{"id":34598,"date":"2022-11-17T05:15:35","date_gmt":"2022-11-17T13:15:35","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=34598"},"modified":"2026-02-22T15:38:53","modified_gmt":"2026-02-22T23:38:53","slug":"self-storage-update-6","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/self-storage-update-6\/","title":{"rendered":"Self Storage Update"},"content":{"rendered":"\n

National self storage street rates hit their lowest average of the year last month, according to the latest National Self Storage Report<\/a> from Yardi Matrix.<\/p>\n\n\n

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Average street rates for both 10X10 climate controlled (CC) and 10X10 non-climate controlled (NON-CC) units slipped in October for the second straight month as demand weakened. The national average rate in October was $145, the lowest in 2022 so far. The figure is a 0.7 percent decrease year-over-year (YOY).<\/p>\n\n\n\n

\u201cHome sales, a major driver of storage demand, have slowed sharply in recent months as rising mortgage rates have made homebuying less affordable,\u201d states the report. \u201cWhat\u2019s more, as inflation persists and a recession is increasingly likely, households are cutting expenditures on non-essential items such as storage.\u201d<\/p>\n\n\n\n

Many operators are reducing street rates to maintain high levels of occupancy and looking for ways to cut costs in the event of an anticipated recession. Some operators are moving to remote facility management to reduce site staff and cut operating costs.<\/p>\n\n\n\n

For NON-CC units, only one of the top 31 Matrix-tracked metros had an annual street rate increase greater than five percent in October, while rates decreased in 11 of the top metros. For CC units, just one of the top 31 had five percent or more growth, while 21 metros registered negative rate growth YOY.<\/p>\n\n\n\n

Learn more about the state of the self storage market<\/a> nationwide.<\/p>\n\n\n\n

Yardi Matrix tracks a total of 4,458 self storage properties nationwide in various stages of development \u2014 including 1,711 planned, 800 under construction and 604 prospective properties. Matrix also maintains operational profiles for 28,847 completed self storage facilities across the United States, bringing the total data set to 33,305.<\/p>\n\n\n\n

Yardi Matrix offers the industry\u2019s 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 matrix@yardi.com<\/a>, call (480) 663-1149 or visit yardimatrix.com<\/a> to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"

National self storage street rates hit their lowest average of the year last month, according to the latest National Self Storage Report from Yardi Matrix. Average street rates for both 10X10 climate controlled (CC) and 10X10 non-climate controlled (NON-CC) units slipped in October for the second straight month as demand weakened. The national average rate […]<\/p>\n","protected":false},"author":413,"featured_media":34603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2791,3240],"tags":[778,1169],"class_list":["post-34598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matrix","category-self-storage","tag-self-storage","tag-yardi-matrix"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"National self storage street rates hit their lowest average of the year last month, according to the latest National Self Storage Report from Yardi\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardi.com\/blog\/self-storage-update-6\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self Storage Update\" \/>\n<meta property=\"og:description\" content=\"National self storage street rates hit their lowest average of the year last month, according to the latest National Self Storage Report from Yardi\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/self-storage-update-6\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-17T13:15:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-22T23:38:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2022\/11\/Matrix_NationalReport_Self_Storage_1200x628_Nov2022_Blog_Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/self-storage-update-6\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/self-storage-update-6\/\",\"name\":\"Self Storage Update - 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