Street rates remain negative on an annual and sequential basis but have not worsened in the last six months. As of November, the overall national street rate per square foot dropped to $16.57, a 4.2 percent decrease compared to the national average of $17.40 recorded in November 2022. Year-over-year, street rates for the 10×10 non-climate-controlled units declined in all but one of the 31 metros tracked by Yardi Matrix.
Rates decreased in all metros for 10×10 climate-controlled units as well. On a monthly basis, the average street rates per square foot for the 10×10 non-climate-controlled and climate-controlled units combined were down 1.0 percent, to $16.57. The decline was widespread, as same-store street rates per square foot fell in all of the top metros.
Construction still unchanged
As of November, on a national level, there were 5,028 self storage projects in all stages of development. The new-supply pipeline included 1,940 planned projects, 1,489 abandoned facilities, 883 under construction, 631 prospective and 85 deferred ones. The under-construction projects made up 3.8 percent of the total inventory, remaining unchanged month-over-month.
Orlando continues to lead in terms of new supply in the 31 markets tracked by Yardi Matrix, amounting to 8.4 percent of existing inventory. Construction activity also increased in Charleston, which was up 150 basis points month-over-month in November.
Read the full Yardi Matrix national storage report here.
