Street rates for self-storage units – the monthly rental rates quoted to potential new tenants — moved in a negative direction in May in all top metros tracked by Matrix, according to Yardi Matrix's self-storage national report.
"Current economic conditions and the impact on the real estate market continue to dampen the self-storage sector's performance, which is typically strongest at this time of year," the report stated.
High interest rates will continue to influence storage demand from home sales and self-storage transaction activity well into 2025, the company said.
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