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By Joel Nelson on April 29, 2025 in Matrix
Although uncertainty remains high in the self storage industry, Yardi Matrix analysts see signs of positive long-term prospects for the sector. The April 2025 Matrix Self Storage National Report outlines a business landscape marked by cautious lenders, slowing development, rising operational costs and increased regulatory risk. However, the report notes, “Top public and private buyers remain active despite pricing challenges,” and “optimism persists among seasoned investors positioning for long-term gains, with increased focus on disciplined capital deployment and strategic partnerships.”
Bridge loan demand is up
Bridge loan demand is surging as properties lease up more slowly than expected. Cap rates have risen, and underwriting has tightened. Development has slowed due to construction and financing hurdles. But advertised rate declines have eased since late 2024, and rate growth is improving as the second quarter of 2025 progresses. According to the report, “The early leasing season shows better performance compared to the past two years, leading to an earlier-than-expected return to flat year-over-year rate growth.”
Street rate changes in top metros
Year-over-year same-store rates for non-climate-controlled units increased in 13 of the top 30 metros tracked by Yardi Matrix, led by San Jose, California; Washington, D.C.; Columbus, Ohio; Tampa, Florida.; and Chicago. Rates climate-controlled units grew in 17 of the metros, most notably in Washington, Tampa, San Jose, Chicago, Minneapolis and San Francisco.
The month-over-month national average for advertised rates per square foot increased by 0.4%, with Washington; Charleston, South Carolina; Raleigh-Durham, North Carolina; New York City; and Boston showing the most growth. Advertised rate declines have eased since late 2024, and rate growth is improving as we enter Q2 2025.
Read about lease-up supply trends, major metro summaries, construction activity and more in the April 2025 Matrix Self Storage National Report.
