March 2026 self storage report: Rents slip in most cities

National street rates averaged $131 per month in March 2026, unchanged from February but down 2.2% year-over-year.
76% of large U.S. cities recorded annual rent declines, while 24% — or 36 cities — posted increases.
Boston, MA, led rent growth at 9.7% year-over-year, driven by critically low supply of just 0.7 square feet per capita.
Santa Rosa, CA, saw the steepest drop at 9.8% year-over-year, while Sun Belt markets in Florida and Texas also faced pressure from elevated inventories.
Houston, TX, leads 2026 projected deliveries with nearly 889,000 square feet of new storage space on track for completion.

The U.S. self storage market held its footing in March 2026, with national street rates averaging $131 per month — flat compared to February but reflecting a 2.2% year-over-year decline. Month-over-month, rates were unchanged, suggesting that the broader softening trend is losing momentum rather than accelerating. Among the 150 largest U.S. cities, 76% recorded annual street rate decreases, while 24% — 36 cities in total — posted gains.

The split underscores a market defined by local divergence: undersupplied coastal and Midwestern cities are holding firm or climbing, while oversupplied Sun Belt and inland California markets continue to absorb the weight of elevated inventories and tepid demand.

Oversupply and weak demand weigh on Sun Belt and Inland California rents

The steepest rent declines in March 2026 are concentrated in markets where storage supply outpaces resident demand, housing activity has slowed, or both. Santa Rosa, CA, posted the nation’s sharpest year-over-year decline, with street rates falling 9.8% to $166 per month — a drop reinforced by a 1.4% month-over-month slip. At 8.3 square feet per capita, Santa Rosa’s inventory sits above the national benchmark of 7 square feet, yet with a worsening economy and rising unemployment, storage facilitators are likely to keep prioritizing occupancy over rent growth.

Florida markets also feature prominently among the steepest declines. St. Petersburg, FL, saw rates slide 8.6% year-over-year to $152, with a 2.3% month-over-month drop — the steepest in the top five. Despite offering only 5.8 square feet of storage per resident, below the national average, a slower housing market appears to be tempering demand. Meanwhile, Cape Coral, FL, recorded a 7.4% annual drop to $153, with per-square-foot rents falling even more sharply at 10.6% year over year. The city carries a generous 8.6 square feet per capita and is set to absorb an additional 310,093 square feet in 2026 — a 15% inventory increase — which is likely to sustain pricing pressure through the remainder of the year.

Elk Grove, CA, continues its downward trajectory, with rates declining 7.1% year-over-year to $133. The city’s 5.2 square feet per capita is below average, but demand has not been sufficient to offset the new supply it has been absorbing in recent years.

Down South, Lubbock, TX, posted a 6.7% annual decline to $102 per month. With 17.3 square feet per capita — more than twice the national average — Lubbock’s deep inventory overhang continues to weigh heavily on street rates, even as the city recorded a marginal 1.4% month-over-month uptick suggesting some stabilization at the floor.

Tight inventories sustain rent growth in Coastal and Midwestern cities

Where storage supply falls well short of the national benchmark, operators are finding the pricing power to push rates higher. A city whose apartments dropped 11% in size over last decade, Boston, MA, leads the nation in rent growth for March 2026, with street rates climbing 9.7% year-over-year to $223 per month — supported by a further 1.8% gain from February. With just 0.7 square feet of storage per resident, Boston remains among the most undersupplied large cities in the country, and that scarcity continues to drive strong pricing momentum.

Montgomery, AL, posted the second-highest annual gain at 9.4%, pushing average rents to $74 per month. Though the city’s per-square-foot rate increased even faster at 10.7% y-o-y, its absolute rent level reflects a market still in early-growth mode. With 15.1 square feet per capita — double the average — Montgomery’s rent gains appear driven by low base pricing and a demand driven by one of Alabama’s strongest economies right now.

Further north, Sioux Falls, SD, logged a 4.7% annual increase to $110 per month, with its 8 square feet per capita providing a balanced supply picture within a fast-growing economy. Akron, OH, and Lincoln, NE, each posted 4.4% year-over-year gains, reaching $101 and $124 per month, respectively. Akron, at 5.2 square feet per capita, mirrors Elk Grove’s supply profile but is drawing the opposite pricing outcome — a reminder that local demand fundamentals, not supply alone, determine rent direction. Lincoln, sitting precisely at the national average of 7 square feet per capita, represents a stable, well-balanced market where moderate demand growth is sufficient to sustain upward movement.

Houston leads a concentrated 2026 development pipeline

Self storage construction activity in 2026 remains anchored in markets that have historically led national supply growth, with Sun Belt cities once again dominating the pipeline. Houston, TX, tops the list with 888,844 square feet of storage scheduled for delivery this year, representing a 3% increase to an already substantial inventory of 8.1 square feet per capita. Las Vegas, NV, is second with 708,087 square feet projected — a 5% inventory addition atop an existing 8.1 square feet per capita base — as the Las Vegas Valley continues its long tradition of robust storage development.

Top Cities for 2026 Construction

Rank	City	2026 Expected Supply (Sq. Ft.)	2026 New Supply as % of Inventory	Sq. Ft. Per Capita
1	Houston, TX	888,844	3%	7.0
2	Las Vegas, NV	708,087	5%	8.1
3	Jacksonville, FL	586,328	6%	10.4
4	Phoenix, AZ	360,764	3%	5.6
5	San Diego, CA	317,995	5%	4.2
6	Cape Coral, FL	310,093	15%	8.6
7	Los Angeles, CA	298,202	4%	2.1
8	Colorado Springs, CO	284,820	4%	11.5
9	San Antonio, TX	273,016	2%	9.6
10	Tallahassee, FL	251,023	8%	11.7
11	Irving, TX	232,832	11%	7.5
12	Sacramento, CA	230,919	4%	5.1
13	El Paso, TX	224,891	5%	6.5
14	Oklahoma City, OK	210,488	3%	9.1
15	Atlanta, GA	207,926	4%	4.7
16	McKinney, TX	204,956	7%	8.4
17	Little Rock, AR	198,065	6%	13.4
18	Lubbock, TX	196,377	4%	17.3
19	Irvine, CA	194,780	6%	5.0
20	Philadelphia, PA	194,769	3%	3.4
21	Mesa, AZ	193,481	4%	6.0
22	Peoria, AZ	191,223	10%	4.6
23	Fort Lauderdale, FL	186,174	7%	3.8
24	Fort Wayne, IN	178,714	7%	7.5
25	Newport News, VA	164,602	10%	6.6
26	Rochester, NY	162,045	8%	3.7
27	Orlando, FL	160,650	2%	7.1
28	Tucson, AZ	158,868	2%	9.1
29	Richmond, VA	158,013	4%	6.0
30	North Las Vegas, NV	156,709	6%	4.9
31	Greensboro, NC	156,161	4%	11.2
32	Austin, TX	153,600	2%	8.0
33	Tampa, FL	151,851	2%	7.2
34	Virginia Beach, VA	133,629	2%	11.2
35	Louisville, KY	125,546	2%	7.6
36	Toledo, OH	117,096	6%	4.7
37	Eugene, OR	116,283	7%	7.4
38	Dallas, TX	112,231	1%	5.2
39	Arlington, TX	110,322	3%	6.2
40	Reno, NV	101,531	2%	14.3
41	Indianapolis, IN	98,968	1%	7.1
42	Durham, NC	97,500	3%	9.7
43	Glendale, AZ	97,305	4%	3.1
44	Cleveland, OH	95,188	5%	2.2
45	Birmingham, AL	95,071	2%	7.7
46	Nashville, TN	91,556	2%	7.1
47	Gilbert, AZ	91,438	4%	3.9
48	Bakersfield, CA	91,430	2%	10.0
49	Henderson, NV	89,478	3%	6.6
50	Corpus Christi, TX	89,150	2%	11.7
51	Glendale, CA	85,187	11%	2.1
52	Denver, CO	83,872	2%	3.5
53	Buffalo, NY	82,308	9%	1.8
54	Oxnard, CA	73,552	5%	5.3
55	Knoxville, TN	67,788	1%	10.0
56	Albuquerque, NM	66,500	1%	7.6
57	Charlotte, NC	66,201	1%	7.4
58	Brownsville, TX	59,277	6%	5.1
59	Chicago, IL	54,471	0%	3.5
60	Portland, OR	52,500	1%	4.5
61	Santa Rosa, CA	50,841	2%	8.3
62	Fresno, CA	50,445	1%	7.0
63	Cincinnati, OH	49,500	1%	4.3
64	Amarillo, TX	36,480	1%	13.9
65	Fayetteville, NC	35,435	1%	12.6
66	Lincoln, NE	33,750	2%	7.0
67	Des Moines, IA	32,832	2%	4.9
68	Seattle, WA	23,737	1%	4.3
69	Aurora, IL	21,195	2%	2.8
70	Norfolk, VA	14,535	1%	5.5
71	Plano, TX	10,925	0%	5.4
72	Fort Worth, TX	7,552	0%	6.6

RentCafe Self Storage analysis of Yardi Matrix data (Data as of Mar. 2026 | Pub: Apr. 2026)
* Construction (%) for 2026 as a percentage of the total existing inventory at the end of 2025

Jacksonville, FL, follows with 586,328 square feet on track for 2026 completion, a 6% expansion of its inventory. At 10.4 square feet per capita, Jacksonville already ranks among the most generously supplied large metros in the country, and continued development there reflects the city’s ongoing population growth and appetite for storage rather than a response to scarcity. Phoenix, AZ, is adding 360,764 square feet — a 3% inventory increase — despite sitting at 5.6 square feet per capita, indicating that developers see demand catching up to supply as the metro continues to expand.

On the West Coast, San Diego, CA, is set to deliver 317,995 square feet, growing its inventory by 5% from a relatively tight 4.2 square feet per capita base. That positions San Diego as a market where new supply may help ease pricing pressure over the medium term without triggering the kind of oversupply dynamics visible in Cape Coral or Santa Rosa. Speaking of Cape Coral, its 310,093-square-foot 2026 pipeline — a 15% inventory increase — stands out as the most aggressive expansion relative to existing stock among the top six markets, and will bear watching as the city works to absorb that volume while street rates are already declining.

Conclusion

Looking ahead, March’s flat month-over-month performance and the moderating pace of year-over-year declines suggest the market may be approaching a new equilibrium. For operators in undersupplied coastal cities, the pricing environment remains favorable. For Sun Belt and inland markets still digesting elevated inventories, how quickly new deliveries are absorbed will determine when — and whether — a durable recovery takes hold.

Methodology

This analysis was conducted by RentCafe Self Storage, an online platform offering nationwide listings for apartments and storage units.

This report considers self storage rents and forecasted construction for 2026 based on March 2026 data.

The report features the 150 most populous cities that have a self storage inventory of at least 10 units. The self storage street rate is calculated as the weighted averages of the street rates for all storage unit sizes, including both non-climate-controlled and climate-controlled units included.

For data on population changes, we turned to the U.S. Census (2019–2024 dataset).

Data on self storage street rates, deliveries and 2026 forecasted construction activity came from our sister division Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self storage sectors.

Fair use and distribution

This study is intended as a resource for the general public on topics of common interest and should not be considered investment advice. The data presented is accurate to the best of our knowledge, based on thorough and good-faith research, but may change due to external factors.

We permit the distribution of this content, provided that proper attribution is given to “RentCafe Self Storage” with a link back to the research study.

Want to explore how this trend has developed over time? Check out our previous reports for historical data and insights on the topic: