Yardi Matrix: New Projects Braking U.S. Self Storage Rent Growth 

Low-development Western metros boast the highest listed rates

SANTA BARBARA, CaliforniaJuly 29, 2019 /PRNewswire/ — Demand for self storage space remains strong in most U.S. metros, but a new report from Yardi® Matrix cautions that “the continually high levels of development indicate the industry will face a rocky road for the foreseeable future.”

Such development has led to declining year-over-year street rates in some metros, most notably Houston and Pittsburgh. Significant new supply is also beginning to dampen rates in New York City and Boston. National street rates dropped 1.7% year-over-year in June 2019 for standard 10×10 non-climate controlled units, with about 60% of the top metros tracked by Yardi Matrix experiencing decreases.  READ MORE

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