Self Storage National Report – January 2025
A key indicator remained negative in almost every top metro, according to Yardi Matrix research.
Despite a stabilized occupancy level and improved rent growth in some markets across the U.S., self storage experts are still cautious about the industry’s performance. High interest rates and a more sluggish investment market are among the key factors.
The overall advertised street rate fell to $16.28 in December, a 2.3 percent decline year-over-year. Annually, 28 of the top 30 metros had less of a decrease in advertised rate growth for non-climate-controlled units, while 27 of the top 30 metros showed a decrease in advertised street rates in climate-controlled units compared to December 2023.
On a monthly basis, average advertised street rates per square foot for the 10×10 non-climate and climate-controlled units combined remained unchanged at $16.28. Of the top 30 metros tracked by Yardi Matrix, 14 showed negative movement, while 16 saw an increase in advertised rate growth or remained flat.
Under-construction supply slowly easing
As of December, there were 3,305 self storage properties in all stages of development nationwide. The pipeline includes 790 under construction, 2,053 planned and 462 prospective properties. The under-construction pipeline projects made up 3.1 percent of the total stock, down 10 basis points from the previous month.
San Jose continues to be the market with no new supply under construction and its deliveries over the past 12 months decreased to 1.7 percent of starting stock. The metro’s new supply is projected to remain flat in 2025.
Download the latest Yardi Matrix self storage report.
