In November, advertised asking rents for self-storage continued to decline, with an average annualized decrease of 2.4 percent per square foot across all unit sizes and types, according to Yardi Matrix’s December report.
Non-climate-controlled units saw a 2.1 percent year-over-year drop in asking rents, while climate-controlled units experienced a larger rent decline of 2.7 percent. Among the 30 metros tracked by Yardi Matrix, most saw month-over-month decreases in asking rates, except Las Vegas, Orlando, Tampa, and Portland, Ore., where rates increased. Nationally, the average per-square-foot asking rate fell by 30 basis points to $16.27. In addition, the national under-construction pipeline represented 3.2 percent of existing inventory, marking a decline of 10 basis points from the previous month.
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