12/01/2018

Self-Storage Demand Continues to Grow, and So Does Supply, as New Facilities Open Nationwide

By Anne Mari DeCoster, AZSA Executive Director
Based on report by AZSA Member Yardi Matrix

Nationwide, “high population gains and strong economic fundamentals pave the way for new construction,” according to the National Self-Storage Report for November 2018 by AZSA Member Yardi Matrix, providing data for the self-storage industry.

Self-storage demand remains strong, based on solid employment gains. Nationally, street rates continue to decline as new facilities open. While true for non-climate controlled space in Phoenix, rates for climate control space are still growing in the Valley of the Sun. Rent growth in general remains positive in southwestern areas like Arizona.

While new construction continues in Phoenix and around the country, the number of abandoned projects is on the rise and fewer new projects are entering the development pipeline on a nationwide basis.

For more information on this report, contact Jeff Adler, Vice President and General Manager, Yardi Matrix, Jeff.Adler@Yardi.com, (800) 866-1124, x2022.