Full implications of COVID-19 on the self storage sector not revealed in latest available market data
SANTA BARBARA, Calif., April 24, 2020 – The self storage industry is known for its counter-cyclical tendencies during real estate downturns, and thus far, that appears to be the case during the COVID-19 pandemic, according to the latest Yardi Matrix® self storage report.
On the surface, March appears to have been a positive month for the storage industry, with continued demand and improving national street rate performance. But time will tell whether the picture stays bright for self storage owners and investors.
“April, May and June will be telling for all aspects of the self storage industry—from the operations side to development to consumer demand,” states the Yardi Matrix report.
Yardi Matrix tracks a total of 2,197 U.S. self storage properties under development—comprising 592 under construction, 1,144 planned and 461 prospective properties. The share of existing projects in various stages of development accounted for 8.9% of existing inventory in March.
Yardi Matrix also maintains operational profiles for 25,869 completed self storage facilities across the United States, bringing the total data set to 28,066.
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.
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.