Matrix Self Storage National Report-November 2024 November 20, 2024

Advertised Rates Continue to Improve, Despite Slower Winter Season

Faced with weakened demand fundamentals, particularly due to the housing market, the self storage REITs reported negative occupancy and revenue growth for Q3 2024. While advertised rates are declining month-over-month going into the slower winter season, however, advertised rate growth year-over-year continues to improve compared to the aggressive rent drops at the end of last year. That should continue into 2025.