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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
