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Are Historical Highs Behind for the Self Storage Sector?

January 30, 2023

The self storage sector entered 2022 with no signs of winding down after a record-setting previous year. Investor interest and demand continued to be substantial, and the year kicked off with the Sun Belt region firmly on top in terms of annual rent growth, with some metros even seeing double-digit rent increases for almost all unit types. Overall, street-rate rents persisted in climbing even further in the summer months, but then they began to gradually temper toward the last quarter of the year, according to Yardi Matrix data.

“After two years of record performance during the pandemic, self storage continued to be strong in 2022, with rents up almost 4 percent year-over-year between the third quarter of 2021 and the third quarter of 2022,” the national director of Marcus & Millichap‘s self storage division, Steven Weinstock, explained.
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