Self Storage Update | January 2023 Rate and Supply Trends

February 2, 2023

How is the the Industry Positioned Heading into 2023? |
A Detailed Look at the Most Recent Rate and Supply Trends

Below, the SkyView team offers insights on the latest rent and supply trends in 31 of Yardi Matrix’s top metropolitan areas, covering the most prominent regions of the United States.  


The self-storage industry has witnessed the demand loosening. Because of this, operators have been focused on bolstering rents to keep up with rising expenses due to inflationary pressure. As we’ve seen previously in 2022, development costs, along with a rising cost of debt, will result in limited new supply for the foreseeable future. This will continue to create opportunity for owners to capitalize on their asset and further establish a market footprint with new storage options becoming scarcer in the coming year. 


Below are some key highlights on street rates for December 2022:


National Street Rates for All Unit Sizes Were Down 2.8 Percent in December.

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


Larger units are outperforming smaller units yearly. Yardi notes that 10×30 storage options are down 2.4 percent, while 5×5 units ranked lower at 3.4 percent. 

Several Top Metro Areas Across the United States Remained Resilient.

The Southeast in particular showed signs as 7 of Yardi’s top 31 metros witnessed an increase in street rates on 10×10 non-climate options in December 2022.

Decline in Street Rates was Expected in Later Months Due to the Holiday Season.

The most important takeaway is that rates are still stable when compared to historical performance. 

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 December 2022. 

*Data Courtesy of Yardi Matrix

Nashville, Tennessee demonstrated the strongest 10×10 climate-controlled rent growth and the second highest non-climate-controlled rent growth out of all Yardi’s top metro areas listed above. Raleigh-Durham experienced the highest growth in 10×10 non-climate-controlled units.


The San Francisco & East Bay Metro demonstrated the sharpest decline in 10×10 climate-controlled  rental rates, while Las Vegas experienced the sharpest decline in 10×10 non-climate-controlled units in December 2022.

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 November of 2020. 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 February through June of 2021, before leveling off and remaining relatively consistent until summer months of 2022, when averages exceeded $150 for 10×10 climate-controlled units and $130 for 10×10 non-climate-controlled options.

There has been a steady, yet slight decline in rental rates since Fall of 2022, as highlighted in the introduction analysis. For December of 2022, the small decline is evident. While national street rates have dropped over the past several months, self storage owners are subsequently raising rents to match the market. While some tenants will expire due to rate increases, move-out activity continues to present opportunities for new customers to lease space at higher rates, as a consistent level of demand still remains, especially with a lack of recent development.

Under-Construction Supply | The Latest Shifts: November-December 2022

The chart below indicates the under-construction supply by percentage of existing inventory nationally, based on 32,302 stores analyzed by Yardi Matrix.

*Data Courtesy of Yardi Matrix

Overall, the national new-supply pipeline for the self storage industry remained stable at 3.6 percent from November to December of 2022.


As noted previously, rising construction and development costs will continue to hinder an uptick in new supply. The data above backs this premise as only the Atlanta, Philadelphia, and Orlando experienced an increase in under-construction supply percentage. Additionally, the data notes that projects without secure financing may struggle to reach completion in the current debt environment.

Monthly Rate Recap (December YoY Rate Performance)

Below is a monthly rate recap of December 2022 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