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Yardi Matrix Continues to Forecast Self Storage Supply Increase for 2024/25

Increased Self Storage Supply Forecasted for 2024/25

Latest outlook predicts a decline in new properties from 2026 through 2029

 SANTA BARBARA, Calif., May 13, 2024 – Yardi® Matrix’s Q2 Self Storage Supply Forecast remains mostly unchanged, as the development pipeline in the first quarter was consistent with previous expectations.

The construction pipeline was flat in the first quarter of 2024, leading to relatively no changes in the near-term forecast for 2024 and 2025. In the Q1 look, those expectations were upped by 10.9 percent and 12.5 percent, respectively. The current levelling-off period is driven by elevated completion times.

Forecasted completions for 2026 to 2029 are still expected to decline. Supply growth for 2026 and 2027 will likely contract by two percent of inventory, and further in 2028 and 2029.

“The number of deferred and abandoned self storage projects continued to increase in the first quarter of 2024. Growth in the planned pipeline has moderated, while the prospective pipeline contracted. Street rates are on a declining path, with project sponsors reporting a difficult financing environment,” say Matrix analysts.

In the first quarter of 2024, the planned pipeline rose by 4.9 percent, while the prospective stage saw a 5.1 percent quarter-over-quarter decrease but remained mostly flat on a yearly basis. The number of deferred projects grew 67 percent annually and the number of abandoned storage properties rose to 50 properties as of March 2024.

Review the new Self Storage Supply Forecast from Yardi Matrix.

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, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit to learn more.

About Yardi

Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,000 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

About the author

Jeff Adler

Jeffrey Adler is Vice President, of Yardi® Matrix, the data division of Yardi Systems.

Yardi® Matrix is a US multifamily, student, office, medical office/lab space, industrial, and self-storage asset information toolset for originating, underwriting, and asset managing commercial real estate investments, with over 800 clients worldwide. Yardi® Matrix provides investment strategy, market and institutional research reports leveraging the underlying property level detail of 135 markets, >92,000 multifamily properties and >18 MM units. Mr. Adler also leads Commercial Property Executive and Multi-Housing News, two digital media websites.

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