The self-storage sector continued to see strong demand from new customers in April while an increasing number of customers are opting to renew their units at high rates with extended length of stays, according to a new National Self Storage monthly report from Yardi Matrix.
"It all points to continued growth in rents and net operating income, which has increased (by) 20% for some REITs over the past year," the Yardi Matrix report said.
Street rates, the monthly rental rates quoted to new tenants, are hitting historic highs, the report said. The $130 average rate in April for 10×10 units that are not climate-controlled matching a peak last reached in August 2021. The $147 average for climate-controlled units is within $2 of the highest rate historically.
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