{"id":1004457292,"date":"2020-06-24T05:45:41","date_gmt":"2020-06-24T13:45:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004457292"},"modified":"2025-02-27T01:07:41","modified_gmt":"2025-02-27T09:07:41","slug":"covid-19-impact-still-tough-on-self-storage-rents","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/","title":{"rendered":"COVID-19 Impact Still Tough on Self Storage Rents"},"content":{"rendered":"
\"\"<\/a>

Self Storage Under Construction & Planned Percent of Existing Inventory<\/p><\/div>\n

As the nation grappled with fallout from the novel coronavirus outbreak, self storage rents continued to decline in May. On a year-over-year basis, street rates slid 4.3 percent for the average 10×10 non-climate-controlled and 6.7 percent for climate-controlled units of similar size. Over the past 12 months, street rate performance was negative in all the top markets tracked by Yardi Matrix.<\/p>\n

On a month-over-month basis, street rates fell 0.9 percent for the standard 10×10 non-climate-controlled and 0.8 percent for climate-controlled units of similar size. Chicago saw a 1.1 percent increase in street rates month-over-month for non-climate-controlled units, while street rates for climate-controlled units remained unchanged.<\/p>\n

Despite the heavy decline in street rates, demand for storage space appeared to be stable, with move-ins and move-outs slightly recovering over the past few weeks. Overall, the pandemic seems to be both fueling and diminishing demand for self storage<\/a>: While people who need to downsize are driving the need for storage units, growing unemployment might lead to a decrease in demand.<\/p>\n

The new-supply pipeline seems to be less affected by the COVID-19 outbreak, as developers continued to push through with new projects. Nationally, projects under construction or in the planning stages accounted for 9 percent of existing stock, a 20-basis-point increase month-over-month. New York saw a notable uptick in development activity\u2014the metro\u2019s new-supply pipeline represented 17.7 percent of total inventory, a 70-basis-point growth over the previous month. Despite the positive signs, the coronavirus outbreak is expected to slow down deliveries and cause delays in development throughout 2020.<\/p>\n

Read the full Yardi Matrix report<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The self storage sector continued to see negative effects caused by the pandemic, as street-rate performance declined in all 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-1004457292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-latest","tag-yardi-matrix"],"acf":[],"yoast_head":"\nCOVID-19 Impact Still Tough on Self Storage Rents - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COVID-19 Impact Still Tough on Self Storage Rents\" \/>\n<meta property=\"og:description\" content=\"The self storage sector continued to see negative effects caused by the pandemic, as street-rate performance declined in all the top markets tracked by Yardi Matrix.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-24T13:45:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-27T09:07:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/self-storage-reports-Featured-image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Evelyn Jozsa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/\",\"name\":\"COVID-19 Impact Still Tough on Self Storage Rents - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/self-storage-reports-Featured-image.jpg\",\"datePublished\":\"2020-06-24T13:45:41+00:00\",\"dateModified\":\"2025-02-27T09:07:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7a1fad8f1e02fa4d8f81f7e9ad21736a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/covid-19-impact-still-tough-on-self-storage-rents\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/self-storage-reports-Featured-image.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/self-storage-reports-Featured-image.jpg\",\"width\":800,\"height\":620,\"caption\":\"Self storage units. 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