The self-storage industry continued to see exceedingly strong performance through July, as short-term demand drivers boosted by the pandemic continued to contribute to performance, according to Yardi Matrix.
Street rates are still rising across the nation, with national rental rates in July for non-climate-controlled units surpassing previously recorded record highs. In addition, storage REITs reported exceptionally strong second quarters, seeing record-setting occupancies and improved outlooks for the remainder of 2021. However, as both developer interest in the asset type and the new-supply pipeline keep growing, the industry may begin to face stronger supply headwinds in the long term.
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