 climate-controlled (CC) units both increased $1 month-over-month in May, to $128 and $143, respectively.
Across all rate types tracked by Yardi Matrix, smaller-size units performed the strongest in May, as national rates for 5×5 units increased 1.8 percent for NON CC units and 1.7 percent for CC units on a monthly basis.
Year-over-year, national street rates for 10×10 NON CC units decreased 3.8 percent, while rates for 10×10 CC units fell by 4.7 percent.
Although year-over-year street rate growth has turned negative, net operating income continues to increase as operators push rates. That has come at the cost of a slight hit to occupancy rates, but demand is still above pre-pandemic levels.
“The outlook for the sector remains optimistic, although concerns persist about how the slowdown in home sales and potential weakening job market caused by higher interest rates will impact storage demand, street rates and occupancy levels in the second half of 2023,” state Matrix experts.
Learn more about the state of the self storage sector nationwide.
Yardi Matrix tracks a total of 4,799 self storage properties nationwide in various stages of development — including 807 under construction, 1,959 planned and 646 prospective properties. Matrix also maintains operational profiles for 29,744 completed self storage facilities across the United States, bringing the total data set to 34,543.
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.
