Read the latest Yardi Matrix Self Storage Market Outlook.
Key takeaways
- As of September, rents were up 0.9 percent year-over-year, with the average asking rent per square foot clocking in at $16.80 for the combined mix of unit sizes and types.
- Same-store advertised asking rates for the combined non-climate-controlled units increased 50 basis points year-over-year, while rates for climate-controlled units were up 150 basis points.
- The national under-construction pipeline totaled 52.5 million square feet, or 2.6 percent of existing inventory as of September, down 10 basis points from August’s figure.
- Sarasota-Cape Coral had highest level of construction activity in September, clocking in at 9.3 percent of existing inventory.
The sector maintains progress
In September, the national average annualized same-store advertised asking rate per square foot was $16.80 for the combined mix of units and sizes, up 0.9 percent year-over-year, also reflecting an increase from August’s 0.3 percent and July’s 0.1 percent growth rates.
Rates for the combined non-climate-controlled units rose 0.5 percent year-over-year as of September, marking an improvement from August and July, when movement was in negative territory. Meanwhile, the same metric for climate-controlled units rose 1.5 percent year-over-year, up 70 basis points from the previous month.
Year-over-year, rates were up in 19 of the top 30 metros for non-climate-controlled units. Similarly, 24 of the top 30 markets were positive for climate-controlled units.
National pipeline holds, growth is uneven
Yardi Matrix tracks a total of 2,969 self storage properties in various stages of development across the U.S. This includes 702 projects under construction, 1,909 planned and 358 prospective properties. As of September, the under-construction pipeline accounted for 2.6 percent of total stock, down 10 basis points from August.
Nationally, there were 52.5 million net rentable square feet under construction as of last month, reflecting a 10-basis-point contraction month-over-month. Out of Yardi’s top 30 metros, half had under-construction supply levels below the national average, with Sun Belt and Midwestern regions closing the list.
Out of the top 30 metros tracked by Yardi Matrix, only four saw an increase in under-construction month-over-month. At the top of the list was Sarasota-Cape Coral, with the highest level of construction activity, which clocked in at 9.3 percent of existing inventory in September, reflecting a 40-basis-point increase compared to the previous month. Trailing behind Sarasota-Cape Coral were Tampa (30-basis-point increase), Nashville (60bps) and Atlanta (30 bps).
Read the full Yardi Matrix National Self Storage Market Outlook: October 2025
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