Yardi Systems Inc., which provides management software for self-storage and other types of real estate, has released a “National Self Storage Report” through its Yardi Matrix self-storage data-services platform examining the impact of self-storage supply across the United States. The six-page publication compiles data from more than 2,000 properties in the supply pipeline, according to a press release. It includes information on development projects and rental rates for 31 markets.
Nationally, self-storage rental rates were flat due to new supply coming to market in January, according to the report. Street rates for 10-by-10 traditional units fell 1.7 percent year over year, while rates for climate-controlled units fell 1.5 percent.
Consumer demand remained steady in markets with strong population growth, including Portland, Ore., Nashville, Tenn., and Orlando, Fla. Underserved markets in Boston and New York City also showed steady demand.
The February report is available in PDF format as a free download from the Yardi Matrix website. Yardi Matrix tracks self-storage development activity and rental-rate data in more than 130 markets nationwide.
Yardi Systems develops and supports software for the management of property and real estate investments. Its suite of programs includes accounting, ancillary processes, operations and services with portfolio-wide business intelligence and platform-wide mobility. Based in Santa Barbara, Calif., and founded in 1984, the company serves clients worldwide from offices in Asia, Australia, Europe, the Middle East and North America.
PR Newswire, New Supply Slows Self Storage Rent Growth, Yardi Matrix Reports