Self Storage Market Outlook – March 2026

Key takeaways

• The national advertised asking rate per square foot dropped 0.3 percent month-over-month to $16.10 per square foot for the combined mix of unit sizes and types.
• Annually, one of the 30 top metros tracked by Yardi Matrix saw an increase for non-climate-controlled units and four on the same list registered positive movement for climate-controlled units.
• The national under-construction pipeline totaled 48.4 million net rentable square feet, accounting for 2.4 percent of existing inventory in February, unmoved from the previous month.
• Phoenix, Austin, Texas and Houston were the only three metros to register positive movement month-over-month in February in terms of under-construction supply.

Rates continue to decline

As of February, the national average annualized advertised asking rate per square foot fell to $16.10 for the combined mix of units and sizes, down 0.3 percent month-over-month.

Rates for the combined non-climate-controlled units decreased 1.2 percent year-over-year. The same metric for climate-controlled also dropped, by 1.0 percent compared to February 2025.

Annually, only one of the top 30 metros recorded increases for non-climate-controlled units—namely Boston—while four of the top 30 markets saw positive movement for climate-controlled units.

National pipeline remains unmoved since January

February saw 2,694 self storage properties in various stages of development across the U.S., with 655 under construction, 1,733 planned and 306 prospective projects. The under-construction pipeline accounted for 2.4 percent of existing inventory, unmoved from the previous month.

On a national level, there were roughly 48.4 million net rentable square feet under construction during the same month. 17 of Yardi’s top 30 metros had supply levels below the U.S. average, with Portland, Ore. and Denver, Colo. closing the list at 0.7 and 0.6 percent, respectively, both unmoved month-over-month.

On the same list, only three metros saw positive movement in under-construction supply month-over-month, namely, Phoenix, Austin, Texas and Houston. Sarasota-Cape Coral, though flat month-over-month in terms of under-construction growth, still managed to rank at the top of the list, with a supply accounting for 7.9 percent.

Read the full Yardi Matrix National Self Storage Market Outlook: March 2026.