Self storage is feeling the impact of a sputtering home market, which has seen sales slow due to higher mortgage rates, reducing population mobility, and lesser self-storage demand, according to Yardi Matrix's October self storage report.
The report's upside for operators is that unemployment remains low (although it is rising) and inflation growth is slowing.
Nonetheless, all top metros recorded negative monthly rate growth in October with the national average combined street rates per square foot falling 1.6%, or 27 cents, to $16.77 compared to September.
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