The latest national self storage report from Yardi® Matrix shows that heavy new-supply deliveries and slowing economic fundamentals are dampening street rate growth in many U.S. metros.
The report, a compilation of data from more than 2,200 properties in the new-supply pipeline, shows that development activity has been pronounced in fast-growing cities as well as historically underdeveloped urban markets where supply is catching up to demand. Street rates for 10x10 units decreased 3% year-over-year nationwide in June 2018; by contrast, they rose 1% and 2% year-over-year in April and May, respectively.
Metros with the most units under construction and planned as a percent of existing inventory in mid-July were Nashville, Tenn.; Portland, Ore.; Boston; Denver; and San Jose, Calif.
The full national self storage report for July 2018 is available for download.
Related Stories
Market Data | Sep 3, 2019
Nonresidential construction spending slips in July 2019, but still surpasses $776 billion
Construction spending declined 0.3% in July, totaling $776 billion on a seasonally adjusted annualized basis.
Industry Research | Aug 29, 2019
Construction firms expect labor shortages to worsen over the next year
A new AGC-Autodesk survey finds more companies turning to technology to support their jobsites.
Market Data | Aug 21, 2019
Architecture Billings Index continues its streak of soft readings
Decline in new design contracts suggests volatility in design activity to persist.
Market Data | Aug 19, 2019
Multifamily market sustains positive cycle
Year-over-year growth tops 3% for 13th month. Will the economy stifle momentum?
Market Data | Aug 16, 2019
Students say unclean restrooms impact their perception of the school
The findings are part of Bradley Corporation’s Healthy Hand Washing Survey.
Market Data | Aug 12, 2019
Mid-year economic outlook for nonresidential construction: Expansion continues, but vulnerabilities pile up
Emerging weakness in business investment has been hinting at softening outlays.
Market Data | Aug 7, 2019
National office vacancy holds steady at 9.7% in slowing but disciplined market
Average asking rental rate posts 4.2% annual growth.
Market Data | Aug 1, 2019
Nonresidential construction spending slows in June, remains elevated
Among the 16 nonresidential construction spending categories tracked by the Census Bureau, seven experienced increases in monthly spending.
Market Data | Jul 31, 2019
For the second quarter of 2019, the U.S. hotel construction pipeline continued its year-over-year growth spurt
The growth spurt continued even as business investment declined for the first time since 2016.
Market Data | Jul 23, 2019
Despite signals of impending declines, continued growth in nonresidential construction is expected through 2020
AIA’s latest Consensus Construction Forecast predicts growth.
