The U.S. self-storage market is showing signs of slowing in 2025, with March asking rents declining 0.7% year over year to $134, according to a report from StorageCafe.

The rent declines haven’t been uniform, however, with the Yardi Systems-owned service reporting that 39% of the country’s largest 150 cities recorded year-over-year rent gains last month.

A prevailing trend among the 46% of cities that saw rents decrease last month compared to the prior year is oversupply. Phoenix, which saw year-over-year rents fall 0.8% in March, is expected to have its fourth straight year of inventory growth in 2025. San Antonio, which had a 3.2% year-over-year dip in rent prices last month, has a similar supply imbalance, according to StorageCafe.

Nearly 58 million square feet of new self-storage space was constructed nationwide in 2024. StorageCafe projects that 56 million square feet will be delivered this year, reflecting “a market that is entering a more cautious growth phase, but still active.”