Yardi Matrix Reports Mixed U.S. Self Storage Results in Q1

REITs look to future growth possibilities amid flat revenue and NOI performance

SANTA BARBARA, CALIF., May 20, 2025 – Flat revenue and net operating income growth produced mixed results for U.S. self storage real estate investment trusts in the first quarter of 2025, a new national report from Yardi® Matrix documents.

Year-over-year revenue growth during the quarter, while modest at 0.1%, represented the first sequential revenue improvement since Q1 2022. Meanwhile, year-over-year NOI growth fell by 1.1%. Urban markets such as Chicago and New York City outperformed, while Sun Belt regions such as Atlanta and Phoenix struggled with elevated supply and softer demand, according to the report.

The national average for advertised rates per square foot increased by 0.7% from March to April, with only Tampa, Fla., registering a drop among the 30 top metros tracked by Yardi Matrix.

The development pipeline continues to slow, with net rentable square feet under construction registering a month-over-month drop of 10 basis points in April.

While headwinds continue pressing the self storage market, improving trends in same-store performance has led REITs to express “cautious optimism for a return to more normalized performance later in 2025,” the report says.

See the complete Yardi Matrix national self storage report for May 2025.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, affordable, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.

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