After years of record-breaking growth, the self storage market faced significant challenges in 2023 and 2024. Rising interest rates led to reduced demand, occupancy, rents and property values. Meanwhile, an influx of new supply added pressure, especially in the markets that saw the highest growth during the pandemic. Despite these challenges, self storage continues to attract strong investor interest, and Yardi Matrix data indicates that market fundamentals may be stabilizing, particularly at the local level.