search_icon support_icon globe_icon
Talk to sales

Yardi Matrix reports flat Q3 U.S. self storage sector performance

Occupancy softened and revenue fell as expenses pressured margins

ImageMatrixSSreportNov2025

SANTA BARBARA, Calif., Nov. 19, 2025 – Slower move-in activity and mounting expenses combined to drive U.S. self storage REIT same-store occupancy, revenue and net operating income down in the third quarter of 2025.

New Yardi® Matrix research documents that revenue (down 70 basis points, to 90.2%), weighted-average revenue (-0.6%) and NOI (-2.4%) decelerated from Q2 levels. Elevated expenses, especially higher property taxes, continued to pressure margins, and net move-ins/outs as a share of units dropped to a five-year low.

However, street rates are rising again, as year-over-year move-in rates outpaced move-out rates for the first time in this cycle. October’s year-over-year national asking rate increase signaled a moderate continuation of momentum that had built since August. And strong multifamily demand in some metros, including Philadelphia, Detroit and Tampa, Fla., mitigated elevated self storage supply levels.

But with realized rents remaining flat year-over-year, “operators will need to narrow the spread between street and in-place rents to avoid revenue dilation as turnover increases,” Yardi Matrix says in a new national report.

Get the complete self storage supply and rent recap in the Yardi Matrix National Self Storage Report for November 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, 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.

About Yardi

Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.