Read the latest Yardi Matrix Self Storage Market Outlook.
Key takeaways
- As of August, rents were up 0.3 percent year-over-year, with the average asking rest per square foot at $16.91 for the combined mix of unit sizes and types.
- Same-store advertised asking rates for the combined non-climate-controlled units contracted 10 basis points year-over-year, while rates for climate-controlled units rose 80 basis points.
- The national under-construction pipeline totaled 53.6 million square feet, or 2.7 percent of existing inventory as of August, a 10-basis-point decrease from August’s figure.
- The sector’s supply growth is slowing down, while capital markets are gradually recovering.
The Sector Maintains Steady Position
In August, the national average annualized same-store advertised asking rate per square foot was $16.91 for the combined mix of units and sizes, same as June and July.
Rates for the combined non-climate-controlled units dropped 0.1 percent year-over-year as of August, marking an improvement from July’s negative 0.4 percent. Meanwhile, the same metric for climate-controlled units rose 0.8 percent year-over-year, up 20 basis points from the previous month.
Year-over-year, rates were up in 16 of the top 30 metros for non-climate-controlled units. Similarly, 20 of the top 30 markets were positive for climate-controlled units.
Pipeline Continues to Decline
Yardi Matrix tracks a total of 3,004 self storage properties in various stages of development across the U.S. This includes 716 projects under construction, 1,906 planned and 382 prospective properties. As of August, the under-construction pipeline accounted for 2.7 percent of the total stock, reflecting a 10-basis-point decrease from the previous month.
Nationally, there were 53.6 million net rentable square feet under construction as of August, reflecting a 10-basis-point contraction month-over-month. Out of Yardi’s top 30 metros, more than half had under-construction supply levels above the national average, while Mid-Atlantic and southeastern regions positioned themselves at the bottom of the list.
Out of the top 30 metros tracked by Yardi Matrix, only four saw an increase in under-construction month-over-month, namely Tampa (70-basis-point increase), New York (20 bps increase), Washington D.C. (30 bps) and Minneapolis (90 bps). Phoenix, Las Vegas, Charleston, S.C. and Orlando have maintained their top positions nationally for under-construction supply by percentage of existing inventory. On the other side of the national ranking, Californian metros that close the list with low under-construction supply levels out of the existing inventory: San Diego (1.0 percent), Sacramento (0.9 percent), San Jose (0.5 percent) and San Francisco (0.3 percent).
Read the full Yardi Matrix National Self Storage Market Outlook: September 2025.
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