• November saw rents rise 0.6 percent year-over-year, with an average asking rent per square foot of $16.38 for the combined mix of unit sizes and types.
• As of Nov. 21, 2025, the self storage transaction volume across the U.S. reached $5.9 billion, more than last year’s entire trading volume figure.
• The national under-construction pipeline amounted to approximately 53.3 million square feet, accounting for 2.6 percent of existing inventory in November, unmoved from the previous month.
• Sarasota-Cape Coral ranked first at the top of the list with the highest level of construction activity across the U.S., even though the metro registered a 40-basis-point decline in activity month-over-month.

Rates walk the line, transaction volume surges

November saw the national average annualized same-store advertised asking rate per square foot clock in at $16.38 for the combined mix of units and sizes, up 0.6 percent year-over-year, marking a slight decline from October’s 0.7 percent increase rate.

Year-over-year, rates were up in 17 of the top 30 metros for non-climate-controlled units. Similarly, 21 of the top 30 markets saw positive movement for climate-controlled units.

This year’s transaction volume in the sector reached $5.9 billion as of Nov. 21—exceeding 2024’s full-year total investment figure—with 681 assets changing hands at an average price of $145 per square foot.

National pipeline remains consistent

Yardi Matrix tracks a total of 2,883 self storage properties in various stages of development across the U.S. The pipeline consisted of 721 projects under construction, 1,836 planned and 326 prospective properties. As of November, the under-construction pipeline accounted for 2.6 percent of total stock, unmoved from October.

Nationally, there were approximately 53.3 million net rentable square feet under construction as of November, unchanged from the previous month. Out of Yardi’s top 30 metros, 16 had under-construction supply levels below the national average, particularly in the Western and Sun Belt regions.

Out of the same top 30 list, only six saw positive movement in under-construction supply month-over-month. Sarasota-Cape Coral ranked at the top of the list again, though the metro experienced a 40-basis-point decline from the previous month. Second on that list was Tampa, with a supply accounting for 6.5 percent of existing stock, marking a 60-basis-point increase compared to October.

Read the full Yardi Matrix National Self Storage Market Outlook: December 2025.

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Key takeaways 

• As of October, rents were up 0.7 percent year-over-year, with an average asking rent per square foot of $16.77 for the combined mix of unit sizes and types. 

• Same-store advertised asking rates for the combined non-climate-controlled units increased 30 basis points year-over-year, while those for climate-controlled units saw a 130-basis-point rise. 

• The national under-construction pipeline totaled approximately 53.0 million square feet, or 2.6 percent of existing inventory as of October, down 10 basis points month-over-month. 

• Sarasota-Cape Coral had the highest level of construction activity for a second month in a row, clocking in at 9.2 percent of existing inventory. 

The sector reaches bumpy road 

In October, the national average annualized same-store advertised asking rate per square foot was $16.77 for the combined mix of units and sizes, up 0.7 percent year-over-year, marking a decrease from September’s 0.9 percent increase rate.  

Rates for the combined non-climate-controlled units increased 0.3 percent year-over-year, marking a slowdown from September’s 0.4 percent. Meanwhile, the same metric for climate-controlled units rose 1.3 percent year-over-year, down 140 basis points from the previous month.   

Year-over-year, rates were up in 17 of the top 30 metros for non-climate-controlled units. Similarly, 23 of the top 30 markets were positive for climate-controlled units.   

National pipeline slows down 

Yardi Matrix tracks a total of 2,912 self storage properties in various stages of development across the U.S. This includes 709 projects under construction, 1,865 planned and 338 prospective properties. As of September, the under-construction pipeline accounted for 2.6 percent of total stock, down 10 basis points from September.  

Nationally, there were approximately 53.0 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, 17 had under-construction supply levels below the national average, particularly in the Sun Belt and Midwestern regions.  

Out of the top 30 metros tracked by Yardi Matrix, only seven saw an increase in under-construction supply month-over-month. At the top of the list was Sarasota-Cape Coral again, with the highest level of construction activity, which clocked in at 9.2 percent of existing inventory in October, unmoved compared to the previous month. Trailing behind Sarasota-Cape Coral was Phoenix, with a supply accounting for 6.8 percent of existing stock, marking a 30-basis-point increase compared to September. 

Read the full Yardi Matrix National Self Storage Market Outlook: November 2025. 

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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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Key takeaways 

• As of August, rents were up 0.3 percent year-over-year, with the average asking rest per square foot at $16.91 for the combined mix of unit sizes and types. 

• Same-store advertised asking rates for the combined non-climate-controlled units contracted 10 basis points year-over-year, while rates for climate-controlled units rose 80 basis points. 

• The national under-construction pipeline totaled 53.6 million square feet, or 2.7 percent of existing inventory as of August, a 10-basis-point decrease from August’s figure. 

• The sector’s supply growth is slowing down, while capital markets are gradually recovering. 

The Sector Maintains Steady Position

In August, 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 July. 

Rates for the combined non-climate-controlled units dropped 0.1 percent year-over-year as of August, marking an improvement from July’s negative 0.4 percent. Meanwhile, the same metric for climate-controlled units rose 0.8 percent year-over-year, up 20 basis points from the previous month. 

Year-over-year, rates were up in 16 of the top 30 metros for non-climate-controlled units. Similarly, 20 of the top 30 markets were positive for climate-controlled units. 

Pipeline Continues to Decline 

Yardi Matrix tracks a total of 3,004 self storage properties in various stages of development across the U.S. This includes 716 projects under construction, 1,906 planned and 382 prospective properties. As of August, 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 53.6 million net rentable square feet under construction as of August, reflecting a 10-basis-point contraction month-over-month. Out of Yardi’s top 30 metros, more than half had under-construction supply levels above the national average, while Mid-Atlantic and southeastern regions positioned themselves at the bottom of the list.  

Out of the top 30 metros tracked by Yardi Matrix, only four saw an increase in under-construction month-over-month, namely Tampa (70-basis-point increase), New York (20 bps increase), Washington D.C. (30 bps) and Minneapolis (90 bps). Phoenix, Las Vegas, Charleston, S.C. and Orlando have maintained their top positions nationally for under-construction supply by percentage of existing inventory. On the other side of the national ranking, Californian metros that close the list with low under-construction supply levels out of the existing inventory: San Diego (1.0 percent), Sacramento (0.9 percent), San Jose (0.5 percent) and San Francisco (0.3 percent). 

Read the full Yardi Matrix National Self Storage Market Outlook: September 2025. 

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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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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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On a monthly basis, 24 out of the top 30 metros recorded increases in advertised rent growth, while the remaining six saw negative movement or remained flat, according to the latest Yardi Matrix self storage market outlook.

Key takeaways

• As of May, the advertised asking rent movement remained negative, with the average annualized same-store asking rent per square foot down 0.5 percent for the combined mix of unit sizes and types.
• Same-store advertised asking rates for the combined non-climate-controlled units were down 0.8 percent, while rates for climate-controlled units fell 0.2 percent.
• Of the top 30 metros tracked by Yardi Matrix, 24 recorded advertised rate increases. Houston, Sacramento and Las Vegas saw contractions, while Seattle, Columbus and San Francisco remained flat, as the overall per square foot rates were up 0.5 percent to $16.76.
• The national under-construction pipeline equaled 2.8 percent of existing inventory, unchanged from the previous month.

Advertised rates are slowing

In May, the national average annualized same-store advertised asking rate per square foot was $16.76 for the combined mix of units and sizes. This figure marked a drop from the -0.3 percent in April and -0.2 percent in March.

Rates for combined non-climate-controlled units were down 0.8 percent on a year-over-year basis as of May, compared to the decreases of 0.6 percent in April and 0.5 percent in March. Same-store advertised asking rates for climate-controlled units fell 0.2 percent in May, after remaining flat in April and up 0.2 percent in March. In May, rates were up in 12 of the top metros year-over-year for non-climate-controlled units, while rates were up in 16 of the top 30 metros for climate-controlled units.

National supply under construction holds steady

On a national level, new supply in the last three years accounted for 9.4 percent of existing stock at the beginning of the period. Meanwhile, deliveries equaled 2.9 percent of that amount during the previous 12 months.

Yardi Matrix keeps track of a total of 3,058 self storage properties in various stages of development across the U.S. The development pipeline included 728 under construction, 1,935 planned and 395 prospective properties. As of May, the under-construction pipeline accounted for 2.8 percent of existing stock, unchanged month-over-month.

Yardi Matrix data points to overall gradual slowdown in new development nationwide, as the second quarter’s self storage supply forecast anticipates a 19.0 percent drop in 2025, 18.0 percent in 2026 and 9.0 percent in 2027.

Las Vegas had the most supply under construction as of May, equal to 7.2 percent of existing stock. The metro also saw a large increase in construction activity over the past year, which all together could lead to challenges, particularly a weak rate performance.

Similarly, Nashville had the largest increase in construction activity month-over-month, up 0.4 percent. The metro’s pipeline increased by 280 basis points over the past year, from 3.0 percent of existing stock in May 2024. As of May, only six metros registered an increase in construction activity month-over-month, 12 recorded a decrease, while the activity in the remaining 12 metros remained flat.

Read the full Yardi Matrix National Self Storage Market Outlook: June 2025

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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

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On a monthly basis, 28 of the top 30 metros recorded increases in advertised asking rent growth, while Charlotte saw contractions and Orlando remained flat, according to the latest Yardi Matrix self storage market outlook.

Key takeaways

• As of March, the advertised asking rent movement remained negative, but close to becoming nearly flat, with the average annualized same-store asking rent per square foot down 0.2 percent for the combined mix of unit sizes and types.
• Same-store advertised asking rates for the combined non-climate-controlled units were down 0.5 percent year-over-year, while rates for climate-controlled units were up 0.1 percent.
• Of the top 30 metros tracked by Yardi Matrix, 28 recorded advertised rate increases, while Charlotte saw contractions month-over-month and Orlando remained flat, as the overall per square foot rates were up 0.4 percent to $16.51.
• The national under-construction pipeline equaled 2.9 percent of existing inventory, remaining unchanged from the previous month.

YoY improvement in most metros

In March, the national average annualized same-store advertised asking rate per square foot was $16.51 for the combined mix of unit and sizes. This figure marked an improvement from -0.8 percent registered in February and -1.1 percent in January.

Rates for combined non-climate-controlled units were down 0.5 percent on a year-over-year basis as of March, while same-store advertised asking rates for climate-controlled units were up 0.1 percent. In March, rates were up in 13 of the top 30 metros year-over-year for non-climate-controlled units, while rates were up in 17 of the top 30 metros for climate-controlled units.

Steady construction activity

On a national level, new supply in the last three years accounted for 9.3 percent of stock at the beginning of the period. Meanwhile, deliveries equaled 2.9 percent of that amount during the previous 12 months.

Yardi Matrix keeps track of a total of 3,191 self storage properties in various stages of development across the U.S. The development pipeline included 734 under construction, 2,046 planned and 411 prospective properties. As of March, the under-construction pipeline accounted for 2.9 percent of existing stock, remaining unchanged from the previous month.

As of March five metros registered an increase in construction activity month-over-month, six recorded a decrease, while the activity in the remaining 19 metros remained flat.

With a construction pipeline equal to 6.6 percent of existing stock and the largest in the U.S., Phoenix continues to face downward pressure on advertised asking rates due to the surge in new supply. Charleston registered the largest increase in construction activity, up 60 basis points month-over-month, but its pipeline remained relatively low, at 2.2 percent of existing inventory.

Read the full Yardi Matrix National Self Storage Market Outlook: April 2025

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On a monthly basis, 26 of the top 30 metros recorded increases in advertised asking rent growth, while the remaining four saw contractions, according to the latest Yardi Matrix self storage market outlook.

Key takeaways

• As of February, the advertised asking rent movement continued to be negative, with the average annualized same-store asking rent per square foot down 0.8 percent for the combined mix of unit sizes and types.
• Same-store advertised asking rates for the combined non-climate-controlled units were down 1.0 percent year-over-year, while rates for climate-controlled units fell by 0.6 percent.
• Out of the top 30 metros tracked by Yardi Matrix, 26 recorded advertised rate growth increase, while the remaining four saw contractions month-over-month, as the overall per square foot rates were up 0.3 percent to $16.42.
• The national under-construction pipeline equaled 2.9 percent of existing inventory, down 10 basis points from the previous month.

YoY improvement in advertised asking rates

In February, the national average annualized same-store advertised asking rate per square foot was $16.42 for the combined mix of unit and sizes. This figure marked a 0.8 percent decrease compared to February 2024. The rates are not only declining at a slower rate than in the previous 27 months but are also showing an improvement from the -1.1 percent in January and -2.2 percent in December.

Rates for combined non-climate-controlled units were down 1.0 percent on a year-over-year basis as of February, while same-store advertised asking rates for climate-controlled units decreased by 0.6 percent. In February, rates were up in 11 of the top 30 metros year-over-year for non-climate-controlled units, while rates were up in 14 of the top 30 metros for climate-controlled units.

Moderate supply under construction

On a national level, new supply in the last three years accounted for 9.3 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 3,153 self storage properties in various stages of development across the U.S. The development pipeline included 740 under construction, 1,989 planned and 424 prospective properties. As of February, the under-construction pipeline accounted for 2.9 percent of existing stock, a 10-basis-point drop from the previous month.

The forecast shows a drop in supply under construction, as new square footage is predicted to drop 15.0 percent in 2025, 18.0 percent in 2026 and 8.0 percent in 2027.

With a construction pipeline equal to 4.9 percent of existing stock, Washington, D.C., had the largest decrease in construction activity, contracting 1.0 percent month-over-month. Meanwhile, Phoenix registered an increase in construction activity over the past year and had the most supply under construction, equal to 6.6 percent of existing stock as of February.

Read the full Yardi Matrix National Self Storage Market Outlook: March 2025

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