Yardi Matrix Report Charts Slowdown in U.S. Self Storage Rental Rates

Overall deceleration mirrors decline in home buying and selling

SANTA BARBARA, CALIF., June 18, 2025 – Annual advertised rates experienced their third consecutive month of negative growth in May 2025 along with a gradual slowdown in new development, according to a new self storage report from Yardi® Matrix.

National advertised rates fell 0.5% year-over-year in May, following -0.3% and -0.2% growth in April and March, respectively. “Weak demand, especially due to the slowing housing market, is a primary factor in the deceleration,” the report says.

However, half of the 30 top Yardi Matrix metros saw year-over-year advertised rate increases in May, including Chicago, Tampa, Fla., Washington, D.C. and San Jose, Calif.

With 55 million net rentable square feet under construction, the U.S. new-supply pipeline equaled 2.8% of existing inventory through May, unchanged month-over-month. Las Vegas, Phoenix and Orlando, Fla., boasted the most supply under construction as a percentage of existing inventory. Yardi Matrix anticipates that new square footage will drop by 19% in 2025, 18% in 2026 and 9% in 2027.

Read more about supply and rent trends in the Yardi Matrix National Self Storage Report for June 2025, which is based on 3,058 self storage properties in various stages of development.

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, single-family rentals/ build to rent, affordable housing, student housing, self storage, office, industrial, retail and vacant land property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.

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