Occupancy stabilization helps offset ongoing demand weakness
SANTA BARBARA, Calif., May 28, 2026 – The U.S. self storage market’s 1% month-over-month advertised rate growth in April 2026 starts the busy spring leasing season on a positive note.
Although April’s year-over-year national advertised rate growth rate fell 1.9%, most of the top 30 metros saw stronger year-over-year performance that month than in March, according to new research from Yardi® Matrix.
The principal driver of the improving performance was the 0.6% in-place rent growth in Q1 2026. Stabilizing occupancy that countered continued demand weakness and a longer-term slowdown in move-in activity were other key factors in the results.
The new report documents the clear connection between operating performance and local supply conditions in the current uncertain demand environment. Elevated new supply in Florida, Las Vegas, Phoenix and other Sun Belt markets, for example,
continues to pressure pricing and drive revenue declines. Meanwhile, limited or declining supply in metros such as Boston, Chicago and Minneapolis is supporting healthy revenue growth.
“Most [self storage] REITs anticipate further sequential improvement in fundamentals in 2026 and beyond” as development activity continues to cool, the report says.
Get more insight into self storage supply and rent trends in the Yardi Matrix Self Storage National Report for May 2026, which draws from 2,560 self storage properties in various stages of development. Yardi Matrix also maintains operational profiles for 32,919 completed U.S. self storage facilities.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, single-family rentals/build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.
About Yardi
Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.
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