Phoenix, September 25, 2025
News Summary
The self-storage market shows mixed trends in rates and construction activity. Advertised street rates have risen slightly year-over-year, while construction continues across 3,004 properties. Despite some regional successes in rate increases, many areas are experiencing a decline in rent growth. Key cities such as Phoenix and Tampa are leading in construction activity, highlighting a complex landscape in the self-storage industry.
Self-Storage Market Trends Highlight Mixed Developments
The self-storage market is currently experiencing mixed trends in both rental rates and construction activity, as outlined in the latest Yardi Matrix report. As of now, the overall advertised street rate for self-storage has shown a modest increase of 0.3 percent year-over-year. The annualized average rent per square foot stands at $16.91.
Rate Adjustments Across Major Metros
In examining the performance of various metropolitan areas, it is evident that 16 of the top 30 metros have experienced an increase in advertised rates for non-climate-controlled units. In contrast, 20 of the top 30 metros have reported improved advertised street rates for climate-controlled units compared to August 2024. However, the monthly average advertised street rates for a combined standard size of 10×10 non-climate and climate-controlled units have declined by 0.2 percent.
Notably, out of the 30 metros tracked in the report, 20 reported negative movements in advertised asking rent growth. Cities that saw increases in advertised rates include Raleigh-Durham, Austin, Washington D.C., San Diego, Miami, Boston, Orlando, Charlotte, and Atlanta. Meanwhile, Philadelphia indicated no change, remaining flat.
Current Construction Landscape
As of August, there are currently 3,004 self-storage properties across various stages of development nationwide. This includes 716 properties under construction, along with 1,906 planned and 382 prospective properties. Properties under construction account for 2.7 percent of total stock, reflecting a 10-basis-point decrease from the previous month. In total, 53.6 million net rentable square feet are under construction nationwide, which also represents 2.7 percent of existing inventory, with a slight decrease of 0.1 percent month-over-month.
Regional Insights on Construction Activity
Interestingly, less than half of the top 30 metros have under-construction pipelines that fall below the national average. This trend is particularly noticeable in the Mid-Atlantic and southeastern regions. For example, San Jose and San Francisco have recorded the lowest levels of under-construction stock at 0.5 percent and 0.3 percent, respectively.
In contrast, only four metros noted an increase in their under-construction supply month-over-month. These areas were Tampa, New York, Washington D.C., and Minneapolis, with increases noted at 70, 20, 30, and 90 basis points, respectively. Phoenix emerged as a leader in construction activity, harboring an under-construction supply of 6.1 percent of existing stock, unchanged from the previous month. Other metros with significant construction activity include Las Vegas at 5.7 percent, and both Charleston and Orlando, both at 5.4 percent.
Conclusion
In summary, various trends are now shaping the self-storage market, with rates fluctuating and construction witnessing both progress and challenges. Stakeholders in the industry are advised to monitor these developments as they navigate a constantly evolving landscape.
FAQs
What is the overall change in advertised street rate for self-storage?
The overall advertised street rate for self-storage rose by 0.3 percent year-over-year.
What is the annualized average rent per square foot for self-storage?
The annualized average rent per square foot stands at $16.91 according to the Yardi Matrix national self-storage report.
How many self-storage properties are currently under construction nationwide?
As of August, there were 716 properties under construction nationwide.
What percentage of total stock do properties under construction represent?
Properties under construction account for 2.7 percent of total stock.
Which cities have registered increases in advertised rates?
Cities that registered increases in advertised rates include Raleigh-Durham, Austin, Washington D.C., San Diego, Miami, Boston, Orlando, Charlotte, and Atlanta; Philadelphia remained flat.
Key Features
| Feature | Details |
|---|---|
| Overall Street Rate Change | 0.3 percent increase year-over-year |
| Average Rent Per Square Foot | $16.91 |
| Properties Under Construction | 716 properties |
| Percentage of Total Stock | 2.7 percent |
| Cities with Rate Increases | Raleigh-Durham, Austin, Washington D.C., San Diego, Miami, Boston, Orlando, Charlotte, Atlanta; Philadelphia remained flat. |
Deeper Dive: News & Info About This Topic
Additional Resources
- Multihousing News: Self-Storage National Report – September 2025
- Wikipedia: Self-storage
- Inside Self Storage: 10 Federal Releases 2024 Financial Results
- Google Search: self-storage market
- PR Newswire: 10 Federal Adds 27 Properties in 2024
- Encyclopedia Britannica: self-storage
- JLL: 8-Property Self-Storage Portfolio Sells
- Google News: self-storage industry news
Author: Construction NY News
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
