Read the latest Yardi Matrix Self Storage Market Outlook.
In June, rates were up in 13 of the top metros year-over-year for non-climate-controlled units, while for climate-controlled units, rates registered an increase in 19 of the top 30 metros.
Key takeaways
- As of June, rent movement remained negative, with the average asking rent per square foot down 0.1 percent for the combined mix of unit sizes and types.
- Same-store advertised asking rates for the combined non-climate-controlled units were down 0.4 percent, while rates for climate-controlled units rose 40 basis points.
- Of the top 30 metros tracked by Yardi Matrix, 26 saw an increase in advertised asking rates.
- The national under-construction pipeline equaled 2.7 percent of existing inventory, down 10 basis points from May’s figure of 2.8 percent.
Advertised street rates struggle
In June, the national average annualized same-store advertised asking rate per square foot was $16.90 for the combined mix of units and sizes, marking a drop from the -0.4 percent in May and -0.3 percent in April.
Rates for combined non-climate-controlled units dropped 0.4 percent on a year-over-year basis as of June, compared to the 0.8 percent decreases in May and 0.6 percent in April. Same-store advertised asking rents for climate-controlled units rose 0.4 percent year-over-year during the same month, after a 0.2 percent drop in May and flat in April. In June, rates were up in 13 of the top metros year-over-year for non-climate-controlled units, while for climate-controlled units, rates registered an increase in 19 of the top 30 metros.
National pipeline slowly picks up the pace
Yardi Matrix tracks a total of 3,083 self storage properties in various stages of development across the U.S. The development pipeline included 710 under construction, 1,975 planned and 398 prospective properties. As of June, the under-construction pipeline accounted for 2.7 percent of the total stock, reflecting a 10-basis-point decrease from the previous month.
Nationally, June saw 53.4 million net rentable square feet under construction. Out of Yardi’s top 30 metros, 17 had under-construction supply levels above the national average, particularly in the Sun Belt regions.
New supply in the last three years accounted for 9.4 percent of existing stock at the beginning of the period. During the past 12 months, deliveries equaled 2.9 percent of that amount. After having the most supply under construction as of last month, Las Vegas’ pipeline fell slightly, from 7.2 percent in May to 6.6 percent in June. Despite this decline, the city remains among the metros with the highest level construction activity.
Read the full Yardi Matrix National Self Storage Market Outlook: July 2025.
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