Current economic conditions and the impact on the real estate market continue to dampen the self-storage sector's performance, which is typically strongest at this time of year, shows the latest Self-storage National Report from Yardi Matrix.
The average annualized same store asking rent reached an average of $16.44 nationally in May 2024. That is a 4.5 percent decrease on a year-over-year basis. A year ago, rates recorded an average 3.8 percent drop in May 2023.
All top metros tracked by Yardi Matrix saw negative street rate movement in May. Combined same-store rates for non-climate-controlled units and climate-controlled units decreased year-over-year.
"Interest rates are expected to remain high. This will continue to influence storage demand from home sales, as well as self-storage transaction activity well into next year," reported
