Self Storage National Report – November 2025
The sector’s seasonal slowdown is slower than usual, the latest Yardi Matrix national report shows.
The self storage REIT performance in the third quarter of 2025 showed signs of a slowdown, as occupancy declined and flat in-place rents led to year-over-year drops of 0.6 percent in same-store revenue and 2.4 percent in NOI, pressured further by rising property taxes.
October’s overall advertised street rate clocked in at 0.7 percent year-over-year, with an annualized average rent per square foot of $16.77 for the combined mix of unit sizes and types, the latest Yardi Matrix national self storage report shows. Annually, 17 of the top 30 metros showed an increase in same-store advertised rates for non-climate-controlled units, while 23 of the top metros saw improvement in advertised street rates in climate-controlled units, compared to October 2024.
On a monthly basis, average advertised street rates per square foot for the 10×10 non-climate and climate-controlled units combined contracted by 1.6 percent, significantly lower than last year’s 1.0 percent typical seasonal drop. All metros in the top 30 tracked by Yardi Matrix registered negative movement in advertised asking rent growth.
National pipeline slows down
As of October, there were 2,912 self storage properties in all stages of development across the U.S. The pipeline consisted of 709 under construction, 1,865 planned and 338 prospective properties. The under-construction properties accounted for 2.6 percent of total stock, down 10 basis points from September.
During the same month, there were approximately 53.0 million net rentable square feet under construction nationwide, making up for 2.6 percent of existing inventory, contracting 0.1 percent month-over-month. Of the top 30 metros, 17 had under-construction pipelines below the national average, particularly in the Midwestern and Sun Belt regions. For the third month in a row, Portland and San Francisco had the least amount of stock, both at 0.6 percent, unmoved since August.
Of the top 20 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 a 9.2 percent under-construction supply of existing stock, flat month-over-month. Second on that list was Phoenix, with a supply accounting for 6.8 percent of existing stock, marking a 30-basis-point increase compared to September.
Download the latest Yardi Matrix self storage report.
