But advertised asking rents still slip in June across all
major metros
SANTA
BARBARA, Calif., July 17,
2024 /PRNewswire/ -- High interest rates and
below-average home sales contributed to another month of slow
performance in the self storage sector, according to the latest
Self Storage National Report from Yardi® Matrix.
The average annualized same store advertised asking rent reached
an average of $16.45 nationally in
June 2024. That is a 4.9 percent
decrease on a year-over-year (YoY) basis and marks a deterioration
from the prior six months.
All top metros tracked by Matrix saw negative movement in
advertised asking rents in June. Combined same-store advertised
asking rents for non-climate-controlled units and
climate-controlled units decreased YoY.
"Although rent trends and occupancy are returning to more
normal, seasonal patterns, progress has been slow as storage demand
is well below prior years and new deliveries have leveled off
instead of dropping noticeably," said Matrix analysts.
Yardi Matrix tracks a total of 3,370 self storage properties in
various stages of development, including 858 under construction,
2,011 planned, and 501 prospective properties. Yardi Matrix also
maintains operational profiles for 31,451 facilities, bringing the
total data set to 34,821.
Gain more information on the performance of the self storage
sector.
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,
affordable housing, student housing, vacant land, industrial,
office, retail and self storage property types.
Email matrix@yardi.com, call 480-663-1149 or
visit yardimatrix.com to learn more.
About Yardi
Celebrating its 40-year anniversary in 2024, Yardi® develops
industry-leading software for all types and sizes of real estate
companies across the world. With over 9,000 employees, Yardi is
working with our clients to drive significant innovation in the
real estate industry. For more information on how Yardi is
Energized for Tomorrow, visit yardi.com.
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SOURCE Yardi