Top 10 Markets for Self Storage Deliveries in 2024

Developers completed approximately 57.5 million rentable square feet of storage space in 2024, according to Yardi Matrix data. Overall, self storage construction activity was on a downward trend, falling 3.1 percent compared to 2023, when more than 59.3 million rentable square feet came online. The table below highlights the top 10 U.S. metros for self storage deliveries in 2024, ranked by total rentable square footage completed in the past year. These metros accounted for 27.6 percent of all deliveries in 2024. The ten metros continue to maintain a robust new development pipeline with 237 projects underway totaling nearly 18 million square feet, as well as nearly 600 planned projects totaling 41.6 million square feet.

Here are the top 10 markets for self storage deliveries based on 2024 data.

1. Dallas-Fort Worth

Mirroring multifamily deliveries in 2024, the Metroplex secured the top spot for self storage completions as well, with 2.6 million rentable square feet of space delivered during the past year. These new additions made up 4.5 percent of the metro’s existing storage stock. Completions increased 13 percent compared to 2023, when 2.3 million rentable square feet came online.

The Metroplex had 22 facilities totaling 1.7 million square feet under construction with an additional 4.7 million square feet of space in the planning stages, as of January. Yardi Matrix estimates that more than 1.8 million rentable square feet of space will be added to Dallas-Fort Worth’s footprint by the end of 2025. That said, construction starts have slowed down. In 2024, developers kicked off construction on 1.4 million square feet of space, half of the 2.8 million square feet that started construction in 2023.

2. Atlanta

Atlanta developers delivered roughly 2 million rentable square feet of storage space in 2024, earning the second place on our list. Atlanta’s construction activity remained robust even as the metro was among the few on our list where completions fell compared to 2023, when 2.3 million rentable square feet came online.

Metro Atlanta had the most facilities underway with 31 projects under construction totaling nearly 2 million square feet. The pipeline also included planned projects encompassing 4.7 million square feet. There has been a slowdown in construction starts for Atlanta too, but not as severe as in other metros on our list. Developers broke ground on more than 1.7 million square feet of storage space in 2024 and 1.8 million square feet in 2023. The metro is anticipated to gain 1.8 million square feet of storage space by the end of the year, according to Yardi Matrix.

3. Orlando, Fla.

With more than 1.7 million rentable square feet of storage space completed last year, Orlando came in third for self storage construction in 2024. Completions increased 64.4 percent compared to 2023, when the metro’s inventory grew by 1.1 million rentable square feet. Yardi Matrix estimates that Orlando will gain an additional 1.7 million square feet of storage space by the end of 2025.

Developers had 1.8 million square feet of space underway with an additional 3.7 million square feet in the planning stages. The decline in construction starts wasn’t as pronounced in Orlando as in other metros. Developers kicked off construction on roughly 1.4 million square feet in 2024 and on 1.5 million square feet in 2023.

4. Tampa, Fla.

Tampa added around 1.7 million rentable square feet of storage space in the past year, almost 1 million square feet more than in 2023. While completions increased 133.3 percent year-over-year, construction starts have come down. Developers broke ground on 1.2 million square feet of storage space in 2024, marking a 34.3 percent decline compared to 2023.

Tampa had 23 facilities underway totaling 1.6 million square feet and an additional 60 planned projects encompassing 3.7 million square feet. Yardi Matrix expects 1.1 million square feet of space to come online by the end of the year.

5. Philadelphia

Developers have expanded Philadelphia's self storage inventory by 1.6 million rentable square feet in 2024, on top of the 1.8 million rentable square feet delivered in 2023. The metro has had a significant amount of new self storage supply added during the past three years. With a lease-up supply of 12.8 percent relative to existing stock, the metro was second only to Las Vegas and tied with Charlotte, N.C. Nationally, the lease-up supply accounted for 8.8 percent of total stock.

Construction starts have nearly halved year-over-year with developers beginning work on roughly 1.1 million square feet of space in 2024. The pipeline remained robust, with 20 facilities under construction totaling 1.6 million square feet and an additional 78 planned projects totaling 5.2 million square feet. Yardi Matrix estimates that Philadelphia will add another 1.4 million square feet to its self storage footprint by the end of the year.

6. Los Angeles

Los Angeles added 1.5 million rentable square feet of storage space to its inventory in 2024. Completions increased 18.2 percent compared to 2023. The metro had 19 projects under construction totaling nearly 2 million square feet with an additional 43 planned developments encompassing 4 million square feet.

Construction starts have dropped 41.2 percent year-over-year, as developers kicked off construction on 951,870 square feet in 2024. Yardi Matrix expects that more than 1.6 million square feet of storage will come online by the end of 2025, with an additional 1.1 million square feet to follow in 2026.

7. Sarasota-Cape Coral, Fla.

Sarasota-Cape Coral was also one of the emerging self storage markets and secured a spot on this list with 1.3 million rentable square feet of space that was delivered in 2024. Completions increased 22.7 percent year-over-year. Yardi Matrix predicts that by the end of 2025 the metro’s self storage footprint will increase by 1.6 million square feet.

Sarasota-Cape Coral had 28 facilities under construction totaling more than 2 million square feet, as well as the largest amount of planned projects among the metros on the list—83 projects encompassing 6.4 million square feet. That said, construction starts have fallen 23.2 percent year-over-year and developers began work on 1.4 million square feet of space in 2024.

8. Houston

Houston developers delivered 1.3 million rentable square feet of space in 2024, however deliveries shrunk year-over-year as 1.8 million rentable square feet came online in 2023. The metro had 30 developments under construction totaling 2.5 million square feet and 38 planned projects encompassing 2.2 million square feet.

Construction starts have decreased annually in Houston as well, just not as steeply. Developers kicked off construction on 1.7 million square feet in 2024, marking an 8.6 percent drop compared to 2023. Yardi Matrix expects that by the end of the year roughly 2 million square feet of storage space will be added to Houston’s stock.

9. Miami

Miami added 1.2 million rentable square feet of storage space to its inventory in 2024, maintaining its position among the top 10 markets for self storage deliveries. Completions picked up slightly compared to 2023, when nearly 1.1 million rentable square feet were completed. Yardi Matrix forecasts that by the end of the year the metro’s footprint will increase by 1.6 million square feet.

Miami developers had 23 facilities underway totaling 1.9 million square feet, with 56 projects totaling more than 4.8 million square feet in the planning stages. Miami is the sole metro on our list where construction starts have increased. Developers broke ground on 1.5 million square feet of storage space in 2024, marking a 14.7 percent uptick compared to 2023.

10. Charlotte, N.C.

With 1.1 million rentable square feet of storage space completed in 2024, Charlotte rounded out the list of top 10 markets with significant self storage deliveries in the past year. Completions were on the rise as the metro's inventory grew by 764,670 square feet in 2023. Yardi Matrix expects that by the end of the year the metro will gain another 1.2 million square feet of storage space.

Charlotte’s pipeline included 16 developments under construction totaling 861,684 square feet and 36 planned projects totaling 2.2 million square feet. Developers kicked off construction on 671,476 square feet in 2024, marking a 46.5 percent drop year-over-year.