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 Faces Mixed Trends in Rates and Construction Activity
The self-storage market is experiencing varied trends in rental rates and construction activity throughout the country, as indicated by the latest Yardi Matrix national self-storage report. Overall, the advertised street rate for self-storage rose by 0.3 percent year-over-year, reflecting slight growth despite fluctuations across different regions.
The annualized average rent per square foot now stands at $16.91. Notably, in the past year, 16 of the top 30 metros saw increases in advertised rates for non-climate-controlled units, while 20 of the top 30 metros reported improved advertised street rates for climate-controlled units compared to August 2024.
While some areas are witnessing rate increases, the monthly average advertised street rates for combined 10×10 non-climate and climate-controlled units have fallen by 0.2 percent. Out of the 30 metros tracked in the report, 20 reported negative movements in advertised asking rent growth, highlighting a dichotomy within the market.
Among the cities registering increases in advertised rates are Raleigh-Durham, Austin, Washington D.C., San Diego, Miami, Boston, Orlando, Charlotte, and Atlanta. Interestingly, the city of Philadelphia remained flat, indicating stability in its market segment.
Current Development Landscape
As of August, there are a total of 3,004 self-storage properties in various stages of development nationwide. This includes 716 properties under construction, 1,906 planned, and 382 prospective properties. Properties currently under construction account for 2.7 percent of total stock, marking a 10-basis-point decrease from the previous month.
Nationwide, there are approximately 53.6 million net rentable square feet under construction, which remains consistent at 2.7 percent of existing inventory, despite a 0.1 percent decrease month-over-month. Less than half of the top 30 metros have under-construction pipelines that are below the national average, particularly noticeable in the Mid-Atlantic and southeastern regions.
San Jose and San Francisco are at the bottom of the list, recording the lowest levels of under-construction stock at 0.5 percent and 0.3 percent, respectively. Only four metros registered an increase in under-construction supply month-over-month: Tampa, New York, Washington D.C., and Minneapolis.
Key Areas of Construction Activity
Phoenix is leading in construction activity, with under-construction supply accounting for 6.1 percent of existing stock, consistent with the previous month. Other metros exhibiting significant construction activity include Las Vegas at 5.7 percent, as well as Charleston, SC and Orlando, both at 5.4 percent.
The mixed trends seen in rental rates and construction signify a market that is both growing and stabilizing in different ways. Stakeholders are keeping a close eye on how the self-storage landscape continues to develop in light of these emerging trends.
Frequently Asked Questions
What was the overall 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 per the Yardi Matrix national self-storage report.
How many self-storage properties are there under construction nationwide?
As of August, there were 3,004 self-storage properties in various stages of development nationwide.
Which metros saw an increase in under-construction supply?
Only four metros registered an increase in under-construction supply month-over-month: Tampa, New York, Washington D.C., and Minneapolis.
Key Features of the Self-Storage Market Report
| Feature | Details |
|---|---|
| Overall Advertised Street Rate Change | Increased by 0.3 percent year-over-year |
| Annualized Average Rent Per Square Foot | $16.91 |
| Number of Properties Under Construction | 716 properties |
| Total Number of Self-Storage Properties in Development | 3,004 properties |
| Highest Level of Construction Activity | Phoenix at 6.1 percent of existing stock |
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 TX News
TEXAS STAFF WRITER The TEXAS STAFF WRITER represents the experienced team at constructiontxnews.com, your go-to source for actionable local news and information in Texas 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 Texas Construction Expo, major infrastructure unveilings, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of Texas and the Texas Building Branch, plus leading businesses in construction and real estate that power the local economy such as Austin Commercial and CMiC Global. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
