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While U.S. self storage rates showed nearly flat (-0.1%) year-over-year change in June, this metric represents stability following earlier declines.
A new national self storage report from Yardi Matrix outlines an industry emerging from more than three years of downturn. “National occupancy levels have steadied, encouraging self storage REITs to resume rent increases,” the report says, referring to real estate investment trusts. “This renewed pricing confidence is likely to influence other private operators, which tend to lag REIT pricing trends.”
From May to June, the national average per square foot for same-store properties rose 0.7%, a stronger-than-usual increase. But overall recovery has been uneven due to ongoing economic uncertainty and a still-fragile housing market, while high interest rates and wide bid-ask spreads have stifled transaction volume.
All the same, the report notes, “Industry sentiment is improving, with rents stabilizing and development activity beginning to ease.”
Read more about the current state of the self storage industry, including features on Chicago, Minneapolis and other top metros, in the Yardi Matrix National Self Storage Report for July 2025.
