Read the latest Yardi Matrix Self Storage Market Outlook.
On a monthly basis, six of the 30 metros recorded contractions, two remained flat, while the remaining 22 saw advertised asking rent growth increase, according to the latest Yardi Matrix self storage market outlook.
Key takeaways
- As of January, the advertised asking rent movement continued to be negative, with the average annualized same-store asking rent per square foot down 1.2 percent for the combined mix of unit sizes and types.
- Same-store advertised asking rates for the combined non-climate-controlled units were down 1.1 percent year-over-year, while rates for climate-controlled units fell by 1.3 percent.
- Out of the top 30 metros tracked by Yardi Matrix, six saw contractions month-over-month, two remained flat, while 22 recorded advertised rate growth increase, as the overall per square foot rates were up 0.3 percent to $16.32.
- The national under-construction pipeline equaled 3.1 percent of existing inventory, down 10 basis points from the previous month.
Advertised rate growth YoY continues to recover in 2025
In January, the national average annualized same-store advertised asking rate per square foot was $16.32 for the combined mix of unit and sizes. This figure marks a 1.2 percent decrease compared to January 2024, but rates are declining at a slower rate, compared to the -2.2 percent in December and -2.4 percent in November.
Rates for combined non-climate-controlled units were down 1.1 percent on a year-over-year basis as of January, while same-store advertised asking rates for climate-controlled units decreased by 1.3 percent. In January, rates were up in 10 of the top 30 metros year-over-year for non-climate-controlled units, while rates were up in nine of the top 30 metros for climate-controlled units.
Development pipeline still shows signs of moderation
On a national level, new supply in the last three years accounted for 8.9 percent of stock at the beginning of the period. Meanwhile, deliveries equaled 2.8 percent of that amount during the previous 12 months.
Yardi Matrix keeps track of a total of 3,240 self storage properties in various stages of development across the U.S. The development pipeline included 783 under construction, 2,015 planned and 442 prospective properties. As of January, the under-construction pipeline accounted for 3.1 percent of existing stock, a 10-basis-point drop from the previous month.
Philadelphia had the largest increase in construction activity, up 0.6 percent month-over-month. With a construction pipeline equal to 4.9 percent of existing stock, the metro is likely to underperform, as it also has a large amount of supply currently in lease-up. San Jose also remains the only metro with no new supply under construction.
Read the full Yardi Matrix National Self Storage Market Outlook: February 2025.
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