Read the latest Yardi Matrix Self Storage Market Outlook.
In July, the advertised street rate remained flat and the national pipeline dropped month-over-month.
Key takeaways
- As of July, rent movement stayed flat year-over-year, with the average asking rent per square foot of $16.91 for the combined mix of unit sizes and types.
- Same-store advertised asking rates for the combined non-climate-controlled units were down 40 basis points year-over-year, while rates for climate-controlled units rose 50 basis points.
- The national under-construction pipeline totaled 53 million square feet, or 2.7 percent of existing inventory as of July, down 10 basis points from June’s figure.
- Operators expect the recovery to continue amid fewer deliveries and other tailwinds.
Overall market shows signs of stabilization
In July, the national average annualized same-store advertised asking rate per square foot was $16.91 for the combined mix of units and sizes, same as June and marking an improvement from -0.4 percent in May.
Rates for combined non-climate-controlled units dropped 0.4 percent year-over-year as of July, same as in June but showing improvement from -0.7 percent in May. The same metric for climate-controlled units rose 0.5 percent year-over-year, consistent with June and marking consistent headway from the 0.2 percent drop in May.
Year-over-year, rates were up in 11 of the top 30 metros for non-climate-controlled units. Meanwhile, 20 of the top 30 markets were positive for climate-controlled units.
Pace of development mainly steady
Yardi Matrix tracks a total of 3,043 self storage properties in various stages of development across the U.S. This includes 703 projects under construction, 1,944 planned and 396 prospective properties. As of July, the under-construction pipeline accounted for 2.7 percent of the total stock, reflecting a 10-basis-point decrease from the previous month.
Nationally, there were 53.0 million net rentable square feet under construction as of July. Out of Yardi’s top 30 metros, half had under-construction supply levels above the national average, particularly in the Sun Belt.
New supply over the past three years accounted for 9.3 percent of existing stock. During the past 12 months, national deliveries equaled 2.8 percent. Las Vegas (6.6 percent), Phoenix (5.9 percent) and Orlando (5.5 percent) continue to lead nationally for under-construction supply by percentage of existing inventory. In fact, the large majority of metros at the top are from the Sun Belt. Meanwhile, several California metros close the list: San Diego (1.0 percent), San Jose (0.5 percent) and San Francisco (0.3 percent).
Read the full Yardi Matrix National Self Storage Market Outlook: August 2025.
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