Self Storage National Report – February 2026
Self storage demand and performance have slowed in recent years due to steep declines in migration patterns across U.S. regions, according to Yardi Matrix data.
Recent migration and population estimates provided by the Census Bureau begin to explain the decline in self storage demand and performance over the past years. Namely, marking the weakest pace since COVID, the U.S. population growth dropped 1.2 million between July 2024 to July 2025, influenced by a 54 percent drop in immigration and record-low birth rate. Migration to high-growth Sun Belt States slowed down significantly, with Florida, Texas, Georgia and Arizona registering steep declines. Meanwhile, several Midwestern states saw positive net migration, except for Illinois, which recorded its lowest out-migration in the last quarter century.
As of January 2026, the overall advertised street rate declined 0.2 percent year-over-year, with an annualized average rent per square foot of $16.27 for the combined mix of unit sizes and types, according to the latest Yardi Matrix national self storage report. On an annual basis, six of the top 30 metros saw increases in same-store advertised rates for non-climate-controlled units. Meanwhile, 13 of the top metros saw an improvement in advertised street rates in climate-controlled units, compared to January 2025.
On a monthly basis, average advertised street rates per square foot for the 10×10 non-climate and climate-controlled units combined dropped 0.2 percent. Similarly, 21 metros of the top 30 tracked by Yardi Matrix registered negative movement in advertised asking rent growth. Three metros recorded unchanged values since December 2025 and only six saw improvement month-over-month, namely Austin, Texas, New York City, Portland, Ore., Sarasota-Cape Cora, Phoenix, and the Inland Empire.
National pipeline experiences momentary lag
As of January, there were 2,759 self storage properties in all stages of development across the U.S. The pipeline comprised 681 under construction, 1,766 planned and 312 prospective properties. The under-construction properties accounted for 2.5 percent of the total stock, a slight 0.1 percent drop from December 2025.
January also saw around 50.4 million net rentable square feet under construction nationwide, which made up 2.5 percent of existing inventory, contracting 0.1 percent month-over-month. Of the top 30 metros, half had under-construction pipelines below the national average, with Denver, Colo. and Portland, Ore. closing the list at 0.6 and 0.3 percent, respectively, each 30 basis points down month-over-month.
Out of the top 30 metros tracked by Yardi Matrix, only two registered an increase in under-construction supply compared to December 2025, namely Orlando, Fla. and San Antonio, Texas. The two metros’ under-construction supply as of January clocked in at 6.1 percent and 3.5 percent, respectively. However, Sarasota-Cape Coral ranked first in the U.S., with a supply accounting for 7.9 percent of the total stock, down 60 basis points month-over-month. Meanwhile, half of the metros on the same list had their under-construction pipelines standing still during the same month, among which were Phoenix (accounting for 6.1 percent out of the total stock), Tampa, Fla. (5.8 percent), Nashville, Tenn. (3.1 percent), Dallas-Fort Worth (2.5 percent) and San Diego, Calif. (1.6 percent).
Download the latest Yardi Matrix self storage report.
