Month-over-month average rate increases but pressures stifle year-over-year growth
SANTA BARBARA, Calif., June 24, 2026 – Average U.S. self storage advertised rates posted a month-over-month gain in May 2026 but declined year-over-year, underscoring the industry’s ongoing supply and demand challenges.
A new national report from Yardi® Matrix illustrates that last month’s 0.8% month-over-month increase exceeded the May increases in 2025 and 2024. The year-over-year decline in the average rent measured 1.8% in May, less than the 1.9% and 2% drops in April and March, respectively. Only Minneapolis and Indianapolis among the top 30 metros saw year-over-year rate growth in May.
While seasonality is supporting sequential rate gains, “supply pressure and weak demand drivers continue to limit year-over-year growth,” the new report notes, with climate-controlled and non-climate-controlled unit type rates declining equally. The month-over-month gain in May was largely seasonal rather than demand-driven, as key drivers like housing turnover, migration and consumer confidence remain constrained.
Markets with lower new supply generally continue to outperform in advertised rate growth. Meanwhile, rate growth remains limited in markets with elevated new supply, including Las Vegas and Florida metros Tampa, Sarasota-Cape Coral and Orlando.
Get more insight into self storage supply and rent trends in the Yardi Matrix Self Storage National Report for June 2026, which draws from 2,513 self storage properties in various stages of development. Yardi Matrix also maintains operational profiles for 33,008 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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