Self Storage Update | April 2023 Rate and Supply Trends

April 20, 2023

Self Storage Continues Strong Performance Entering Spring Season

Below, the SkyView team offers insights on the latest rent and supply trends in Yardi Matrix’s top metropolitan areas, covering the most prominent regions of the United States.  


In Yardi’s April report, the focus shifts to seasonal trends as we enter spring leasing season across the country. Yardi notes that street rates continued to normalize in the beginning of 2023 with demand continuing to anchor the asset class; rates remain firm and slightly increased in some major metro areas. Busy leasing season is approaching, which will justify rate increases as we continue into the next few months. Self Storage is continuing to show resilience despite turmoil in the financial markets, as the demand for storage has been minimally impacted by outside economic headwinds. 


The market is trending towards a return to normalcy. Seasonality trends were not as prominent during the height of COVID, but now those historcial tendencies are expected to fully return as we continue into quarter two of 2023. 


As of the latest Report from Yardi Matrix:

Non-climate 10×10 unit rates are down 2.3 percent, while 10×10 climate-controlled rates were down 3.4 percent. 


Street rates still remain well above pre-pandemic levels. Steady patterns are still evident, with various unit types and sizes witnessing rate increases month-over-month, according to Yardi Matrix. 


Overall, climate and non-climate rate increases on 10×10 units checked-in under one percent in the latest report, further justifying a soft landing as opposed to a drastic change when comparing rates to historical norms.  

Quick Takeaways:

The majority of Yardi’s top metro areas demonstrated negative street rate growth in April compared to March. This is more in line with historical rate trends as opposed to larger fluctuations observed throughout 2022. 


*Street rates for climate and non-climate controlled units are starting to slowly rise again after witnessing a consistent slight decline dating back to the middle of 2022. 

Year-Over-Year Rent Change | 10x10 Units

Below is the year-over-year rent change for 10×10 units in 31 of Yardi’s top metro areas in March 2023, reflective of the latest data available. 

*Data Courtesy of Yardi Matrix

Nashville demonstrated the strongest 10×10 climate-controlled rent growth out of all Yardi’s top metro areas listed above, with an increase just under one percent. Raleigh-Durham and Charlotte experienced the highest growth in 10×10 non-climate-controlled units at approximately one percent.



The San Francisco & East Bay Metro, Inland Empire, and Atlanta demonstrated the sharpest declines in 10×10 climate-controlled rental rates, while Las Vegas experienced the sharpest decline in 10×10 non-climate-controlled units in March.


Throughout 2023, trends have shown that Yardi’s metros in North Carolina and in Nashville, Tennessee are experiencing the most consistent growth. While metros such as Las Vegas and Atlanta continue to experience some of the sharpest declines this year. 

National Average Street Rates | 10x10 Units

Below the breakdown of national average street rates for 10×10 units drawn from over 32,000 stores across the nation, including a small portion of projects in the new-supply pipeline.

*Data Courtesy of Yardi Matrix

The chart above demonstrates the trajectory of rental rate fluctuation since March of 2021. National average street rates, as mentioned previously, have remained healthy compared to historical trends.


As indicated in the visual above, the industry witnessed rental rate growth from March 2021 through June of 2022, before leveling off and experiencing a slight decline to end the year and begin 2023. 


To begin 2023, the slight declines in street rates continued. However, in March there has been a slight increase in street rates among both climate and non-climate controlled units. 


With a strong demand for storage due to the necessity of the asset and a lack of development over the past year, performance still remains robust overall. 

Under-Construction Supply | The Latest Shifts Heading into Spring Season

The chart below indicates the under-construction supply by percentage of existing inventory nationally, based on 32,668 stores. Data as of April 7,2023 from Yardi Matrix. 

*Data Courtesy of Yardi Matrix

The latest report indicates a slight uptick in national under-construction supply percentage, moving from 3.6 percent to 3.7 percent during February to March. 


The latest report indicates that Boston, Phoenix, Miami, and San Antonio witnessed under-construction supply increases, while Austin, Chicago, and Las Vegas experienced a decline. The remainder of Yardi’s top metros experienced no change in under-supply construction percentage. 

Monthly Rate Recap (January YoY Rate Performance)

Below is a monthly rate recap of March 2023 year-over-year rate performance, beginning with the Yardi’s national rate recap, followed by metrics in 31 major metros across the United States. Rate performances encompass the most in-demand climate-controlled and non-climate-controlled storage options. 

To strategize with the industry experts, click below to discuss the best plan for maximizing your asset in the current market. 

*All data from this analysis was derived from Yardi Matrix