This document summarizes self-storage supply trends across the United States in 2018. It finds that while development activity and annual completions remain high, transaction volume declined notably in 2017. Rent trends vary significantly by local market conditions. The document also provides in-depth analyses of key self-storage markets like Florida, Texas, and New York, finding continued population and job growth is driving new supply in many major metro areas.

2. Self-Storage Supply in 2018:
Development Activity from Coast to Coast
Presented by:
Jeff Adler, Vice President, Yardi Matrix

3. 3-6
Data Sources

4. 3-6
Self-Storage Coverage Statistics
133
U.S. markets covered
(Top ~100 U.S. metros)
> 80% of U.S.
population
~28K stores
> 28,400
Total properties
> 26,500
Completed stores
> 1,900
Facilities in
development pipeline
1.5 billion square feet
Completed inventory of
1.4 billion square feet
and 148 million square
feet under construction,
planned or prospective

5. 3-6
133 Self-Storage Markets Covered

6. 3-6
Analysis: National Overview

7. 3-6
Transaction Pricing
Property values have nearly tripled since 1995.
Self-StorageSalesPricePerSquareFoot
ConsumerPriceIndex(1995=100)
Sources: Yardi Matrix; U.S. Bureau of Labor Statistics
Self-Storage Transaction Price Per Square Foot: 1995 to 2017
$25
$30
$26$28$26$28
$33$34$36
$43
$49$51$53
$45
$36$34
$40$41
$51
$55$58
$69
$66
-50
0
50
100
150
200
250
300
350
400
$-
$10
$20
$30
$40
$50
$60
$70
$80
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Sales Price per Square Foot (left axis) Consumer Price Index (right axis)

8. 3-6
Transaction Volume Down
Notably in 2017
Self-Storage Transaction Volume by Region: 1997 to 2017
(Indexed to 1997 volume of stores sold)
IndexedTransactionVolume(1997=100)
Source: Yardi Matrix
-
50
100
150
200
250
300
350
400
450
Northeast (NY, PA, MA) Southeast (GA & Carolinas) Florida
Midwest (IL, OH, MI, MO) Southwest (TX & OK) Western (CO, AZ, NV)
Southern California All Other Regions (~40% of US) Total US Transaction Volume, in Stores
Total US Transactions
2016: 1,101 stores sold
2017: 670 (YOY -39%)

9. 3-6
Rent Trends Reflect Local New
Supply and Demand Conditions
80
85
90
95
100
105
110
115
120
125
130
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
IndexedRentperUnit(June2016=100)
Rent Trends: Indexed Rent per Unit from June 2016 to February 2018
(% represents Trailing 12 Months change)
Los Angeles +5%
Las Vegas +10%
US Average +1%
West Houston -6%
Miami -2%
Raleigh-Durham -8%
Denver -5%
Orlando +5%
New York Metro +4%
Tampa +2%
North Dallas -4%
Portland -6%

10. 3-6
Annual Completions
Source: Yardi Matrix
Rising but below historical average
31,045,363
2.7%
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Total US Self Storage Deliveries: 1990 to 2017
Annual Completions, in Net Square Feet (right axis) Annual Completions, % of Stock (left axis)

11. 3-6
Assessing U.S. Supply
and Demand: Major Metros
Sources: Yardi Matrix; U.S. Census Bureau
Net Square Feet Per Person
Planned+UnderConstructionasa%ofTotalInventory
New York
Chicago
Washington DC
Detroit
Minneapolis
Philadelphia
Boston
Kansas City
St Louis
Pittsburgh
Dallas-Ft Worth
Houston
Atlanta
Miami
Tampa
Orlando
San Antonio
Austin
Charlotte
Raleigh-Durham
Nashville
LA-Orange Cty Inland Empire
SF-Oakland
Phoenix
Seattle
Denver
San Diego
Sacramento
Las Vegas
Portland
San Jose
0%
5%
10%
15%
20%
25%
30%
35%
2 3 4 5 6 7 8 9 10
(bubble size represents 2016 population growth rate)
Short-Term Absorption Risk
Longer-Term Potential
Absorption Risk
Largely Penetrated
Underpenetrated
Development Opportunity

12. 3-6
Assessing Supply and Demand:
All Other U.S. Metros
Sources: Yardi Matrix; U.S. Census Bureau
Net Square Feet Per Person
Planned+UnderConstructionasa%ofTotalInventory
Richmond
Bridgeport - New Haven
Salt Lake City
Indianapolis
Sarasota - Cape Coral
Milwaukee
Charleston, SC
Jacksonville
Greenville, SC
Baltimore
Louisville, KY
Columbus, OH
Winston-Salem -
Greensboro
Grand Rapids
Providence
Columbia, SCCincinnati
Birmingham
Albany
Albuquerque Allentown - Bethlehem
Amarillo
Anchorage
Augusta, GA
Baton Rouge Boise
Buffalo
Central Coast, CA
Central East TexasCentral Valley, CA
Chattanooga
Cleveland - Akron
Colorado Springs
Columbus, GA Corpus Christi
Dayton
Des Moines
El Paso
Eugene
Fort Wayne
Harrisburg
Honolulu
Huntsville
Jackson
Knoxville
Lafayette, IN
Lexington, KY
Little Rock
Lubbock
Macon
Madison
McAllen, TX Memphis
Midland - Odessa
MobileNew Orleans
North Central Florida
Oklahoma City
Omaha
Pensacola
Portland, ME
Reno
Richland - Kennewick -
Pasco, WA
Rochester
Savannah - Hilton Head
Scranton - Wilkes-Barre South Bend
Spokane
Syracuse
Tallahassee
Toledo
Tucson
Tulsa
Wichita
Wilmington
Worcester - Springfield
Youngstown
0%
5%
10%
15%
20%
25%
30%
- 2 4 6 8 10 12 14

13. 3-6
Regional Deep Dive: Florida

14. 3-6
Florida Coverage
Pensacola Tallahassee
Jacksonville
Gainesville
ORLANDO
TAMPA
Sarasota/
Cape Coral Palm Beach
Ft. Lauderdale
MIAMI

15. 3-6
Sample Development Pipelines
MIAMI
ORLANDO

16. 3-6
Florida Population and Job Growth
Driving New Supply
Sources: Yardi Matrix; U.S. Census Bureau
2016MetroPopulationGrowth
#ofMoversPerStoresUnderConstruction
64,670
77,809
70,321
30,196
2,230
5,558
5,860
7,549
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Miami/Palm Beach Tampa Orlando Jacksonville
2016 Metro Population Growth and Number of Stores Under Construction
Stores Under Construction
as of 1/12/18:
• Miami/Palm Beach – 29
• Tampa – 14
• Orlando – 12
• Jacksonville – 4

17. 3-6
Regional Deep Dive: Texas

18. 3-6
Texas Coverage
El Paso
Amarillo
Lubbock
Midland
FT. WORTH DALLAS
Waco
Temple
AUSTIN
SAN ANTONIO
Corpus Christi
McAllen
College Station
HOUSTON

19. 3-6
Texas Population Growth
Driving New Supply
Texas 2016 Population Growth and Stores Under Construction as of March 26, 2018
Stores Under Construction:
Austin 9
D-FW 32
Houston 23
San Antonio 7
60,230
28,090 33,395 24,845
83,205
96,915
24,906
23,061
4,482
5,435
6,478
6,844
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Dallas - Ft Worth Houston Austin San Antonio
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Total2016MetroPopulationGrowth
2016 # of Immigration + Births
2016 # of Domestic Migants
# of 2016 Movers per Current # of Stores Under Construction

20. 3-6
Sample Development Pipeline
HOUSTON

21. 3-6
Regional Deep Dive: New York

22. 3-6
New York Coverage
New York Metro is comprised of nine actively monitored markets

23. 3-6
New York Supply Stats by Area
Completed Inventory per
Capita, in Net Square
Feet
Under Construction +
Planned Stores as a % of
Completed Inventory
Forecast of 2018
Completions % of
Completed Inventory
NEW YORK METRO 2.7 NRSF 10% 2.6%
Bronx 2.8 8 2.9
Brooklyn 1.8 18 4.3
Long Island 2.8 8 2.1
Manhattan 3.2 3 0.5
New Jersey, Central 3.4 9 2.0
New Jersey, Northern 2.9 13 3.7
Queens 2.0 12 4.1
Staten Island 1.6 21 8.6
Westchester 3.1 4 1.0

24. 3-6
New York Metro
Storage-Development Clusters
NEW YORK

25. 3-6
Contact the Presenter
Vice President
Yardi Matrix
800.866.1124, Ext. 2022
jeff.adler@yardi.com
www.yardimatrix.com
Jeff Adler