SANTA BARBARA, California, August 7, 2018 /PRNewswire/ --
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.
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, industrial, office and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn more.
Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.