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May 2026: Momentum building as spring blooms
Same store year-over-year U.S. self storage revenue growth reached a weighted-average of 0.6% in Q1 2026. This improvement from -0.1% in Q4 2025 represented one of the strongest sequential improvements in growth over the past four years, according to new data from Yardi Matrix.
Although year-over-year advertised rate growth remains negative, month-over-month rents grew by 1% as the sector heads into the busy spring leasing season. Most of the top 30 U.S. metros saw stronger year-over-year rate growth in April than in March.
Supply impacting pricing, revenue
Stronger in-place rent growth, measuring 0.6%, anchored the market in Q1. This increase “reflects a combination of fewer customers moving in at heavily discounted rates, moderating declines in move-in rents and longer customer length of stay, which boosts the contribution from existing customer rate increases,” a new Yardi Matrix report states.
Operating performance is increasingly tied to local market conditions. Elevated new supply across Florida, Las Vegas, Phoenix and other Sun Belt markets, for example, continues to pressure pricing and drive revenue declines. Meanwhile, limited or declining supply is supporting healthy revenue growth in Midwest and Northeast markets such as Boston, Chicago and Minneapolis.
New report recaps supply & rent dynamics
Get more insight into self storage supply and rent trends in the Yardi Matrix Self Storage National Report for May 2026.
Q2 2026: Supply deliveries fall in updated forecast
Yardi Matrix increased its U.S. supply forecast in response to a modest increase in new self storage development at the end of 2025.
However, Q1 2026 construction starts stand 29% below the pace recorded a year ago, offering “few signs that a near-term rebound in self storage demand will take hold in 2026,” according to a new bulletin from Yardi Matrix.
Advertised rental rates remain under pressure. Elevated long-term interest and mortgage rates are suppressing valuations, transactions, new development and single family home sales, a key self storage demand driver.
Development will trail previous peak
The under-construction pipeline stood at about 54.5 million net rentable square feet (NRSF) as 2025 closed. Most of this inventory will be completed in 2026. New supply will come in at just over 45 million NRSF in 2027 and 38.62 NRSF the following year. Meanwhile, rental rates remain under pressure, especially in Sun Belt markets that are struggling to absorb excess supply.
With these pressures anticipated to continue through 2031, “new development will be difficult but not impossible and will be well below what was delivered during the 2022 and 2023 peak of the last development cycle,” the bulletin said.
See the Yardi Matrix Self Storage Supply Forecast Update for Q2 2026.
April 2026: Supply, demand depress advertised rates
U.S. self storage advertised rate growth remained in negative territory in March 2026 as a historically weak housing market and ongoing development continue to pressure rental rates.
A new national report from Yardi Matrix documents an advertised rate decrease of 2% in March, following drops of 1.2% in February and 0.4% in January. “Few near-term catalysts for a meaningful turnaround in demand are evident,” the report notes, with downward pressure especially acute in Sun Belt markets that are already struggling to absorb excess supply.
Lower growth in all metros, unit types
Nearly all of the Yardi Matrix top 30 metros saw lower year-over-year rate growth in March compared to February, and all top metros experienced negative annual growth.
The decline in advertised rates spanned all unit types as well, with both non-climate-controlled and climate-controlled units posting deeper annual losses. With most new supply concentrated in climate-controlled units, “that segment is facing renewed pressure on asking-rate growth after outpacing NCC for most of 2025,” the report notes.
Development hinders rent growth
At the end of March, about 46.5 million net rentable square feet were under construction nationwide, representing 2.3% of existing inventory; this figure was unchanged from February. “This sustained level of development continues to limit operators’ ability to push rents, while the broader pipeline remains robust,” the report notes.
On the acquisitions front, the market has seen a wave of portfolio deals in recent months, including Public Storage’s $10.7 billion acquisition of National Storage Affiliates.
Read more about self storage supply, demand, street rates and more across 30 major metros in the Yardi Matrix Self Storage National Report for April 2026.
Q1 2026: Supply forecast revised upward
Yardi Matrix updated its near-term forecast for U.S. self storage supply on the strength of Q4 2025 development data.
A larger-than-anticipated under-construction pipeline at the end of Q4, driven by a rebound in new development activity in the second half of the year, prompted Yardi Matrix to release a special bulletin announcing that “new supply will bottom at a higher level than previously anticipated.”
Construction, rental rate developments brighten projections
That in turn led Yardi Matrix to increase its estimate of self storage completions by 6% for 2026 and 4.8% for 2027, with 13.7% growth projected for 2028. New supply net rentable square feet will total 51.1 million in 2026, 44 million in 2027 and almost 38 million in 2028.
The revised outlook also incorporates an improved advertised rental rate outlook based on the 0.3% year-over-year increase recorded in December 2025.
In compiling their near-term completion estimates, Yardi Matrix researchers anticipate “further declines in national self storage supply from the post-pandemic cyclical high” and assume “steady but unspectacular economic growth in 2026 that supports moderate self storage demand growth,” the bulletin states.
Get the full story
Read about the factors driving the U.S. self storage market through 2031 in the Yardi Matrix Self Storage Supply Forecast Update for Q1 2026.
January 2026: Ongoing supply pressures hinder growth
A new Yardi Matrix national report portrays a U.S. self storage industry poised for recovery yet still feeling the effects of diminished demand and ongoing supply pressure.
The year-over-year rent growth recorded in December 2025 was half that in both October and November, with demand a primary constraint. With historically low home sales cutting demand and therefore revenues, the industry’s recovery from its weak fundamentals “will be gradual and uneven in 2026, favoring markets with low supply and improving housing conditions,” the report says.
Capital remains available
In contrast with market fundamentals, the availability of capital is not challenged, with both debt and equity plentiful for experienced investors and operators. However, “capital is increasingly selective and deal flow has been constrained by consistent loan extensions and a surge in bridge lending,” the report notes.
Pipeline holds steady
At about 54.3 million net rentable square feet, the under-construction pipeline remained unchanged between November and December and essentially flat year-over-year due to longer construction timelines and slower winter building activity.
Some metros, such as San Antonio, Philadelphia and New York City, have seen their under-construction supply decline over the past year. Meanwhile, several Sun Belt markets, including Phoenix, Las Vegas and Florida metros Miami, Tampa, and Sarasota-Cape Coral among them, have maintained or increased their under-construction supply, reflecting continued developer interest even as costs and underwriting challenges grow.
Start the year right with an in-depth look at self storage supply and demand drivers in the Yardi Matrix National Self Storage Report for January 2026.
