Self Storage Growth Decelerates in First Half, According to Yardi Matrix

Advertised asking rents continued to decline in July across all top metros

SANTA BARBARA, Calif., August 23, 2024 – Growth in the self storage sector continued to decelerate in the first six months of 2024 due to lower street rates and occupancy declines, according to industry data contained in the latest Self Storage National Report from Yardi® Matrix.

Moving into the third quarter, the average annualized same store advertised asking rent reached an average of $16.40 nationally in July 2024. That is a 4.1 percent decrease on a year-over-year (YoY) basis. Nevertheless, the figure marks an improvement from the prior four months, during which the growth rate was down 4.5 percent between March and May and 4.9 percent in June.

“Lower street rates are impacting realized rents while occupancy is starting to show signs of bottoming, as average quarter-end occupancy was up year-over-year and four-quarter moving average occupancy flattened the last two quarters,” say Matrix analysts.

Yardi Matrix tracks a total of 3,404 self storage properties in various stages of development, including 854 under construction, 2,033 planned and 517 prospective properties. Yardi Matrix also maintains operational profiles for 31,722 facilities, bringing the total data set to 35,126.

Gain more information on the performance of the self storage sector.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, affordable housing, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi

Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.