Self Storage National Report – July 2025
Nearly all the top 30 markets registered gains, according to the latest Yardi Matrix national report.
The sentiments around the self storage sector seem to improve, with rents stabilizing and development activity slowing down, despite the uncertain economic landscape. Most notably markets in the Midwest, such as Chicago and Minneapolis, have been discussed during this June’s Illinois SSA Great Lakes Owners Summit in Chicago, due to their strong performances, according to Yardi Matrix analysts.
The overall advertised street rate fell to $16.90 in June, down 0.1 percent year-over-year, the latest Yardi Matrix national self storage report shows. Annually, 13 of the top 30 metros showed an increase in advertised rates for non-climate-controlled units, while 19 of the top metros saw improvement in advertised street rates in climate-controlled units compared to June 2024.
On a monthly basis, average advertised street rates per square foot for the 10×10 non-climate and climate-controlled units combined increased by 0.7 percent. Out of the top 30 metros tracked by Yardi Matrix, 26 saw an increase in advertised asking rent growth. Sacramento and the Inland Empire remained flat, while Tampa and San Francisco registered negative movement.
National pipeline slowly picks up the pace
As of June, there were 3.083 self storage properties in all stages of development nationwide. The pipeline included 710 under construction, 1,975 planned and 398 prospective properties. Properties under construction made up 2.7 percent of total stock, reflecting a 10-basis-point decrease from the previous month.
June saw 53.4 million net rentable square feet under construction across the U.S., which accounted for 2.7 percent of the existing inventory, decreasing 0.1 percent month-over-month. Out of the top 30 metros, 17 had under-construction supply levels above the national average as of June, particularly in the Sun Belt regions.
San Antonio’s construction activity rose 0.8 percent in June, positioning it as the metro with the highest month-over-month increase among all self storage markets tracked by Yardi, not just the top 30. The current under-construction supply is scheduled to be delivered over the next 18 months, which means the metro could continue to face declining rates in the long term, unless demand catches up.
After having the most supply under construction as of last month, Las Vegas’ pipeline fell slightly, from 7.2 percent in May to 6.6 percent in June. Despite this decline, the city still remains among the metros with the highest level construction activity.
Download the latest Yardi Matrix self storage report.
