Since the 2008 financial crisis, the self-storage sector has matured into an institutional-quality asset, according to a recent report by Yardi Matrix. Over the years, increasing levels of self-storage utilization drove NOI growth. This in turn attracted investment interest and new development. Self-storage new supply has exceeded 2.5% of stock annually since 2015, and previous forecasts for self-storage were modeled based on this growth.

However, while forecast deliveries for 2024 and 2025 for self-storage have been increased, the forecast for the later years has been reduced.

For markets opened on or before 2020, there are currently 60.1 million net rentable square feet under construction This represents an 8.3% increase quarter-over-quarter and an 11.3% increase year-over-year. However, self-storage construction completion times appear to be moderating. As a result, the year-end growth in the under-construction pipeline was primarily driven by increased new development. The Q1 2024 update has reduced forecast completions for 2006 to 2009, compared to the previous quarters.