Street rates decline again as self-storage enters busy season, according to Yardi Matrix

The self-storage sector is still facing difficulties. REITs continue to push down rates, leading to a negative rent growth that has been increasing for the past few months, the latest Self Storage National Report from Yardi Matrix shows.

Annual street rates remained negative in March. The average annualized same-store asking rent per square foot for combined mix of unit sizes reached an average of $16.25 nationally last month, marking a 4.5 percent decrease on a year-over-year basis.

All top metros registered a negative street rate on an annual basis in March. Combined same-store rates for non-climate-controlled units and climate-controlled units decreased in all the top metros tracked by Yardi Matrix on a year-over-year basis.

Yardi Matrix tracks a total of 3,521 self-storage properties in various stages of development, including 877