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Yardi Matrix expects self storage new supply to contract over the longer term as interest in new development declines. Compared to last quarter’s update, the forecast has been increased for 2024 as well as later years, but that’s to account for our expanded market coverage, as the rate of change remains the same. In the past year, Yardi Matrix has initiated coverage for 17 new self storage markets that comprise approximately 4.5% of the current completed inventory in our database.
Advertised rental rates for RV and boat storage decreased a modest 0.4% in June 2024, as demand from new equipment sales dropped. Still, that compares to a rent decline for traditional self storage. And with slowed development activity, RV and boat storage retains a strong outlook.
Although the unusually large influx of supply continues to hinder rent growth in many Sun Belt boomtowns, healthy demand from a stronger-than-expected economy will support growth in other markets. Overall, that anticipated improved performance leads to an increased forecast for advertised apartment rents.
Student Housing National Outlook
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