Self Storage National Report – August 2026
Out of the top 30 metros tracked by Yardi Matrix, only four registered an increase in same-store advertised rents through July, for both non- and climate-controlled units.
Over the course of the second quarter of this year, self storage REITs registered figures exceeding projections, with improved occupancy values and in-place rents. The weighted-average revenue growth saw a 10-basis-point increase quarter-over-quarter to 0.7 percent. Rather than a result of growing demand, the improving landscape in self storage is largely driven by fewer move-outs, with the net move-in/move-out activity reaching 1.6 percent of units—the strongest level in five years.
On an annual basis, four of the top 30 U.S. metros tracked by Yardi Matrix registered an increase in same-store advertised rents for non-climate-controlled units, as of July 2026. Similarly, four of the metros across the same list saw positive movement for the same metric for climate-controlled units, compared to July 2025, according to the latest Yardi Matrix national self storage report.
On a monthly basis, the average advertised street rates per square foo for the 10×10 non-climate and climate-controlled units contracted 0.1 percent to $16.47. Of the top 30 metros, 11 saw positive movement in advertised asking rent growth. Phoenix was the only metro whose values remained flat compared to June 2026, standing at $15.14 per square foot.
National pipeline slightly contracts
July saw a total of 2,436 self storage properties in all stages of development across the U.S. The pipeline consisted of 595 properties under construction, 1,537 planned and 304 prospective projects. The under-construction pipeline accounted for 2.1 percent of the total existing stock through July, down 10 basis points month-over-month and 40 basis points year-over-year. During the same month, there were approximately 44.1 million net rentable square feet under development across the U.S.
Of the top 30 metros, 13 had under-construction pipelines below the national average, with Portland, Ore. and Minneapolis, Minn. closing the list, at 0.5 and 0.3 percent, respectively. For Portland, it is the sixth month in a row ranking at the bottom of the list. Minneapolis’ value dropped 40 basis points month-over-month, placing the market last amongst the top 30 metros tracked by Yardi Matrix.
On that same list, seven metros recorded an increase in under-construction supply compared to the previous month, namely Orlando, Fla., the New York suburbs, Philadelphia, the Inland Empire, Dallas-Fort Worth, Boston and the San Francisco Bay Area.
Orlando joined Phoenix at the top of the list, with a 5.1 percent of space under-construction from the existing inventory, up 10 basis points month-over-month. Though Phoenix’ value dropped 0.4 percent month-over-month to 6.6 percent of under-construction supply from existing inventory, the metro has maintained its spot at the top of the ranking. Meanwhile, Sarasota-Cape Coral’s 130-basis-point drop in space under-construction since June demoted the metro to fourth place, trailing behind New York suburbs—whose figure clocked in at 4.5 percent through July.
Nine metros across the same list kept their figures unchanged since June, namely Austin, Texas, San Diego, Calif., Nashville, Tenn., New York City, Las Vegas, Detroit, Indianapolis, Denver, Colo. and Portland, Ore.
