{"id":25613,"date":"2020-09-18T05:01:21","date_gmt":"2020-09-18T12:01:21","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=25613"},"modified":"2026-02-22T15:39:01","modified_gmt":"2026-02-22T23:39:01","slug":"surviving-and-thriving","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/surviving-and-thriving\/","title":{"rendered":"Surviving + Thriving"},"content":{"rendered":"<p>During every Yardi Matrix webinar, vice president and presenter Jeff Adler shares the big picture of current economic conditions and conundrums \u2013 also known as the Yardi Matrix House View.<\/p>\n<p>Here\u2019s how the view is looking from the Matrix vantage point these days: \u201cWe had a deep recession. We\u2019re in the middle of a recovery. That recovery is likely to be choppy,\u201d summarized Adler to close out Thursday\u2019s Matrix update on the self storage sector. A recording of the presentation is now available, and <a href=\"https:\/\/www.yardimatrix.com\/News-Events\/Webinars\/Webinar=self-storage-national-outlook-sept-2020--18\">you can view that here.<\/a><\/p>\n<p>But for those invested or interested in the self storage market, the seas are not looking quite so rough. Of all commercial real estate sectors, storage had a brief negative impact from COVID-19\u2019s rise in the U.S., and then quickly recovered.<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-25614\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg?w=300\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg 1080w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg?resize=768,768 768w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg?w=400 400w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg?w=500 500w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg?w=600 600w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg?w=720 720w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg?w=800 800w, https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg?w=1000 1000w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>\u201cStorage is actually doing quite well,\u201d said Chris Nebenzahl, editorial director for Yardi Matrix. \u201cThe demand for storage has been consistent and is stronger than some of the other asset classes in commercial real estate.\u201d<\/p>\n<p>Key factors for the sector\u2019s resiliency include:<\/p>\n<ul>\n<li><strong>Relocations and population migration<\/strong>. Americans are leaving congested big cities like New York and Los Angeles for second-tier markets where they have more space.<\/li>\n<li><strong>Residential volatility<\/strong>. For example, college students have faced ever-changing mandates about whether they would resume classes in person and online, prompting quick moves that often involve a need for storage.<\/li>\n<li><strong>Economic hardship<\/strong>. Job losses for millions of Americans are contributing to relocations and downsizing. According to a Pew Research Center Survey, roughly one in five U.S. adults say they have either changed their residence due to the pandemic or know someone who did.<\/li>\n<\/ul>\n<p>The proof of sustained demand for storage is in the street rates, particularly for the non-climate-controlled category. Month-over-month rates reported for August showed that national rates increased 0.9% for 10&#215;10 non-climate-controlled units and by 0.8% for climate-controlled units of the same size.<\/p>\n<p>\u201cIt seems like we\u2019ve reached the bottom and we\u2019re starting to recover on the street rate side,\u201d Nebenzahl said. Major cities like Miami, Chicago, Washington D.C. and Raleigh\/Durham saw the strongest increases.<\/p>\n<p>When it comes to development, some slowdown is being observed. Abandoned projects are increasing and Matrix predicts that around 10 percent of anticipated 2020 self storage projects will not be completed. And major adjustments have been made for the new supply forecast, with \u201cprospective to planned projects\u201d and \u201cplanned to under construction\u201d projects reduced by 40 and 50 percent, respectively.<\/p>\n<p>\u201cWhat we continue to expect is that the speed at which projects are moving through the pipeline is going to slow way down,\u201d Nebenzahl said.<\/p>\n<p>The new supply pipeline favors major cities that often see residential turnover, such as New York, Las Vegas, Sacramento and Portland.<\/p>\n<p>But demand will likely continue. Adler also shared that Americans have turned their spending habits toward hard goods rather than experiences like travel. This \u201crevenge of the things\u201d is expected to last for the next 2-3 years. That could result in more stability for storage \u2013 as more stuff always means more demand for a place to put it.<\/p>\n<p>Learn more about the latest trends in self storage in the <a href=\"http:\/\/www.yardimatrix.com\/publications\/download\/file\/1105-MatrixNationalSelfStorageMonthly-September2020?signup=false\" target=\"_blank\" rel=\"noopener noreferrer\">latest Yardi Matrix national market report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During every Yardi Matrix webinar, vice president and presenter Jeff Adler shares the big picture of current economic conditions and conundrums \u2013 also known as the Yardi Matrix House View. Here\u2019s how the view is looking from the Matrix vantage point these days: \u201cWe had a deep recession. We\u2019re in the middle of a recovery. [&hellip;]<\/p>\n","protected":false},"author":413,"featured_media":25614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2791,4,3240],"tags":[2808,133,157,778,1169],"class_list":["post-25613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matrix","category-news","category-self-storage","tag-covid-19","tag-demographics","tag-economy","tag-self-storage","tag-yardi-matrix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"During every Yardi Matrix webinar, vice president and presenter Jeff Adler shares the big picture of current economic conditions and conundrums \u2013 also\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Surviving + Thriving\" \/>\n<meta property=\"og:description\" content=\"During every Yardi Matrix webinar, vice president and presenter Jeff Adler shares the big picture of current economic conditions and conundrums \u2013 also\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/surviving-and-thriving\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-18T12:01:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-22T23:39:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2020\/09\/Instagram_Matrix_Post_Webinar_Storage_Fall2020_Social_Graphic_11866.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Leah Etling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Leah Etling\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/surviving-and-thriving\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/surviving-and-thriving\/\",\"name\":\"Surviving + Thriving - 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