November Self Storage Report: Prices Hold Steady With a 1.0% National Year-Over-Year Rise

Self storage markets showed modest national growth in asking rents, posting a 1.0% year-over-year increase in October 2025. The picture is far from uniform, however, as more than one in three tracked cities actually recorded annual rent declines, and price swings reached well into the double digits in both directions depending on local dynamics.

At the city level, markets such as Shreveport, LA, saw striking rental jumps, climbing 15.7% compared to last year, while Spring Valley, NV, landed on the other end with rents dropping by 7.4%.

Nationally, 53 out of 150 major markets experienced a decrease in self storage pricing over the past year, illustrating a sector where local supply shifts, housing turnover, and shifting population growth increasingly dictate outcomes. While some regions are gearing up for additional new supply, others are contending with intensified competition and falling rates.

Where prices have increased: Shreveport, LA, sets the pace with Boston, MA, also rising sharply

Across the board, the biggest year-over-year rent jump lands in Shreveport, LA, where monthly rates surged 15.7% to $89. While this rent remains below many coastal markets, the sharp gain points to a tightening of available storage and possibly new housing construction driving up demand.

In the Northeast, Boston, MA, posts a 15.4% annual gain for October, with average unit rents hitting $236. Low inventory — paired with steady urban renewal and limited new construction downtown — contributes to this city’s position as one of the priciest self storage markets.

Elsewhere, Montgomery, AL, notches a double-digit leap, with rents up 10.5% year-over-year, reaching $61. This trend aligns with pockets of renewed housing growth and constrained self storage development in the area.

Further up the leader board, Newport News, VA, claims an 8.8% rate climb, pushing October rents to $121. This uptick ties closely to ongoing migration and revitalization efforts along Virginia’s coast, sustaining a higher demand for rental units.

And in the Midwest, Minneapolis, MN, rounds out the top five, charting a 6.8% gain for a new average of $123 per unit. A slowdown in new supply — and moderate but persistent population inflows — drive the Twin Cities market.

Where prices have decreased: Spring Valley, NV, and Ontario, CA, see the largest drops

Turning to softening markets, Spring Valley, NV, faces the steepest fall, with self storage rents tumbling 7.4% year-over-year to $144. This substantial correction ties back to robust new development and lingering inventory from recent years, leaving local operators competing on price.

In southern California, Ontario, CA, follows suit, experiencing a 5.9% drop that pushes rents lower to $136. Increased capacity and a more sedate local housing market undercut the previously high occupancy levels, tightening rate trends.

The coastal city of Cape Coral, FL, sees rents fall 5.3%, settling at $156 for October 2025. Here, slower in-migration and recent supply additions continue to weigh on average asking rents despite steadfast overall demand.

Further north, Elk Grove, CA, registers a decline of 5.1% — with October rents landing at $131. As in Ontario, extra square footage delivered over the last year is having an unmistakable impact on demand, helping to drive rates down by 5.1% over the last year. With rents now sitting at $131, Elk Grove, CA, is emblematic of broader California trends where markets with extra storage inventory are seeing pressure on pricing.

In the Mountain West, Salt Lake City, UT, rounds out the top five with a 5.0% drop. The city’s self storage rents sank to $132, pressured by healthy new supply arriving in 2025. With a moderate population growth rate of 4.2% over the last five years, Salt Lake City, UT, is balancing more capacity with a somewhat tempered uptick in demand, helping to explain the outsized change in rental costs.

San Antonio, TX, and Los Angeles, CA, dominate the self storage supply boom

Taking the lead on new construction, San Antonio, TX, is set to add 656,000 square feet of extra storage space this year. With October rents sitting at $119 per month, the rapid expansion signals high developer confidence in the metro’s dense urban demand and ongoing residential churn. However, the influx of new inventory could restrain pricing power as the year progresses, especially in neighborhoods already flush with self storage options.

Out west, Los Angeles, CA, is right on Chicago’s heels with 629,600 square feet of projected new space coming online in 2025. Rents here average $247 this October, so the market is still competitive. Developers are responding to years of brisk in-migration and robust housing turnover, leaving renters with ample options and landlords facing stiffer competition.

Meanwhile, Jacksonville, FL, rounds out the podium with 482,900 square feet of new storage this year. The city’s rents stand at $134 this month, and the pipeline surge is tied to the city’s whopping 9% population increase over the past 5 years.

Up north in NY, New York City is adding 457,900 square feet of self storage into a market where rents still hover above $208. Additional supply coming to market underscores the intense — and growing — competition among property owners to attract tenants, particularly as new arrivals diversify and densify the local population.

Finally, Houston, TX, rounds out the top five for new supply in 2025 with 429,500 square feet entering the market. October unit rents here sit at an average of $124. This steady influx highlights Houston’s ongoing demand for storage solutions, even as rental rates remain more subdued compared to other top-supply cities.

Top Cities for 2025 Construction

Nationally, average prices are moving downward as several major metros — including Spring Valley, NV, and Elk Grove, CA — post notable year-over-year declines driven by heightened supply and moderate demand. At the same time, cities like San Antonio, TX, and Los Angeles, CA, are seeing substantial new inventory enter the market, intensifying competition and signaling continued developer optimism about long-term growth.

Check out below street rates evolution in the country’s largest 150 cities: