Self Storage (Matrix)

The year-over-year street rate performance was positive for both climate-controlled and non-climate-controlled units for the first time since 2017.

The year-over-year street rate performance was positive for the first time since 2017.

While street-rate rents were down 0.9 percent over the past 12 months, all the top markets saw positive rent performance month-over-month.

While national street rates fell compared to July 2019, rate performance was positive for the standard climate and non-climate-controlled units on a month-over-month basis.

In a sign that the sector may have seen the worst of the fallout from the pandemic, the downward trend of street-rate performance is starting to slow.

The self storage sector continued to see negative effects caused by the pandemic, as street-rate performance declined in all the top markets tracked by Yardi Matrix.

The self storage sector has started to feel the impact of the coronavirus outbreak, with street-rate performance declining in 97 percent of the top markets tracked by Yardi Matrix.

After a long tenure of negative performance, street-rate rents for standard non-climate-controlled units remained unchanged year-over-year.

Although street-rate rents were down 0.9 percent year-over-year and the development pipeline is slowly shrinking, secondary and tertiary markets provide new opportunities for self storage players.

While street-rate rents were down 0.9 percent on a year-over-year basis, the rate actually indicates an 80 basis-point improvement compared to the previous month’s decrease of 1.7 percent.