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Self storage street rates were flat in February as consumer relocation trends and demand revert to pre-pandemic levels, according to the latest National Self Storage Report from Yardi Matrix.
Growth of the average national street rate for all unit sizes was -2.8 percent year-over-year, unchanged from January. Rates for standard-size 10×10 units fell by 3.1 percent year-over-year for non-climate-controlled (NON CC) units and 4.1 percent for climate-controlled (CC) units.
Despite lack of rate growth, the industry is in a comfortable position as the typically busy spring leasing season approaches.
“Although fundamentals softened slightly in the fourth quarter owing to normal seasonal patterns and some customers balking at increasing rates, demand is strong and occupancy remains ahead of where it normally is this time of year,” states the report.
“We’re seeing good demand from new customers coming into the system,” Public Storage’s chief financial officer, Tom Boyle, said recently. “Move-in volumes through the (winter) are up double digits.” Self storage-foused REITs are forecasting mid-single digit net operating income growth in 2023.
Annual street rate growth continued to be negative for most of the top 31 metros in February. Only three of the top 31 Matrix self storage metros had a year-over-year increase in street rates for 10×10 NON CC units, while rates were negative in 25 of the top metros.
Learn more about the state of the self storage sector nationwide.
Yardi Matrix tracks a total of 4,730 self storage properties nationwide in various stages of development — including 823 under construction, 1,885 planned and 662 prospective properties. Matrix also maintains operational profiles for 29,221 completed self storage facilities across the United States, bringing the total data set to 33,951.
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.
