Despite easing development activity, national advertised self-storage rates fell 1.8% year-over-year in September, according to Yardi Matrix's October 2026 National Self Storage Report. All 30 major metros tracked by the firm posted month-over-month declines, highlighting continued pricing pressure heading into the fourth quarter.
The report also found that self-storage REITs reduced advertised rates more aggressively than non-REIT operators, with annual declines of 3.3% compared with 1.0%. Meanwhile, approximately 43.8 million net rentable square feet remained under construction nationwide at the end of September, representing 2.1% of existing inventory, down 40 basis points year-over-year. Although the development pipeline continues to shrink, longer lease-up periods and softer demand have prevented slower construction from translating into meaningful rate improvements.
Get the full Yardi Matrix October 2026 National Self Storage Report here.