Self Storage REITs: Self Storage monthly supply tracker; Apr down -12.8% Y/Y in top REIT markets

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Self Storage REITs: Self Storage monthly supply tracker; Apr down -12.8% Y/Y in top REIT markets

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Self Storage REITs

Self Storage monthly supply tracker; Apr

down -12.8% Y/Y in top REIT markets

Industry Overview

Self Storage REIT supply tracker 14 May 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, & 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 mkts: 2.7% of NRSF in Apr, -50bp Y/Y ResearchBofAS Analyst

New supply declined by 3.7mn sf or -12.8% Y/Y in Apr. New supply as a percentage of +1 646 855 1363

jeff.spector@bofa.com

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

Daniel Byun

Mar and 3.2% from a year ago. Yardi estimates new supply to be flat at 2.7% by Dec ’26 Research Analyst

and decline further to 2.3% by December ’27. The expected decline is driven by elevated BofAS +1 646 855 3195

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

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, Providence & Miami