{"id":1004295782,"date":"2019-02-04T03:45:48","date_gmt":"2019-02-04T11:45:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004295782"},"modified":"2025-02-26T02:07:49","modified_gmt":"2025-02-26T10:07:49","slug":"self-storage-rents-slightly-down-reflecting-seasonality","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/self-storage-rents-slightly-down-reflecting-seasonality\/","title":{"rendered":"Self Storage Rents Slightly Down, Reflecting Seasonality"},"content":{"rendered":"<div id=\"attachment_1004295788\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/ssdec.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004295788\" data-attachment-id=\"1004295788\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/self-storage-rents-slightly-down-reflecting-seasonality\/ssdec\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/ssdec.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Self Storage Under Construction &#038; Planned Percent of Existing Inventory\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Self Storage Under Construction &#038; Planned Percent of Existing Inventory&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/ssdec.jpg?w=800\" class=\"wp-image-1004295788 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/ssdec.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/ssdec.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/ssdec.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/02\/ssdec.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004295788\" class=\"wp-caption-text\">Self Storage Under Construction &amp; Planned Percent of Existing Inventory<\/p><\/div>\n<p>Self storage rents slightly decreased in December, largely reflecting seasonal trends. On a year-over-year basis, street-rate rents dropped by 1.7 percent for 10&#215;10-non-climate-controlled and by 1.5 percent for climate-controlled units of similar size. Markets in the Southwest and in the Northeast, however, continued to gain momentum. Rents in Las Vegas surged 5.2 percent year-over-year in December. Demand is also continuously increasing in New York City, where rents grew by 3.6 percent over the past year\u2500three times the previous month\u2019s growth rate.<\/p>\n<p>Due to limited supply, asking rents remained the highest in major California metros, such as San Francisco ($190), Los Angeles ($180) and San Jose ($179). Nevertheless, asking rents dropped between $1 and $2 in most markets over the past month. Seattle experienced the largest drop in asking prices, from $154 in November to $151 in December.<\/p>\n<p>The new development pipeline has been slowing over the past few months as prospective facilities have advanced in the development phases. On a national level, units under construction and in the planning stages represent 9.4 percent of the existing storage supply, which marks a 30-basis-point decline since December. Development activity has somewhat decelerated in Florida, due to delayed projects. In January, the new-supply pipeline equated to 17.4 percent of total stock in Orlando and 15.8 percent in Miami.<\/p>\n<p>Markets with growing new-supply include large gateway cities in the Northeast, where the existing inventory per capita is still lower than the national average. <a href=\"https:\/\/www.commercialsearch.com\/news\/qa-nyc-self-storage-on-path-towards-equilibrium\/\">New York City remains the most undersupplied market<\/a> with an inventory of 3 net square feet per capita. The current stock of units under construction and in the planning stages account for 16.3 percent, which stands for a 20-basis point increase compared to the previous month. Strong economic fundamentals and employment growth continue to fuel development in Portland, Seattle, as well as in Nashville, where the new-supply pipelines account for 29.7, 17.6 and 23.7 percent of total stock.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/591-January2019SelfStorageReport?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=591-January2019SelfStorageReport\"><em>Read the full Yardi Matrix report<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Large markets in the Northeast and Southwest continued to experience rent growth, however, street-rate rents fell by 1.7 percent on a national level. <\/p>\n","protected":false},"author":871,"featured_media":1004258381,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23891,21742],"tags":[32785],"class_list":["post-1004295782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-latest","tag-yardi-matrix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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