Yardi Matrix’s latest self-storage forecasts show deliveries dropping by roughly 40 percent over the next five years. Major impacts from the spread of COVID-19 may not begin to appear in storage fundamentals for another month. April, May and June will be telling for all aspects of the self-storage industry.
Sacramento and Tampa saw the largest increase in development activity month-over-month in March, with new-supply pipelines growing by 1.6 percent of existing stock in both metros. Due to the acceleration in construction, Sacramento (16.9 percent of existing inventory) now has the second-largest pipeline among the top markets. Regardless of elevated levels of new supply and a completed inventory of 8.7 net rentable square feet (NRSF) per capita, Sacramento’s continued growth in population (1 percent year-over-year in 2018) seems to be helping fuel storage development.
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