Self Storage Market Outlook – January 2026

Key takeaways

• The last month of 2025 registered a 0.3 percent rise year-over-year in rents, with an average asking rent per square foot of $16.32 for the combined mix of unit sizes and types.
• Same-store advertised asking rates for the combined non-climate-controlled units decreased 10 basis points year-over-year and rose 90 basis points for climate-controlled units.
• The national under-construction pipeline amassed to 54.3 million net rentable square feet, accounting for 2.7 percent of existing inventory in December, unchanged from the previous month.
• Sarasota-Cape Coral ranked first in the U.S. for a third consecutive month, with the highest level of construction activity accounting for 8.7 percent from the total stock.

Sector begins new year with caution

December saw the national average annualized same-store advertised asking rate per square foot clock in at $16.32 for the combined mix of units and sizes, up 0.3 percent year-over-year, marking a 0.3 decline from November’s 0.6 percent increase rate.

Rates for the combined non-climate-controlled units dropped 0.1 percent year-over-year, while the same metric for climate-controlled units rose 0.9 percent—both values marking a a 10-basis-point contraction month-over-month.

Year-over-year, half of the top 30 metros registered increases for non-climate-controlled units. Meanwhile, 23 of the top 30 markets saw positive movement for climate-controlled units.

National pipeline holds steady, momentum fluctuates across metros

Yardi Matrix tracks a total of 2,846 self storage properties in various stages of development nationwide. The pipeline comprised 730 projects under construction, 1,796 planned and 320 prospective properties. December’s under-construction pipeline accounted for 2.7 percent of total stock, unchanged from the previous month.

Across the U.S. there were roughly 54.3 million net rentable square feet under construction during the same month, unmoved from November 2025. Half of Yardi’s top 30 metros had supply levels below the national average.

On the same list, only five saw positive movement in under-construction supply month-over-month. Sarasota-Cape Coral ranked first nationwide for a third month in a row, with 8.7 percent, up 10 basis points since November 2025. Second on that list was Phoenix, standing still from the previous month, at 6.6 percent. Next in line were Tampa and Orlando, Fla., with 6.6 percent and 6.3 percent, respectively, both recording positive movement on a monthly basis in terms of under-construction supply from the total stock.

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