Rents rose slightly for climate-controlled units month-over-month in March
SANTA BARBARA, Calif., April 21, 2022 – The self storage sector stands in a strong position heading into prime leasing season, according to the latest Yardi® Matrix National Self Storage report. The overall national street rate for self storage remains unchanged from July 2021 at $145.
“The big story is that the industry was able to maintain high rents through the winter months headed into the high-growth season,” states the new report. “Self storage operators are in a good position, as relatively few customers opted against renewing leases during the winter.”
Spring and summer are typically the busiest seasons for self storage leasing and rent growth. The expectation for the coming quarters is a return to more typical growth trends, with strong demand yet more moderate rent gains than last year.
If street rates rise in a normal seasonal pattern as expected, year-over-year growth will continue to decelerate, after 2021’s unusually large increases. Average street rate growth fell by 170 basis points to 6.6 percent in March, the lowest level since February 2021, just before rents started to take off.
Nationally, rates for 10×10 non-climate-controlled (NON CC) units increased 5.8 percent year-over-year through March, while rates for similar-size climate-controlled (CC) units rose 6.6 percent over the same period.
Yardi Matrix tracks a total of 3,992 self storage properties nationwide in various stages of development — including 726 under construction, 1,410 planned and 554 prospective properties. Matrix also maintains operational profiles for 28,220 completed self storage facilities across the United States, bringing the total data set to 32,212.
Learn more about the state of the self storage market nationwide.
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