Key takeaways
- November saw rents rise 0.6 percent year-over-year, with an average asking rent per square foot of $16.38 for the combined mix of unit sizes and types.
- As of Nov. 21, 2025, the self storage transaction volume across the U.S. reached $5.9 billion, more than last year’s entire trading volume figure.
- The national under-construction pipeline amounted to approximately 53.3 million square feet, accounting for 2.6 percent of existing inventory in November, unmoved from the previous month.
- Sarasota-Cape Coral ranked first at the top of the list with the highest level of construction activity across the U.S., even though the metro registered a 40-basis-point decline in activity month-over-month.
Rates walk the line, transaction volume surges
November saw the national average annualized same-store advertised asking rate per square foot clock in at $16.38 for the combined mix of units and sizes, up 0.6 percent year-over-year, marking a slight decline from October’s 0.7 percent increase rate.
Year-over-year, rates were up in 17 of the top 30 metros for non-climate-controlled units. Similarly, 21 of the top 30 markets saw positive movement for climate-controlled units.
This year’s transaction volume in the sector reached $5.9 billion as of Nov. 21—exceeding 2024’s full-year total investment figure—with 681 assets changing hands at an average price of $145 per square foot.
National pipeline remains consistent
Yardi Matrix tracks a total of 2,883 self storage properties in various stages of development across the U.S. The pipeline consisted of 721 projects under construction, 1,836 planned and 326 prospective properties. As of November, the under-construction pipeline accounted for 2.6 percent of total stock, unmoved from October.
Nationally, there were approximately 53.3 million net rentable square feet under construction as of November, unchanged from the previous month. Out of Yardi’s top 30 metros, 16 had under-construction supply levels below the national average, particularly in the Western and Sun Belt regions.
Out of the same top 30 list, only six saw positive movement in under-construction supply month-over-month. Sarasota-Cape Coral ranked at the top of the list again, though the metro experienced a 40-basis-point decline from the previous month. Second on that list was Tampa, with a supply accounting for 6.5 percent of existing stock, marking a 60-basis-point increase compared to October.
Read the full Yardi Matrix National Self Storage Market Outlook: December 2025.
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