Read the latest Yardi Matrix Self Storage Market Outlook.
On a monthly basis, 24 out of the top 30 metros recorded increases in advertised rent growth, while the remaining six saw negative movement or remained flat, according to the latest Yardi Matrix self storage market outlook.
Key takeaways
- As of May, the advertised asking rent movement remained negative, with the average annualized same-store asking rent per square foot down 0.5 percent for the combined mix of unit sizes and types.
- Same-store advertised asking rates for the combined non-climate-controlled units were down 0.8 percent, while rates for climate-controlled units fell 0.2 percent.
- Of the top 30 metros tracked by Yardi Matrix, 24 recorded advertised rate increases. Houston, Sacramento and Las Vegas saw contractions, while Seattle, Columbus and San Francisco remained flat, as the overall per square foot rates were up 0.5 percent to $16.76.
- The national under-construction pipeline equaled 2.8 percent of existing inventory, unchanged from the previous month.
Advertised rates are slowing
In May, the national average annualized same-store advertised asking rate per square foot was $16.76 for the combined mix of units and sizes. This figure marked a drop from the -0.3 percent in April and -0.2 percent in March.
Rates for combined non-climate-controlled units were down 0.8 percent on a year-over-year basis as of May, compared to the decreases of 0.6 percent in April and 0.5 percent in March. Same-store advertised asking rates for climate-controlled units fell 0.2 percent in May, after remaining flat in April and up 0.2 percent in March. In May, rates were up in 12 of the top metros year-over-year for non-climate-controlled units, while rates were up in 16 of the top 30 metros for climate-controlled units.
National supply under construction holds steady
On a national level, new supply in the last three years accounted for 9.4 percent of existing stock at the beginning of the period. Meanwhile, deliveries equaled 2.9 percent of that amount during the previous 12 months.
Yardi Matrix keeps track of a total of 3,058 self storage properties in various stages of development across the U.S. The development pipeline included 728 under construction, 1,935 planned and 395 prospective properties. As of May, the under-construction pipeline accounted for 2.8 percent of existing stock, unchanged month-over-month.
Yardi Matrix data points to overall gradual slowdown in new development nationwide, as the second quarter’s self storage supply forecast anticipates a 19.0 percent drop in 2025, 18.0 percent in 2026 and 9.0 percent in 2027.
Las Vegas had the most supply under construction as of May, equal to 7.2 percent of existing stock. The metro also saw a large increase in construction activity over the past year, which all together could lead to challenges, particularly a weak rate performance.
Similarly, Nashville had the largest increase in construction activity month-over-month, up 0.4 percent. The metro’s pipeline increased by 280 basis points over the past year, from 3.0 percent of existing stock in May 2024. As of May, only six metros registered an increase in construction activity month-over-month, 12 recorded a decrease, while the activity in the remaining 12 metros remained flat.
Read the full Yardi Matrix National Self Storage Market Outlook: June 2025
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