The self-storage market is achieving stability after an 18-month slowdown, the latest Self-Storage National Report from Yardi® Matrix shows.
Annual street rate growth was still negative as of December. The average annualized same-store asking rent per square foot for the combined mix of unit sizes and types reached an average of $16.57 nationally last month, a 2.7 percent decrease on a year-over-year basis.
Nearly all top metros had a negative street rate on an annual basis in December. Combined same-store rates for non-climate-controlled and climate-controlled units decreased in all but one of the top metros tracked by Yardi Matrix on a year-over-year basis.
“New supply is a concern in certain markets but overall new supply in the top markets is expected to drop in 2024, as construction lending has dried up in the face
