Despite the economic impact of the coronavirus pandemic, self-storage rental rates remain steady, according to a recent report by Yardi Systems Inc., which provides management software for self-storage and other types of real estate. Released through the Yardi Matrix data-services platform, which tracks self-storage development activity and rental rates in more than 130 markets nationwide, the September “National Self Storage Report” examines the impact of industry supply across the United States.
Nationally, rates declined .9 percent in August for traditional 10-by-10 units from the previous 12 months and fell 3 percent for climate-controlled units of the same size. Though national averages held relatively steady, 61 percent of the top markets tracked by Yardi saw year-over-year price reductions for traditional 10-by-10 units, while eight markets experienced rate increases.
On a month-to-month basis, rates for the same 10-by-10 units grew .9 percent and 0.8 percent, respectively. Top markets demonstrated positive or flat month-over-month rate growth except for Pittsburgh, Pa., and Portland, Ore., which saw rate declines for climate-controlled units. Among all markets, San Jose, Calif., had the nation’s highest month-over-month rent gain at 4.9 percent for climate control, according to the report.
The September installment is available in PDF format as a free download from the Yardi Matrix website. The eight-page publication compiles data from more than 2,100 properties in the supply pipeline. It includes information on development projects and rental rates for 31 markets.
Yardi Systems develops and supports software for commercial property management. Its suite of programs handles accounting, ancillary processes, operations and services. Based in Santa Barbara, Calif., and founded in 1984, the company serves clients worldwide from offices in Asia, Australia, Europe, the Middle East and North America.
Sources:
Commercial Property Executive, Self Storage Rents Continue Recovery Despite COVID-19
Yardi Matrix, Matrix National Self Storage Monthly-September 2020
