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By Joel Nelson on July 1, 2025 in Matrix
As the U.S. housing market goes, so does demand for self storage. A new national report from Yardi Matrix documents advertised rates for self storage properties hitting negative territory in May 2025 for the third consecutive month.
“Week demand, especially due to the slowing housing market, is a primary factor in the deceleration,” the report notes, as “affordability challenges continue to impact home buying and selling activity.”
Advertised rates decelerated 0.5% in May, following declines of 0.3% in April and 0.2% in March.
Despite the overall basis rate decrease, half of the top 30 metros tracked by Matrix recorded year-over-year increases in advertised rates in May. Chicago, with limited new supply and resilient renter demand, was the strongest performing metro for advertised rate growth.
The 55 million net rentable square under construction across the nation in May kept the new-supply pipeline unchanged month-over-month.
Yardi Matrix tracks 3,058 self storage properties in various stages of development. Get more insight into supply, rents and construction activity in the National Self Storage Report for June 2025.
