SANTA BARBARA, CA— The most recent national self storage report from Yardi® Matrix shows that:
- Development activity remains elevated in fast-growing secondary markets, such as Portland, Ore., Seattle and Nashville, Tenn., with robust multifamily construction, employment growth and population gains.
- Undersupplied metros in the Northeast are maintaining a healthy appetite for self storage product.
- San Diego is a notably strong market, sustaining growth in both rental rates and the percentage of stock planned or under construction.
- The share of projects under construction or in the planning stages in April accounts for 9.9% of the national inventory, 20 basis points higher than the previous month.
The report also notes that street rates for 10×10 units that are not climate controlled declined 0.9% nationwide year-over-year in March but remained flat compared to the previous month. Rates for similar-size climate controlled units decreased 1.5% year-over-year but bested February’s performance by 70 basis points.
The April 2019 supply and rent recap, which is available for download, compiles data from more than 26,000 U.S. self storage properties, including more than 2,000 properties in the development pipeline.
Yardi Matrix is the industry’s most comprehensive business development and asset management tool for investment professionals, equity investors, lenders and property managers who underwrite and manage real estate investments in multifamily, industrial, office and self storage.