Self Storage National Report – June 2025
Street rates were up in 24 out of the top 30 metros, the latest Yardi Matrix report shows.
Applications for artificial intelligence in operations and proposal for self storage regulations in California have recently been discussed at the California Self Storage Association’s Napa Self Storage Owners Conference, according to Yardi Matrix analysts. The markets in the state remain of high interest for investors due to some of the highest occupancy levels nationwide, NOI margins and rent levels, despite the high pricing.
The overall advertised street rate fell to $16.76 in May, down 0.5 percent year-over-year. Annually, 12 of the top 30 metros saw improvement in advertised rates for non-climate-controlled units, while 16 of the top metros showed an increase in advertised street rates in climate-controlled units compared to May 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 0.5 percent. Of the top 30 metros tracked by Yardi Matrix, 24 saw an increase in advertised asking rent growth. Seattle, Columbus and San Francisco remained flat, while Houston, Sacramento and Las Vegas registered negative movement.
National pipeline under construction holds steady
As of May, there were 3,058 self storage properties in all stages of development nationwide. The pipeline included 728 under construction, 1,935 planned and 395 prospective projects. Properties under construction made up 2.8 percent of the total stock, remaining unchanged from the previous month.
Las Vegas had the most supply under construction as of May, equal to 7.2 percent of existing stock. The metro also saw a large increase in construction activity over the past year, which all together could lead to challenges, particularly a weak rate performance.
Similarly, Nashville had the largest increase in construction activity month-over-month, up 0.4 percent. The metro’s construction pipeline increased by 280 basis points over the past year, from 3.0 percent of existing stock in May 2024.
Nevertheless, Yardi Matrix data points to overall gradual slowdown in new development nationwide, as the second quarter’s self storage supply forecast anticipates a 19.0 percent drop in 2025, 18.0 percent in 2026 and 9.0 percent in 2027.
Download the latest Yardi Matrix self storage report.
