Self Storage National Report – December 2025
Though the sector continues its seasonal decline, investment totals marked a significant rebound from the first post-pandemic years, the Yardi Matrix report shows.
This year’s self storage investment market marked a healthy shift from the previous post-COVID years, with an estimated year-to-date transaction volume amounting to $5.9 billion as of Nov. 21, according to the latest Yardi Matrix national report. With 681 properties changing hands at an average price of $145 per square foot, the investment figure exceeded 2024’s full-year total.
November’s overall advertised street rate clocked in at 0.6 percent year-over-year, with an annualized average rent per square foot of $16.38 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 registered an increase in same-store advertised rates for non-climate-controlled units. Meanwhile, 21 of the top metros saw an improvement in advertised street rates in climate-controlled units, compared to November 2024.
On a monthly basis, average advertised street rates per square foot for the 10×10 non-climate and climate-controlled units combined fell 0.5 percent, typical for this time of year, yet lower than the figure registered in 2024, namely negative 0.3 percent and below the pre-COVID average (-0.1 percent). All but one of the metros in the top 30 tracked by Yardi Matrix saw negative movement in advertised asking rent growth. Salt Lake City was the only metro that recorded a slight uptick from October, up 0.1 percent.
National pipeline stays consistent
As of November, there were 2,883 self storage properties in all stages of development across the U.S. The pipeline consisted of 721 under construction, 1,836 planned and 326 prospective properties. The under-construction properties making up for 2.6 percent of the total stock, unmoved from October.
During the same month, there were approximately 53.3 million net rentable square feet under construction nationwide, accounting for 2.6 percent of existing inventory, unchanged month-over-month. Of the top 30 metros, 16 had under-construction pipelines below the national average, particularly in the Western and Sun Belt regions. San Francisco and Portland closed the list with 0.8 and 0.6 percent, respectively, both unmoved month-over-month.
Of the top 30 metros tracked by Yardi Matrix, only six saw an increase in under-construction supply month-over-month. Though Sarasota-Cape Coral managed to secure its spot at the top of the list yet again, the metro registered a 40-basis-point drop from October to 9.1 percent. However, raking second on the same list was Tampa, with a supply accounting for 6.5 percent of existing stock as of November, marking a 60-basis-point rise compared to the previous month.
Download the latest Yardi Matrix self storage report.
