Self Storage National Report – August 2025

Self-storage REITs showed mixed performance in the second quarter of this year, with a slight decline in same-store revenues and occupancy. Recovery remains uneven across regions, with urban and coastal areas seeing gains, while Sun Belt markets struggle due to oversupply and a weak housing market. The overall advertised street rate remained flat year-over-year, with an annualized average rent per square foot of $16.91, the latest Yardi Matrix national self storage report shows. Annually, 11 of the top 30 metros showed an increase in advertised rates for non-climate-controlled units, while 20 of the top metros saw improvement in advertised street rates in climate-controlled units compared to July 2024.

On a monthly basis, average advertised street rates per square foot for the 10×10 non-climate and climate-controlled units combined dropped 0.6 percent. Out of the top 30 metros tracked by Yardi Matrix, 18 registered negative movement in advertised asking rent growth. New York City, San Francisco and San Diego remained flat, while Los Angeles, Minneapolis, Seattle, Raleigh-Durham, Denver, Columbus, Orlando, Dallas-Fort Worth and Portland saw an increase.

Pipeline still lags nationally, slowdown continues

As of July, there were 3,043 self storage properties in all stages of development nationwide. The pipeline included 703 under construction, 1,944 planned and 396 prospective properties. Properties under construction made up 2.7 percent of total stock, reflecting a 10-basis-point decrease from the previous month. 

July saw 53 million net rentable square feet under construction across the U.S., which accounted for 2.7 percent of existing inventory, decreasing 0.1 percent month-over-month. Half of the top 30 metros had under-construction supply levels above the national average as of July, particularly in the Sun Belt regions, as was the case in June. Sacramento and Charlotte registered the least amount of under-construction stock relative to their trailing 12-month supply, which should help recently delivered properties get absorbed.

Of the top 30 metros tracked by Yardi Matrix, Chicago was the only one that registered an increase in under-construction supply month-over-month to 2.1 percent in July, up 20 basis points compared to June, yet still lower than the national figure. Las Vegas’ supply hit the breaks as of July, remaining flat at 6.6 percent. Still, the metro remains among those with the highest levels of construction activity, followed by Phoenix and Orlando.

Download the latest Yardi Matrix self storage report.