Self Storage REITs: Self Storage monthly supply tracker; May down -7.3% Y/Y in top REIT markets

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Self Storage REITs: Self Storage monthly supply tracker; May down -7.3% Y/Y in top REIT markets

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Self Storage REITs

Self Storage monthly supply tracker; May

down -7.3% Y/Y in top REIT markets

Industry Overview

Self Storage REIT supply tracker 17 June 2026

In this report, we track Yardi's new construction data to analyze broader supply trends Equity

across the U.S. We examine the top 30 markets where Self-Storage REITs (CUBE, EXR, United States

NSA, and PSA) have significant exposure. The analysis in the report primarily focuses on REITs

two supply metrics: (1) New Supply: This includes self-storage properties under Samir Khanal

construction, expansion, and/or conversions. (2) Planned Supply Pipeline: This Research Analyst

encompasses projects where zoning has been approved and the planning process is BofAS+1 646 855 1497

ongoing with local government. We use this metric to gauge future supply. samir.khanal@bofa.com

Jeffrey Spector

New supply in REIT markets: 2.8% of NRSF in May, -30bp Y/Y ResearchBofAS Analyst

New supply declined by 2.1mn sf or -7.3% Y/Y in May. New supply as a percentage of +1 646 855 1363

jeff.spector@bofa.com

existing net rentable square footage (NRSF) is 2.8% in May, which compares to 2.7% in

Daniel Byun

Apr and 3.1% a year ago. Yardi expects new supply to fall slightly to 2.7% by Dec 2026 Research Analyst

and decline further to 2.3% by December 2027. The expected decline is driven by BofAS

+1 646 855 3195

elevated interest rates, greater construction costs, and longer entitlement processes. daniel.byun@bofa.com

Positively, the decline in new supply bodes well for the sector over the next 12-18 months. REITs Team

BofAS

See Team Page for List of AnalystsNew supply is highest in Phoenix, Miami, and Providence