Self Storage National Report – May 2025

Self storage REITs reported mixed performance for the first quarter of 2025, but overall improvement trends are noticeable. The accelerated advertised rates in the first months of this year have led to the first sequential revenue improvement since the first quarter of 2022. REITs expect a normalized performance later in 2025, taking a cautious optimism approach.

Overall advertised street rate fell to $16.66 in April, down 0.4 percent year-over-year. On a year-over-year basis, 14 of the top 30 metros saw improvement in advertised rates for non-climate-controlled units, while 17 of the top 30 metros showed an increase in advertised street rates in climate-controlled units compared to April 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 to $16.66. Of the top 30 metros tracked by Yardi Matrix, 27 saw an increase in advertised asking rent growth, while Seattle and Tampa registered negative movement, with Portland remaining flat.

Self storage development slowdown continues

As of April, there were 3,094 self storage properties in all stages of development nationwide. The pipeline included 732 under construction, 1,955 planned and 406 prospective projects. The under-construction pipeline made up 2.8 percent of the total stock, marking a 10-basis-point decrease from the previous month.

Yardi Matrix data suggests a gradual slowdown in development activity in the near term. The annual reduction in the under-construction pipeline in the first quarter of 2025 came as a result of a decrease in construction starts in 2024.

As of April, Charleston registered the largest increase in construction activity, up 0.8 percent month-over-month. The metro’s construction pipeline saw a 170-basis-point increase from 1.9 percent of existing stock in April 2024.

Download the latest Yardi Matrix self storage report.