Read the latest Yardi Matrix Self Storage Market Outlook.
On a monthly basis, 27 out of the top 30 metros recorded increases in advertised asking rent growth, Tampa and Seattle saw contractions, while Portland remained flat, according to the latest Yardi Matrix self storage market outlook./
Key takeaways
- As of April, the advertised asking rent movement remained negative, with the average annualized same-store asking rent per square foot down 0.4 percent for the combined mix of unit sizes and types.
- Same-store advertised asking rates for the combined non-climate-controlled units were down 0.6 percent year-over-year, while rates for climate-controlled units remained flat.
- Of the top 30 metros tracked by Yardi Matrix, 27 recorded advertised rate increases, Seattle and Tampa saw contractions month-over-month, while Portland remained flat, as the overall per square foot rates were up 0.7 percent to $16.66.
- The national under-construction pipeline equaled 2.8 percent of existing inventory, 10-basis-points down from the previous month.
A slight slowdown in annual rate growth
In April, the national average annualized same-store advertised asking rate per square foot was $16.66 for the combined mix of unit and sizes. This figure marked a slight drop from -0.2 percent in March, but an improvement from -0.8 percent in February and -1.1 percent in January.
Rates for combined non-climate-controlled units were down 0.6 percent on a year-over-year basis as of April, while same-store advertised asking rates for climate-controlled units remained flat. In April, rates were up in 14 of the top metros year-over-year for non-climate-controlled units, while rates were up in 17 of the top 30 metros for climate-controlled units.
Self storage development slowdown continues
On a national level, new supply in the last three years accounted for 9.4 percent of stock at the beginning of the period. Meanwhile, deliveries equaled 3.0 percent of that amount during the previous 12 months.
Yardi Matrix keeps track of a total of 3,094 self storage properties in various stages of development across the U.S. The development pipeline included 732 under construction, 1,955 planned and 406 prospective properties. As of April, the under-construction pipeline accounted for 2.8 percent of existing stock, down 10 basis points from the previous month.
The Yardi Matrix self storage supply forecast suggests a gradual slowdown in development activity for the near term. Therefore, due to the decrease of construction starts in 2025, the first quarter of this year also saw a reduction in the under-construction and planned pipeline.
As of April, four metros registered an increase in construction activity month-over-month, 11 recorded a decrease, while the activity in the remaining 15 metros remained flat.
Charleston had the largest increase in construction activity, up 0.8 percent. In the past year, the metro recorded a 170-basis-point increase in its construction pipeline from 1.9 percent of existing stock in April 2024.
Read the full Yardi Matrix National Self Storage Market Outlook: May 2025
Add Comment