1、National Self Storage ReportAugust 2023RevisedThis is a revised version of our August 2023 National Self Storage Report.We received some late correction data from one of our valued clients,and as a result,have revised Pittsburgh street rates and rate growth throughout the report.Matrix National Self
2、 Storage Report|August 2023Revised|02Self storage demand remains healthy amid challenges Self storage performance is feeling the effects of the broader economy,prompting growth to decelerate to below historical levels.Street rates slipped month-over-month in July and year-over-year growth remains ne
3、gative,as demand and supply trends are both softening.Nationally,street rates for combined CC and NON-CC 10X10 units fell by$1 in July to$134,and are flat from the beginning of the year.Lower street rates are a result of weak move-in activity,with average REIT occupancy in Q2 2023 down 400 basis poi
4、nts from its all-time peak in Q2 2021.Demand is impacted by the weak home sales market and domes-tic migration coming down from COVID-19 highs.Meanwhile,the amount of deliveries is an impediment to asking rate growth in some markets,particularly rapid-growth metros,though supply pressure should ease
5、 as starts wane.Despite the challenges,there are bright spots.The job market remains sound,and strong consumer balance sheets will support demand.Self storage demand has historically been recession resilient,coming from a vari-ety of sources,and growth rebounds quickly following a downturn due to mo
6、nth-to-month lease terms and flexible customer rate increase programs.Year-over-year growth down in most metros Street rate performance was weaker than normal in July.Nationally,overall street rates(all unit sizes and types combined)dropped$1 to$141,down 0.7%month-over-month.Historically,rate growth