Voyager Suite
Breeze
Virtuoso
Investment Suite
RentCafe Suite
REACH by RentCafe
CommercialCafe Suite
Elevate Suite
Procure to Pay Suite 
Energy Suite
Aspire
RightSource
Care Suite
Matrix
ScreeningWorks Pro 
CommercialEdge Suite 
Yardi Kube Suite
Yardi Corom
Low-development Western metros boast the highest listed rates
SANTA BARBARA, Calif.,
July 29, 2019 – Demand for
self storage space remains strong in most U.S. metros, but a new report from Yardi® Matrix cautions that “the continually high levels of
development indicate the industry will face a rocky road for the foreseeable
future.”
Such development
has led to declining year-over-year street rates in some metros, most notably
Houston and Pittsburgh. Significant new supply is also beginning to dampen
rates in New York City and Boston. National street rates dropped 1.7%
year-over-year in June 2019 for standard 10×10 non-climate controlled units,
with about 60% of the top metros tracked by Yardi Matrix experiencing decreases.
“Rents are likely
to face increased pressure over the summer, especially in pockets of elevated
deliveries,” the report says.
Listed rates are
highest in low-development West Coast markets including California metros San
Francisco, Los Angeles and San Jose. Las Vegas’ friendly business environment
and affordable cost of living compared to coastal California metros continue to
drive self storage demand and rent growth. Colorado’s expanding economy and
population growth have prompted developers to break ground on new projects.
Learn more about how
development is intensifying in undersupplied secondary markets, and more, in the
full Yardi Matrix national
self storage report for July
2019. The report compiles data from more than 26,000 U.S. self storage
properties, including more than 2,000 properties in the development pipeline.
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, industrial, office and self storage
property types. Email [email protected], call
480-663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops and
supports industry-leading investment and property management software for all
types and sizes of real estate companies. Established in 1984, Yardi is based
in Santa Barbara, Calif., and serves clients worldwide. For more information on
how Yardi is Energized for Tomorrow, visit yardi.com.
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