{"id":1004312807,"date":"2019-03-29T04:39:51","date_gmt":"2019-03-29T12:39:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004312807"},"modified":"2025-02-28T00:34:55","modified_gmt":"2025-02-28T08:34:55","slug":"self-storage-rents-show-signs-of-improvement","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/self-storage-rents-show-signs-of-improvement\/","title":{"rendered":"Self Storage Rents Show Signs of Improvement"},"content":{"rendered":"<div id=\"attachment_1004312813\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-March.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004312813\" data-attachment-id=\"1004312813\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/self-storage-rents-show-signs-of-improvement\/self-storage-under-construction-planned-percent-of-existing-inventory-march\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-March.png\" 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;0&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\/03\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-March.png?w=800\" loading=\"lazy\" class=\"wp-image-1004312813 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-March.png\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-March.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-March.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-March.png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004312813\" class=\"wp-caption-text\">Self Storage Under Construction &amp; Planned Percent of Existing Inventory<\/p><\/div>\n<p>Although self storage rents slid in 2018, street-rate rents showed signs of improvement in February. Despite a 0.9 percent decline year-over-year for 10&#215;10 non-climate-controlled units, the slide of street-rate rents actually slowed down by 80 basis points compared to the previous month\u2019s rent rate decrease of 1.7 percent. Rents for 10&#215;10 climate-controlled units fell by 2.2 percent.<\/p>\n<p>Las Vegas still leads all major markets in rent growth, as street rates for the standard non-climate-controlled units have increased by 3.1 percent over the past 12 months. Meanwhile, rents for 10&#215;10 non-climate-controlled units stayed flat in San Diego, however for climate-controlled units of similar size, rents grew by 5.6 percent year-over-year. As a result of limited opportunity for new development, asking rates remained highest in California metros, such as San Francisco ($189) and Los Angeles ($180). At the other end of the spectrum, asking rates were lowest in oversaturated Texas metros, such as Houston ($86), Dallas ($95), Austin ($98) and San Antonio ($99).<\/p>\n<p>Nationally, the new-supply pipeline accounted for 9.7 percent of existing inventory, a 40-basis-point improvement over the previous month. Although the inventory is increasing, the number of abandoned projects has tripled since mid-2018. In <a href=\"https:\/\/www.commercialsearch.com\/news\/a-closer-look-at-denvers-self-storage-market\/\">Denver<\/a>, the existing storage supply per capita has surpassed 7 net rentable square feet, leading to a lull in development activity.<\/p>\n<p>Despite a 70-basis-point slump, Portland still had the most projects planned or under construction\u201429.2 percent of existing stock. Due to a thriving economy and low unemployment, the Twin Cities continue to attract professionals from outside the metro, driving demand for self storage. The new-supply pipeline accounted for 16 percent of existing inventory, a 190-basis-point increase over February.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/643-March2019SelfStorageReport?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=643-March2019SelfStorageReport\"><em>Read the full Yardi Matrix report<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While street-rate rents were down 0.9 percent on a year-over-year basis, the rate actually indicates an 80-basis-point improvement compared to the previous month\u2019s rent rate decrease of 1.7 percent. <\/p>\n","protected":false},"author":871,"featured_media":1004262320,"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-1004312807","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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