Self Storage Market Outlook – June 2026

Key takeaways

• May saw the national average annualized advertised asking rate per square foot rise 0.8 percent on a monthly basis to $16.34 for the combined mix of units and sizes.
• Year-over-year, rates for both non-climate and climate-controlled units registered negative movement across 28 of the Top 30 metros.
• The national under-construction pipeline totaled 45.6 million square feet, or 2.2 percent of total stock, unchanged since April.
• Phoenix and Sarasota-Cape Coral maintain their top two spots in terms of under-construction supply.

Rates climb month-over-month

May saw the national average annualized advertised asking rate per square foot rise 0.8 percent on a monthly basis to $16.34 for the combined mix of units and sizes.

Over the course of May, 26 of the Top 30 metros tracked by Yardi Matrix recorded positive growth in terms of advertised asking rates. Detroit, San Diego and Seattle’s metrics remained flat from April through May, Phoenix closed the list as the only metro to register negative growth month-over-month.

Year-over-year, however, rates for non-climate-controlled units contracted 1.8 percent across 28 out of the Top 30 metros. Rates for climate-controlled units registered the same exact figures.

National pipeline registers brief hiatus

May saw x self storage properties in all stages of development across the U.S., with x properties under construction, or 2.2 percent of total stock—unchanged month-over-month—x planned and x prospective projects.

During the same month, there were 45.6 million net rentable square feet under construction, down 0.3 percent compared to May 2025. Out of Yardi’s Top 30 metros, seven saw positive movement month-over-month in terms of development, namely Phoenix, the New York suburbs, Austin, Texas, Nashville, Tenn., Los Angeles, Boston and Portland, Ore. Seven metros had negative growth and 16 flatlined. Though one of the metros to record an increase compared to April, Portland, Ore. ranked last on the list, with an under-construction supply of 0.6 percent from the total inventory as of May.

Phoenix and Sarasota-Cape Coral continue to hold the top two spots on the list, with 6.7 and 5.2 percent of under-construction supply from existing inventory. Unlike previous month’s metrics, Phoenix recorded a 30-basis-point uptick, while Sarasota-Cape Coral’s figure dropped 30 basis points on a monthly basis.

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