{"id":35400,"date":"2023-03-01T15:36:47","date_gmt":"2023-03-01T23:36:47","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=35400"},"modified":"2023-03-02T13:39:42","modified_gmt":"2023-03-02T21:39:42","slug":"self-storage-slows-2","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/self-storage-slows-2\/","title":{"rendered":"Self Storage Slows"},"content":{"rendered":"\n

Fewer Americans are relocating, and that\u2019s led to a period of stabilization, including rate declines and lessened transaction activity, for the self storage industry.<\/p>\n\n\n\n

Those were among the takeaways from a March 1 Yardi Matrix webinar presented by Jeff Adler, vice president of Yardi Matrix, and Paul Fiorilla, editorial director. You can view the session recording here<\/a>.<\/p>\n\n\n

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 \u201cStorage benefits from the movement of people, and the movement of people has moderated,\u201d Adler stated. Other trends that led to record level demand for the sector in 2021 and the first half of 2022 were many millions of Americans working from home (WFH) for the first time, and the country\u2019s aging population base.<\/p>\n\n\n\n

\u201cWFH demand has been durable, but we\u2019re not going to see a dramatic increase in it at this point,\u201d Adler said, especially as many companies call workers back to the office at least some of the time.<\/p>\n\n\n\n

The self storage sector, typically a haven for savvy investors, experienced skittish investors last quarter. Despite recording its second-highest annual sales total in 2022, sales volume dropped sharply to close out 2022. Investment activity is expected to remain light in the near-term due to uncertainty in pricing and yields.<\/p>\n\n\n\n

Self storage property sales totaled $10.0 billion in 2022, down 18.7 percent from $12.3 billion in 2021 \u2013 which was the all-time high.<\/p>\n\n\n\n

\u201cDespite the decline, sales activity was more than double any year prior to 2021. Institutional investor demand has grown in recent years, owing to the sector\u2019s high returns relative to other property segments over the last two decades, recent strong fundamentals performance, and the prospects for growth,\u201d says the latest Matrix Self Storage Transaction Bulletin<\/a>.<\/p>\n\n\n\n

\u201cThis is a great sector. There\u2019s really no question about the sector performance being poor. It\u2019s been really good. It may be bit off the peak of the last two years, but it\u2019s not bad at all,\u201d Adler noted.<\/p>\n\n\n\n

Self storage sales rose through the third quarter of 2022, totaling $2.6 billion in 1Q 2022, $2.8 billion in 2Q 2022 and $3.0 billion in 3Q 2022 before dropping to $1.7 billion in the fourth quarter.<\/p>\n\n\n\n

Some would-be sellers are content to collect dividends until prices move up again. \u201cIf the market improves, sellers will come back out,\u201d said one industry executive.<\/p>\n\n\n\n

\u201cTransaction markets are going to be dislocated,\u201d confirmed Adler. \u201cI don\u2019t think interest rates come down until mid-year 2024. That\u2019s the environment we\u2019re in. The economy is rebalancing and returning to normal.\u201d<\/p>\n\n\n\n

The webinar also reported on Matrix\u2019 expanded reporting of properties focused on the RV\/boat storage segment of the market.  Nearly 1,200 such facilities across the U.S. are now tracked.<\/p>\n\n\n\n

\u201cDevelopment and transactions have declined much less in this niche than in the overall self storage market, and pricing has gone up,\u201d Adler noted. \u201cIt\u2019s one tiny segment of the market, but it\u2019s getting increased transparency. I think this niche will see continued demand and professionalization\/specialization as we\u2019ve reported in previous webinars.\u201d<\/p>\n\n\n\n

View the webinar presentation<\/a> and watch for details on future virtual Matrix events.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fewer Americans are relocating, and that\u2019s led to a period of stabilization, including rate declines and lessened transaction activity, for the self storage industry. Those were among the takeaways from a March 1 Yardi Matrix webinar presented by Jeff Adler, vice president of Yardi Matrix, and Paul Fiorilla, editorial director. You can view the session […]<\/p>\n","protected":false},"author":413,"featured_media":35401,"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],"tags":[],"class_list":["post-35400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matrix"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Fewer Americans are relocating, and that\u2019s led to a period of stabilization, including rate declines and lessened transaction activity, for the self\" \/>\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-slows-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self Storage Slows\" \/>\n<meta property=\"og:description\" content=\"Fewer Americans are relocating, and that\u2019s led to a period of stabilization, including rate declines and lessened transaction activity, for the self\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/self-storage-slows-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-01T23:36:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-02T21:39:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/03\/selfstoragetransact.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=\"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\/self-storage-slows-2\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/self-storage-slows-2\/\",\"name\":\"Self Storage Slows - 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