{"id":1004451421,"date":"2020-05-25T01:35:40","date_gmt":"2020-05-25T09:35:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004451421"},"modified":"2025-02-27T01:08:55","modified_gmt":"2025-02-27T09:08:55","slug":"self-storage-rents-not-immune-to-covid-19","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/self-storage-rents-not-immune-to-covid-19\/","title":{"rendered":"Self Storage Rents Not Immune to COVID-19"},"content":{"rendered":"<div id=\"attachment_1004451427\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-May-2020.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004451427\" data-attachment-id=\"1004451427\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/self-storage-rents-not-immune-to-covid-19\/self-storage-under-construction-planned-percent-of-existing-inventory-may-2020\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-May-2020.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 May 2020\" 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\/2020\/05\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-May-2020.png?w=800\" loading=\"lazy\" class=\"wp-image-1004451427 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-May-2020.png\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-May-2020.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-May-2020.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/05\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-May-2020.png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004451427\" class=\"wp-caption-text\">Self Storage Under Construction &amp; Planned Percent of Existing Inventory<\/p><\/div>\n<p>The global health crisis and deteriorating U.S. economy have taken a toll on self storage rents in April. Over the past 12 months, street-rate rents dropped 2.6 percent for the average 10&#215;10 non-climate-controlled and 6 percent for climate-controlled units of similar size. On a year-over-year basis, street rate performance for standard non-climate-controlled units was negative in roughly 97 percent of the top markets tracked by Yardi Matrix. All top markets saw negative street rate performance for standard climate-controlled units.<\/p>\n<p>Metros with the highest concentration of at-risk employment sectors had the greatest declines in rent rates. Due to Orlando&#8217;s tourism-dependent economy and high concentration of <a href=\"https:\/\/www.commercialsearch.com\/news\/hospitality-faces-coronavirus-crunch-time\/\">leisure and hospitality<\/a> employment, street-rate rents fell 6.7 percent for 10&#215;10 non-climate-controlled and 10.1 percent for climate-controlled units of similar size. Phoenix was the only top market without negative rent performance for the average 10&#215;10 non-climate-controlled units\u2014street rates there remained flat year-over-year.<\/p>\n<p>The pandemic has not yet visibly impacted self storage development activity across the country. Nationwide, projects under construction or in the planning stages accounted for 9 percent of total inventory, a 20-basis-point increase month-over-month. Raleigh-Durham saw the highest increase in development activity\u2014the metro\u2019s new-supply pipeline represented 8.9 percent of existing stock, up 130 basis points over the previous month.<\/p>\n<p>However, the COVID-19 crisis is eventually expected to lead to a decline in construction activity. According to Yardi Matrix\u2019s most recent new-supply forecasts, deliveries will drop by 10 percent in 2020, and by about 40 percent over the next five years. Oversupplied markets, however, could greatly benefit from a decline in self storage constructions.&nbsp;<\/p>\n<p><em>Read the full&nbsp;<a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1033-MatrixNationalSelfStorageMonthly-May2020?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=1033-MatrixNationalSelfStorageMonthly-May2020\">Yardi Matrix report<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The self storage sector has started to feel the impact of the coronavirus outbreak, with street-rate performance declining in 97 percent of the top markets tracked by Yardi Matrix. <\/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-1004451421","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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