The U.S. self-storage market continues to struggle with weak rent growth, with advertised rates falling deeper into negative territory in August, according to the latest numbers from Yardi Matrix.
In its September Self-Storage Report, Yardi Matrix reported that advertised self-storage rates declined 1.9% year over year in August. That compares with annual declines of 1.6% in July and 1.5% in June.
The weakness was widespread, too. Among the nation’s 30 largest metropolitan areas, just four—Minneapolis, Salt Lake City, Indianapolis and New York City—recorded annual increases in advertised rates for non-climate-controlled units in August. Austin, Texas, joined San Francisco as the only two markets posting higher year-over-year rates for climate-controlled units.
On a month-over-month basis, Indianapolis, Detroit and San Diego were the only top-30 markets to record positive advertised rate growth in August.
The continued rent pressure comes as self-storage operators work through a wave of new supply. While the national development pipeline has slowed, many metropolitan areas are still absorbing elevated levels of recently delivered storage space.
Demand drivers aren’t providing much relief, either. Domestic migration and home sales, both important sources of self-storage demand, continue to struggle following years of weaker activity. At the same time, inflation remains a drag on the broader U.S. economy.
Occupancy has shown more resilience, but that hasn’t necessarily translated into stronger revenue performance.
The gap between rents paid by existing tenants and current advertised rates can make it difficult for operators to generate meaningful revenue gains, particularly when new customers are coming in at lower rates and existing customers are not receiving the same rent increases seen during stronger market cycles.
Still, there are signs of improving investor sentiment. Yardi Matrix noted that self-storage “remains favored by large investors,” while transaction activity and pricing have continued their gradual recovery in 2026.
The longer-term outlook, then, appears to depend on how quickly the industry can absorb excess supply and regain stronger demand. For now, operators are contending with a market in which occupancy has stabilized but rents remain under pressure.
The latest findings are detailed in Yardi Matrix’s Self Storage National Report for September 2026, which draws on data from 2,392 self-storage properties in various stages of development. Yardi Matrix also maintains operational profiles for 33,283 completed U.S. self-storage facilities.
