• The national average annualized advertised asking rate per square foot rose 1.0 percent on a monthly basis to $16.22 for the combined mix of units and sizes.
• On a monthly basis, rates for both non-climate and climate-controlled units registered positive movement across 29 of the Top 30 metros.
• The national under-construction pipeline totaled 46.2 million square feet, or 2.2 percent of total stock, down 0.3 percent year-over-year.
• Phoenix and Sarasota-Cape Coral continue to rank highest in terms of under-construction supply, though both metros recorded negative movement month-over-month.

Rates continue to rise on a monthly basis

April saw the national average annualized advertised asking rate per square foot rise 1.0 percent on a monthly basis to $16.22 for the combined mix of units and sizes.

Over the past month, 29 of the Top 30 metros tracked by Yardi Matrix recorded positive growth in terms of advertised asking rates. San Antonio was the only metro on the list whose values remained flat month-over-month.

Year-over-year, however, rates for non-climate-controlled units registered negative movement across 29 of the Top 30 metros and across 27 out of the same 30 for climate-controlled units.

National pipeline slows down

April saw 2,560 self storage properties in all stages of development nationwide, with 618 properties under construction, or 2.2 percent of total stock, 1,642 planned and 300 prospective projects.  

Across the U.S., there were approximately 46.2 million net rentable square feet under construction during the same month, down 0.1 percent since March 2026 and 0.3 percent since March 2025. Out of Yardi’s top 30 metros, only three saw positive movement month-over-month in terms of development, 12 metros’ registered negative growth and 15 flatlined. For a third month in a row, Portland, Ore. ranked last on the list, with an under-construction supply accounting for 0.5 percent of existing inventory, unchanged since February.

The three metros that recorded an increase in under-construction supply month-over-month were San Diego (3.1 percent, up 110 basis points), Houston (2.7 percent, up 10 basis points) and Boston (1.7 percent, up 40 basis points).

Phoenix and Sarasota-Cape Coral occupied the top two positions in the national ranking for the same metric, both at 6.5 percent of new development from existing inventory, despite seeing negative growth. Phoenix’s supply dropped 20 basis points, while Sarasota-Cape Coral’s recorded a steeper, 130-basis-point drop from March through April.

Read the full Yardi Matrix National Self Storage Market Outlook: May 2026.

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Key takeaways

• The national average annualized advertised asking rate per square foot rose 0.1 percent month-over-month to $16.07 for the combined mix of units and sizes.
• Rates for both non-climate-controlled and climate-controlled units registered negative movement across all Top 30 metros tracked by Yardi Matrix.
• The national under-construction pipeline amounted to 46.5 million square feet, representing 2.3 percent of total stock, unmoved since the start of the year.
• Several coastal and Sun Belt metros had their under-construction pipeline standing still month-over-month, including Los Angeles, the Bay Area, Inland Empire, Las Vegas and Houston.

Rates register small uptick since February

As of March, the national average annualized advertised asking rate per square foot rose 0.1 percent month-over-month to $16.07 for the combined mix of units and sizes.

Rates for both non-climate-controlled and climate-controlled units registered negative movement across all Top 30 metros tracked by Yardi Matrix.

For non-climate-controlled units, advertised rates dell 2.0 percent compared to March 2025. Similarly, the same metric for climate-controlled units registered a 2.1 percent drop year-over-year, marking the first time since 2024 when non-climate-controlled values outperform climate-controlled ones.

National pipeline stands still throughout first quarter

March saw x self storage properties in all stages of development nationwide, with 622 under construction, x planned and x prospective projects. The under-construction pipeline accounted for 2.3 percent of existing inventory, unchanged since the start of the year.

Across the nation, there were approximately 46.5 million net rentable square feet under construction as of March. Out of Yardi’s top 30 metros, 13 had supply levels above the U.S. average, 3 metros’ values remained unchanged since February and 14 saw negative movement. For a second month in a row, Portland, Ore. and Denver, Colo. ranked last on the list, both at 0.6 percent, flatlining month-over-month.

Only three metros on that same list registered an increase in under-construction supply month-over-month, namely Sarasota-Cape Coral, Miami and Nashville, Tenn. Maintaining its top spot in the national ranking, Sarasota-Cape Coral’s pipeline rose 10 basis points in March to 8.0 percent. Meanwhile, Miami and Nashville stood among the top 10 markets, with increases of 10 and 50 basis points, respectively.

Read the full Yardi Matrix National Self Storage Market Outlook: April 2026.

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Key takeaways

• The national advertised asking rate per square foot dropped 0.3 percent month-over-month to $16.10 per square foot for the combined mix of unit sizes and types.
• Annually, one of the 30 top metros tracked by Yardi Matrix saw an increase for non-climate-controlled units and four on the same list registered positive movement for climate-controlled units.
• The national under-construction pipeline totaled 48.4 million net rentable square feet, accounting for 2.4 percent of existing inventory in February, unmoved from the previous month.
• Phoenix, Austin, Texas and Houston were the only three metros to register positive movement month-over-month in February in terms of under-construction supply.

Rates continue to decline

As of February, the national average annualized advertised asking rate per square foot fell to $16.10 for the combined mix of units and sizes, down 0.3 percent month-over-month.

Rates for the combined non-climate-controlled units decreased 1.2 percent year-over-year. The same metric for climate-controlled also dropped, by 1.0 percent compared to February 2025.

Annually, only one of the top 30 metros recorded increases for non-climate-controlled units—namely Boston—while four of the top 30 markets saw positive movement for climate-controlled units.

National pipeline remains unmoved since January

February saw 2,694 self storage properties in various stages of development across the U.S., with 655 under construction, 1,733 planned and 306 prospective projects. The under-construction pipeline accounted for 2.4 percent of existing inventory, unmoved from the previous month.

On a national level, there were roughly 48.4 million net rentable square feet under construction during the same month. 17 of Yardi’s top 30 metros had supply levels below the U.S. average, with Portland, Ore. and Denver, Colo. closing the list at 0.7 and 0.6 percent, respectively, both unmoved month-over-month.

On the same list, only three metros saw positive movement in under-construction supply month-over-month, namely, Phoenix, Austin, Texas and Houston. Sarasota-Cape Coral, though flat month-over-month in terms of under-construction growth, still managed to rank at the top of the list, with a supply accounting for 7.9 percent.

Read the full Yardi Matrix National Self Storage Market Outlook: March 2026.

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Key takeaways

• The first month of 2026 registered a 0.2 percent decline year-over-year in rents, with an average asking rent per square foot of $16.27 for the combined mix of unit sizes and types.
• Same-store advertised asking rates for the combined non-climate-controlled units decreased 50 basis points year-over-year and increased 20 basis points for climate-controlled units.
• The national under-construction pipeline totaled 50.4 million net rentable square feet, accounting for 2.5 percent of existing inventory in January, down 0.1 percent from the previous month.
• Sarasota-Cape Coral ranked first for a fourth consecutive month in terms of under-construction supply, accounting for 7.9 percent of total stock.

Self storage rates decline as the new year starts

January saw the national average annualized same-story advertised asking rate per square foot clock in at $16.27 for the combined mix of units and sizes, contracting 0.2 percent month-over-month.

Rates for the combined non-climate-controlled units dropped 0.5 percent year-over-year, while the same metric for climate-controlled increased 0.2 percent.

On an annual basis, six of the top 30 metros registered increases for non-climate-controlled units. Meanwhile, 13 of the top 30 markets saw positive movement for climate-controlled units.

National pipeline registers momentary lag

As of January 2026, Yardi Matrix recorded a total of 2,759 self storage properties in various stages of development across the U.S. The pipeline comprised 681 projects under construction, 1,766 planned and 312 prospective properties. January’s under-construction pipeline accounted for 2.5 percent of total stock, down 0.1 percent from the previous month.

Nationwide, there were approximately 50.4 million net rentable square feet under construction during the same month. Half of Yardi’s top 30 metros had supply levels below the national average, with Denver, Colo. and Portland, Ore. closing the list at 0.6 and 0.3 percent, respectively.

On that same list, only two saw positive movement in under-construction supply month-over-month. Namely, Orlando, Fla. and San Antonio, Texas, with under-construction supplies accounting for 6.1 percent and 3.5 percent, respectively, of the total stock. However, Sarasota-Cape Coral ranked first for a fourth consecutive month in terms of under-construction supply, accounting for 7.9 percent of total stock, down 60 basis points compared to December 2025.

Read the full Yardi Matrix National Self Storage Market Outlook: February 2026.

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Key takeaways

• The last month of 2025 registered a 0.3 percent rise year-over-year in rents, with an average asking rent per square foot of $16.32 for the combined mix of unit sizes and types.
• Same-store advertised asking rates for the combined non-climate-controlled units decreased 10 basis points year-over-year and rose 90 basis points for climate-controlled units.
• The national under-construction pipeline amassed to 54.3 million net rentable square feet, accounting for 2.7 percent of existing inventory in December, unchanged from the previous month.
• Sarasota-Cape Coral ranked first in the U.S. for a third consecutive month, with the highest level of construction activity accounting for 8.7 percent from the total stock.

Sector begins new year with caution

December saw the national average annualized same-store advertised asking rate per square foot clock in at $16.32 for the combined mix of units and sizes, up 0.3 percent year-over-year, marking a 0.3 decline from November’s 0.6 percent increase rate.

Rates for the combined non-climate-controlled units dropped 0.1 percent year-over-year, while the same metric for climate-controlled units rose 0.9 percent—both values marking a a 10-basis-point contraction month-over-month.

Year-over-year, half of the top 30 metros registered increases for non-climate-controlled units. Meanwhile, 23 of the top 30 markets saw positive movement for climate-controlled units.

National pipeline holds steady, momentum fluctuates across metros

Yardi Matrix tracks a total of 2,846 self storage properties in various stages of development nationwide. The pipeline comprised 730 projects under construction, 1,796 planned and 320 prospective properties. December’s under-construction pipeline accounted for 2.7 percent of total stock, unchanged from the previous month.

Across the U.S. there were roughly 54.3 million net rentable square feet under construction during the same month, unmoved from November 2025. Half of Yardi’s top 30 metros had supply levels below the national average.

On the same list, only five saw positive movement in under-construction supply month-over-month. Sarasota-Cape Coral ranked first nationwide for a third month in a row, with 8.7 percent, up 10 basis points since November 2025. Second on that list was Phoenix, standing still from the previous month, at 6.6 percent. Next in line were Tampa and Orlando, Fla., with 6.6 percent and 6.3 percent, respectively, both recording positive movement on a monthly basis in terms of under-construction supply from the total stock.

Read the full Yardi Matrix National Self Storage Market Outlook: January 2026.

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Key takeaways

• November saw rents rise 0.6 percent year-over-year, with an average asking rent per square foot of $16.38 for the combined mix of unit sizes and types.
• As of Nov. 21, 2025, the self storage transaction volume across the U.S. reached $5.9 billion, more than last year’s entire trading volume figure.
• The national under-construction pipeline amounted to approximately 53.3 million square feet, accounting for 2.6 percent of existing inventory in November, unmoved from the previous month.
• Sarasota-Cape Coral ranked first at the top of the list with the highest level of construction activity across the U.S., even though the metro registered a 40-basis-point decline in activity month-over-month.

Rates walk the line, transaction volume surges

November saw the national average annualized same-store advertised asking rate per square foot clock in at $16.38 for the combined mix of units and sizes, up 0.6 percent year-over-year, marking a slight decline from October’s 0.7 percent increase rate.

Year-over-year, rates were up in 17 of the top 30 metros for non-climate-controlled units. Similarly, 21 of the top 30 markets saw positive movement for climate-controlled units.

This year’s transaction volume in the sector reached $5.9 billion as of Nov. 21—exceeding 2024’s full-year total investment figure—with 681 assets changing hands at an average price of $145 per square foot.

National pipeline remains consistent

Yardi Matrix tracks a total of 2,883 self storage properties in various stages of development across the U.S. The pipeline consisted of 721 projects under construction, 1,836 planned and 326 prospective properties. As of November, the under-construction pipeline accounted for 2.6 percent of total stock, unmoved from October.

Nationally, there were approximately 53.3 million net rentable square feet under construction as of November, unchanged from the previous month. Out of Yardi’s top 30 metros, 16 had under-construction supply levels below the national average, particularly in the Western and Sun Belt regions.

Out of the same top 30 list, only six saw positive movement in under-construction supply month-over-month. Sarasota-Cape Coral ranked at the top of the list again, though the metro experienced a 40-basis-point decline from the previous month. Second on that list was Tampa, with a supply accounting for 6.5 percent of existing stock, marking a 60-basis-point increase compared to October.

Read the full Yardi Matrix National Self Storage Market Outlook: December 2025.

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Key takeaways 

• As of October, rents were up 0.7 percent year-over-year, with an average asking rent per square foot of $16.77 for the combined mix of unit sizes and types. 

• Same-store advertised asking rates for the combined non-climate-controlled units increased 30 basis points year-over-year, while those for climate-controlled units saw a 130-basis-point rise. 

• The national under-construction pipeline totaled approximately 53.0 million square feet, or 2.6 percent of existing inventory as of October, down 10 basis points month-over-month. 

• Sarasota-Cape Coral had the highest level of construction activity for a second month in a row, clocking in at 9.2 percent of existing inventory. 

The sector reaches bumpy road 

In October, the national average annualized same-store advertised asking rate per square foot was $16.77 for the combined mix of units and sizes, up 0.7 percent year-over-year, marking a decrease from September’s 0.9 percent increase rate.  

Rates for the combined non-climate-controlled units increased 0.3 percent year-over-year, marking a slowdown from September’s 0.4 percent. Meanwhile, the same metric for climate-controlled units rose 1.3 percent year-over-year, down 140 basis points from the previous month.   

Year-over-year, rates were up in 17 of the top 30 metros for non-climate-controlled units. Similarly, 23 of the top 30 markets were positive for climate-controlled units.   

National pipeline slows down 

Yardi Matrix tracks a total of 2,912 self storage properties in various stages of development across the U.S. This includes 709 projects under construction, 1,865 planned and 338 prospective properties. As of September, the under-construction pipeline accounted for 2.6 percent of total stock, down 10 basis points from September.  

Nationally, there were approximately 53.0 million net rentable square feet under construction as of last month, reflecting a 10-basis-point contraction month-over-month. Out of Yardi’s top 30 metros, 17 had under-construction supply levels below the national average, particularly in the Sun Belt and Midwestern regions.  

Out of the top 30 metros tracked by Yardi Matrix, only seven saw an increase in under-construction supply month-over-month. At the top of the list was Sarasota-Cape Coral again, with the highest level of construction activity, which clocked in at 9.2 percent of existing inventory in October, unmoved compared to the previous month. Trailing behind Sarasota-Cape Coral was Phoenix, with a supply accounting for 6.8 percent of existing stock, marking a 30-basis-point increase compared to September. 

Read the full Yardi Matrix National Self Storage Market Outlook: November 2025. 

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Key takeaways  

• As of September, rents were up 0.9 percent year-over-year, with the average asking rent per square foot clocking in at $16.80 for the combined mix of unit sizes and types.  

• Same-store advertised asking rates for the combined non-climate-controlled units increased 50 basis points year-over-year, while rates for climate-controlled units were up 150 basis points.  

• The national under-construction pipeline totaled 52.5 million square feet, or 2.6 percent of existing inventory as of September, down 10 basis points from August’s figure.  

• Sarasota-Cape Coral had highest level of construction activity in September, clocking in at 9.3 percent of existing inventory.

The sector maintains progress 

In September, the national average annualized same-store advertised asking rate per square foot was $16.80 for the combined mix of units and sizes, up 0.9 percent year-over-year, also reflecting an increase from August’s 0.3 percent and July’s 0.1 percent growth rates. 

Rates for the combined non-climate-controlled units rose 0.5 percent year-over-year as of September, marking an improvement from August and July, when movement was in negative territory. Meanwhile, the same metric for climate-controlled units rose 1.5 percent year-over-year, up 70 basis points from the previous month.  

Year-over-year, rates were up in 19 of the top 30 metros for non-climate-controlled units. Similarly, 24 of the top 30 markets were positive for climate-controlled units.  

National pipeline holds, growth is uneven 

Yardi Matrix tracks a total of 2,969 self storage properties in various stages of development across the U.S. This includes 702 projects under construction, 1,909 planned and 358 prospective properties. As of September, the under-construction pipeline accounted for 2.6 percent of total stock, down 10 basis points from August. 

Nationally, there were 52.5 million net rentable square feet under construction as of last month, reflecting a 10-basis-point contraction month-over-month. Out of Yardi’s top 30 metros, half had under-construction supply levels below the national average, with Sun Belt and Midwestern regions closing the list. 

Out of the top 30 metros tracked by Yardi Matrix, only four saw an increase in under-construction month-over-month. At the top of the list was Sarasota-Cape Coral, with the highest level of construction activity, which clocked in at 9.3 percent of existing inventory in September, reflecting a 40-basis-point increase compared to the previous month. Trailing behind Sarasota-Cape Coral were Tampa (30-basis-point increase), Nashville (60bps) and Atlanta (30 bps). 

Read the full Yardi Matrix National Self Storage Market Outlook: October 2025

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Key takeaways 

• As of August, rents were up 0.3 percent year-over-year, with the average asking rest per square foot at $16.91 for the combined mix of unit sizes and types. 

• Same-store advertised asking rates for the combined non-climate-controlled units contracted 10 basis points year-over-year, while rates for climate-controlled units rose 80 basis points. 

• The national under-construction pipeline totaled 53.6 million square feet, or 2.7 percent of existing inventory as of August, a 10-basis-point decrease from August’s figure. 

• The sector’s supply growth is slowing down, while capital markets are gradually recovering. 

The Sector Maintains Steady Position

In August, the national average annualized same-store advertised asking rate per square foot was $16.91 for the combined mix of units and sizes, same as June and July. 

Rates for the combined non-climate-controlled units dropped 0.1 percent year-over-year as of August, marking an improvement from July’s negative 0.4 percent. Meanwhile, the same metric for climate-controlled units rose 0.8 percent year-over-year, up 20 basis points from the previous month. 

Year-over-year, rates were up in 16 of the top 30 metros for non-climate-controlled units. Similarly, 20 of the top 30 markets were positive for climate-controlled units. 

Pipeline Continues to Decline 

Yardi Matrix tracks a total of 3,004 self storage properties in various stages of development across the U.S. This includes 716 projects under construction, 1,906 planned and 382 prospective properties. As of August, the under-construction pipeline accounted for 2.7 percent of the total stock, reflecting a 10-basis-point decrease from the previous month. 

Nationally, there were 53.6 million net rentable square feet under construction as of August, reflecting a 10-basis-point contraction month-over-month. Out of Yardi’s top 30 metros, more than half had under-construction supply levels above the national average, while Mid-Atlantic and southeastern regions positioned themselves at the bottom of the list.  

Out of the top 30 metros tracked by Yardi Matrix, only four saw an increase in under-construction month-over-month, namely Tampa (70-basis-point increase), New York (20 bps increase), Washington D.C. (30 bps) and Minneapolis (90 bps). Phoenix, Las Vegas, Charleston, S.C. and Orlando have maintained their top positions nationally for under-construction supply by percentage of existing inventory. On the other side of the national ranking, Californian metros that close the list with low under-construction supply levels out of the existing inventory: San Diego (1.0 percent), Sacramento (0.9 percent), San Jose (0.5 percent) and San Francisco (0.3 percent). 

Read the full Yardi Matrix National Self Storage Market Outlook: September 2025. 

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In July, the advertised street rate remained flat and the national pipeline dropped month-over-month.

Key takeaways 

• As of July, rent movement stayed flat year-over-year, with the average asking rent per square foot of $16.91 for the combined mix of unit sizes and types.  

• Same-store advertised asking rates for the combined non-climate-controlled units were down 40 basis points year-over-year, while rates for climate-controlled units rose 50 basis points.  

• The national under-construction pipeline totaled 53 million square feet, or 2.7 percent of existing inventory as of July, down 10 basis points from June’s figure. 

• Operators expect the recovery to continue amid fewer deliveries and other tailwinds. 

Overall market shows signs of stabilization 

In July, the national average annualized same-store advertised asking rate per square foot was $16.91 for the combined mix of units and sizes, same as June and marking an improvement from -0.4 percent in May. 

Rates for combined non-climate-controlled units dropped 0.4 percent year-over-year as of July, same as in June but showing improvement from -0.7 percent in May. The same metric for climate-controlled units rose 0.5 percent year-over-year, consistent with June and marking consistent headway from the 0.2 percent drop in May.  

Year-over-year, rates were up in 11 of the top 30 metros for non-climate-controlled units. Meanwhile, 20 of the top 30 markets were positive for climate-controlled units. 

Pace of development mainly steady 

Yardi Matrix tracks a total of 3,043 self storage properties in various stages of development across the U.S. This includes 703 projects under construction, 1,944 planned and 396 prospective properties. As of July, the under-construction pipeline accounted for 2.7 percent of the total stock, reflecting a 10-basis-point decrease from the previous month.  

Nationally, there were 53.0 million net rentable square feet under construction as of July.  Out of Yardi’s top 30 metros, half had under-construction supply levels above the national average, particularly in the Sun Belt. 

New supply over the past three years accounted for 9.3 percent of existing stock.  During the past 12 months, national deliveries equaled 2.8 percent. Las Vegas (6.6 percent), Phoenix (5.9 percent) and Orlando (5.5 percent) continue to lead nationally for under-construction supply by percentage of existing inventory. In fact, the large majority of metros at the top are from the Sun Belt. Meanwhile, several California metros close the list: San Diego (1.0 percent), San Jose (0.5 percent) and San Francisco (0.3 percent).  

Read the full Yardi Matrix National Self Storage Market Outlook: August 2025. 

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