Self-storage continues strong performance in January

Self-storage continues to be a standout sector as real estate struggles with the fallout of the year-long pandemic. According to the latest Yardi Matrix National Self Storage Monthly report, street rates in almost all markets saw significant improvements across in January.

National street rates for 10×10 non-climate-controlled (NON CC) units increased by 3.5 percent compared to January 2020, and rates nationwide for 10×10 climate-controlled (CC) units grew by 2.3 percent year-over-year. While the annual growth was significant, rates for 10×10 NON CC and CC units remained unchanged on a monthly basis.

Annual street rate performance was positive in about 87 percent of the top markets tracked by Yardi Matrix for 10×10 NON CC units in December. Year-over-year, only one top market saw negative rate performance for this unit type, while rates remained flat in three of the top markets.

“Development activity also remains stable nationally, with completions still f