Key takeaways
- As of October, rents were up 0.7 percent year-over-year, with an average asking rent per square foot of $16.77 for the combined mix of unit sizes and types.
- Same-store advertised asking rates for the combined non-climate-controlled units increased 30 basis points year-over-year, while those for climate-controlled units saw a 130-basis-point rise.
- The national under-construction pipeline totaled approximately 53.0 million square feet, or 2.6 percent of existing inventory as of October, down 10 basis points month-over-month.
- Sarasota-Cape Coral had the highest level of construction activity for a second month in a row, clocking in at 9.2 percent of existing inventory.
The sector reaches bumpy road
In October, the national average annualized same-store advertised asking rate per square foot was $16.77 for the combined mix of units and sizes, up 0.7 percent year-over-year, marking a decrease from September’s 0.9 percent increase rate.
Rates for the combined non-climate-controlled units increased 0.3 percent year-over-year, marking a slowdown from September’s 0.4 percent. Meanwhile, the same metric for climate-controlled units rose 1.3 percent year-over-year, down 140 basis points from the previous month.
Year-over-year, rates were up in 17 of the top 30 metros for non-climate-controlled units. Similarly, 23 of the top 30 markets were positive for climate-controlled units.
National pipeline slows down
Yardi Matrix tracks a total of 2,912 self storage properties in various stages of development across the U.S. This includes 709 projects under construction, 1,865 planned and 338 prospective properties. As of September, the under-construction pipeline accounted for 2.6 percent of total stock, down 10 basis points from September.
Nationally, there were approximately 53.0 million net rentable square feet under construction as of last month, reflecting a 10-basis-point contraction month-over-month. Out of Yardi’s top 30 metros, 17 had under-construction supply levels below the national average, particularly in the Sun Belt and Midwestern regions.
Out of the top 30 metros tracked by Yardi Matrix, only seven saw an increase in under-construction supply month-over-month. At the top of the list was Sarasota-Cape Coral again, with the highest level of construction activity, which clocked in at 9.2 percent of existing inventory in October, unmoved compared to the previous month. Trailing behind Sarasota-Cape Coral was Phoenix, with a supply accounting for 6.8 percent of existing stock, marking a 30-basis-point increase compared to September.
Read the full Yardi Matrix National Self Storage Market Outlook: November 2025.
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