Yardi Matrix expects self-storage new supply to contract over the longer term as interest in new development declines. Compared to last quarter’s update, the forecast has been increased for 2024 as well as later years, but that’s to account for our expanded market coverage, as the rate of change remains the same. In the past year, Yardi Matrix has initiated coverage for 17 new self-storage markets that comprise approximately 4.5% of the current completed inventory in our database.
Self Storage Supply Forecast Notes 
The Yardi Matrix Q3 2024 self storage supply forecast update expects a deceleration in new supply over the longer term. Compared to last quarter’s update, the forecast has been increased 9.5% for 2024 and roughly 5% for the later years, but that’s to account for our expanded market coverage. In the past year, Yardi Matrix has initiated coverage for 17 new self storage markets that comprise approximately 4.5% of the current completed inventory in our database. While the level of the forecast has increased, the rate of change remains the same. Yardi Matrix self storage development pipeline data continues to evolve in a manner consistent with a slowdown in new development activity.
Near-Term Forecast: 2024 and 2025
For the Q3 update, the forecast for 2024 and 2025 has been increased by 9.5% and 5.4%, respectively, as our market coverage has been steadily expanding over the past year.
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