Street rates remained flat in February, but fundamentals for self-storage were solid, enabling property owners to maintain 2021 gains, according to Yardi Matrix. Continued pandemic-fueled demand is positioning the self-storage industry for a strong spring rental season in 2022, with resultant healthy rent gains, particularly in Southeast and Southwest markets.
Also, self-storage continues to benefit from pandemic-fueled demand, which includes the growing RV/boat exclusive-storage category.
Year-over-year street rate growth for all unit types was unchanged in February, which on balance is a good sign given the industry’s position. Nationally, 10x10 non-climate-controlled units were up 7.6 percent year-over-year, while rates for similar-size climate-controlled (CC) units grew 7.4 percent over the same period.
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