# NAR Cites Yardi Matrix: September 2026 Advertised Rates Down 1.8% While Lease-Up Delays Block a Supply Recovery > Weak population and multifamily rent growth limited storage demand support, Yardi Matrix wrote in its October 2026 bulletin. NAR's commercial insights piece highlights the paradox: fewer deliveries have not yet lifted advertised rates because new properties lease up slowly. - URL: https://www.yourcaio.co/news/nar-realtor-yardi-september-2026-lease-up-supply-lag-november-2026 - Published: 2026-11-06 - Author: David Cartolano (https://www.yourcaio.co/about) - Category: Market Trends - Tags: Yardi Matrix, NAR, Advertised Rates, Supply Pipeline, Lease-Up - Source: [National Association of REALTORS](https://www.nar.realtor/news/commercial-insights/the-self-storage-boom-has-cooled-whats-next) ## Key Takeaways - Yardi Matrix reported national advertised self-storage rates slipped 1.8% year over year in September 2026, according to the October 2026 Self-Storage National Report summarized by the National Association of REALTORS in its commercial insights coverage. - The Yardi bulletin draws on 2,324 development-stage properties and operational profiles for 33,283 completed U.S. facilities; it cites weak population and multifamily rent growth as limiting demand support across much of the country. - Approximately 43.8 million net rentable square feet were under construction nationwide at the end of September 2026, equal to 2.1% of existing inventory, per NAR's summary of Yardi data; only San Diego and Washington, D.C., among the top 30 metros, posted month-over-month under-construction increases. - Trailing three-year delivery share declined year over year in 21 of Yardi's top 30 metros in September 2026, yet Yardi wrote that slower deliveries have not translated into meaningful advertised rate improvement because lease-up properties are taking longer to reach stabilization. - Non-climate-controlled advertised rates rose year over year only in New York City and Salt Lake City in September 2026; climate-controlled rates increased only in Austin, Texas, and New York, per the same report summary. **National advertised self-storage rates fell 1.8% year over year in September 2026**, per **Yardi Matrix's October 2026 Self-Storage National Report**, as summarized by the **National Association of REALTORS (NAR)** in its **commercial insights** coverage. **43.8 million net rentable square feet** sat **under construction** at month-end (**2.1%** of stock), yet **Yardi** warned **slower deliveries have not lifted rates** because **lease-up assets take longer to stabilize**. That timing gap is the **market story** behind **[SecureSpace's November DFW acquisition](https://www.yourcaio.co/news/securespace-dfw-all-storage-four-property-november-2026)** and **[Cubby's Q3 finding that only deep online cuts grew move-ins](https://www.yourcaio.co/news/cubby-state-of-self-storage-q3-2026-reit-rate-cuts-october-2026)**. --- ## What Did Yardi Matrix Measure in September 2026? NAR's summary points to **breadth**, not a single index: | Data layer | Scale (NAR / Yardi, Oct. 2026 report) | |------------|----------------------------------------| | Development pipeline sample | 2,324 properties in various stages | | Operational universe | 33,283 completed U.S. facilities | | National advertised rate change | -1.8% YoY (September 2026) | | Under-construction stock | 43.8 million NRSF (2.1% of inventory) | **Weak population growth** and **soft multifamily rent growth** are the demand headwinds Yardi cites. Storage does not live in isolation: when **household formation** and **apartment pricing** stall, **move-in catalysts** for **10×10** boxes stall with them, even if **[PODS' October migration data](https://www.yourcaio.co/news/pods-moving-trends-pulse-check-florida-top-three-october-2026)** still shows regional churn. --- ## Why Did Only Four Metros Show Positive Rate Growth? September 2026's **winner's circle** was tiny: - **Non-climate-controlled:** **New York City** and **Salt Lake City** only - **Climate-controlled:** **Austin, Texas**, and **New York City** only That pattern aligns with **[Yardi's earlier October headline of -1.8% national advertised rates](https://www.yourcaio.co/news/yardi-matrix-october-2026-advertised-rates-1-8-percent-september-2026)** but adds **NAR's distribution** to **broker and investor audiences** who do not read **Matrix bulletins** daily. **Sun Belt** operators still fighting **2022-2023 deliveries** should not confuse **sequential summer firming** with **annual growth**. Half of the **top 30** metros improved **versus August**, yet **positive YoY** remained **rare**, the same **headline** **[big-three REIT Q3 calls](https://www.yourcaio.co/news/iss-big-three-reit-q3-2026-earnings-roundup-november-2026)** danced around with **same-store revenue** still **positive** on **occupancy buys**. --- ## How Fast Is the Supply Pipeline Actually Shrinking? **Delivery share** eased in **21 of 30** top metros on a **trailing three-year** basis in **September 2026**, per NAR's Yardi summary. That is real **relief** on paper. But **under-construction** stock still totaled **43.8 million NRSF**: - **594** projects in **August 2026** sat at the same **43.8 million** figure in **[BMS Fall 2026 outlook coverage](https://www.yourcaio.co/news/bms-fall-2026-self-storage-street-rates-supply-outlook-october-2026)** - Only **San Diego** and **Washington, D.C.**, posted **month-over-month** under-construction **increases** among the **top 30** in **September** Translation: **national** pipeline contraction coexists with **local** pockets still **adding steel**. Underwriters who **model one national supply number** misprice **submarket** pain. --- ## What Does Lease-Up Delay Mean for Operators? Yardi's October language is blunt: **"slower deliveries have yet to translate into meaningful advertised rate improvement due to lease-up properties reportedly taking longer to reach stabilization."** That sentence connects **three** operational realities: 1. **[Colliers' August 2026 guidance](https://www.yourcaio.co/news/colliers-certificate-of-occupancy-sale-lease-up-august-2026)** that stabilization can run **four to five years**, not **two to three** 2. **Merchant builders** selling **certificate-of-occupancy** deals to escape **extended lease-up carry** 3. **REITs** cutting **online street rates 8.6%** while **[same-store occupancy hit 80.4% on Cubby's platform](https://www.yourcaio.co/news/cubby-state-of-self-storage-q3-2026-reit-rate-cuts-october-2026)** **New supply** still **competes on price** long after **certificate of occupancy** because **stabilization** is **slower** and **incumbent operators** **buy occupancy** with **promotional rents**. Until **lease-up assets** **fill without deep discounting**, **market-wide advertised indexes** stay **heavy**. --- ## How Should Investors Read NAR's Summary Versus REIT Earnings? **REIT Q3 2026** prints showed **same-store NOI** **up** for **[Extra Space, CubeSmart, and Public Storage](https://www.yourcaio.co/news/iss-big-three-reit-q3-2026-earnings-roundup-november-2026)** on **occupancy and expense control**, while **Yardi advertised rates** remain **negative YoY**. Both can be true: - **Public same-store pools** benefit from **ECRI**, **digital mix**, and **scale marketing** - **Advertised street indexes** capture **move-in offers** on **newer competing product** NAR's audience (**commercial brokers and capital markets**) should treat **advertised rate panels** as **forward competition indicators**, not **trailing REIT revenue** mirrors. **[TractIQ's September web-gap work](https://www.yourcaio.co/news/tractiq-september-2026-street-rates-2-9-percent-web-gap-november-2026)** adds a third layer: **web prices** diverge from **walk-in** and **contract** rents. --- ## The Numbers Worth Writing Down - **-1.8%** YoY national advertised rates (**September 2026**) - **43.8 million NRSF** under construction (**2.1%** of inventory) - **21 of 30** top metros: lower trailing **3-year delivery share** YoY - **2,324** pipeline properties tracked; **33,283** operating facilities profiled - **4** metro/product pairs with YoY advertised **increases** (two NYC entries counting both segments) --- ## Supply Relief Has a Lease-Up Latency Tax **Yardi Matrix** told the truth **NAR** amplified for **brokers**: **deliveries are slowing**, but **rates will not rip** until **lease-up assets stop discounting long enough** for **incumbents** to **hold**. **November 2026** capital still **[buys DFW Class A boxes](https://www.yourcaio.co/news/securespace-dfw-all-storage-four-property-november-2026)** because **location and vintage** matter more than **national averages**. Market strategists should track **time-to-stabilization** per **submarket**, not just **completion counts**, or they will **overestimate** how fast **[2027 supply forecasts near 45.25 million NRSF](https://www.yourcaio.co/news/bms-fall-2026-self-storage-street-rates-supply-outlook-october-2026)** translate into **pricing power**. --- ## Sources - [The Self-Storage Boom Has Cooled. What's Next?](https://www.nar.realtor/news/commercial-insights/the-self-storage-boom-has-cooled-whats-next), National Association of REALTORS - [U.S. Self Storage Rents Slide on Faltering Demand, Yardi Matrix Reports](https://www.yardi.com/news/press-releases/u-s-self-storage-rents-slide-on-faltering-demand-yardi-matrix-reports/), Yardi, October 21, 2026 - [Self-Storage Supply Forecast Update](https://digital.modernstoragemedia.com/messenger/issue/october-2026wx/self-storage-supply-forecast-update/), Modern Storage Media Messenger, October 2026 ## Frequently Asked Questions ### How much did national self-storage advertised rates fall in September 2026? Yardi Matrix reported a 1.8% year-over-year decline in national advertised rates for September 2026, according to the October 2026 Self-Storage National Report summarized by the National Association of REALTORS. Half of the top 30 metros improved versus August, but positive annual rate growth remained limited. ### How much self-storage supply was under construction in September 2026? NAR's summary of Yardi Matrix data cites about 43.8 million net rentable square feet under construction at the end of September 2026, representing 2.1% of existing inventory. Among Yardi's top 30 metros, only San Diego and Washington, D.C., showed month-over-month increases in under-construction supply. ### Why have slower deliveries not boosted advertised rates yet? Yardi Matrix stated in its October 2026 report that slower deliveries have yet to produce meaningful advertised rate improvement because lease-up properties are reportedly taking longer to reach stabilization. NAR highlighted that message as the central supply-demand timing mismatch in the sector. ### Which metros saw year-over-year advertised rate growth in September 2026? Non-climate-controlled rates increased year over year only in New York City and Salt Lake City. Climate-controlled rates rose only in Austin, Texas, and New York City, per NAR's summary of Yardi Matrix's September 2026 advertised-rate panel. ### How does this report relate to other November 2026 market headlines? The same soft-rate environment accompanies SecureSpace's November DFW entry, Cubby's finding that REITs cut online 10×10 rates 8.6% May through September 2026, and big-three REIT Q3 earnings showing occupancy gains purchased with pricing. Yardi's lease-up delay explains why supply relief lags operator sentiment. --- Cite as: David Cartolano, "NAR Cites Yardi Matrix: September 2026 Advertised Rates Down 1.8% While Lease-Up Delays Block a Supply Recovery," YourCAIO.co, 2026-11-06, https://www.yourcaio.co/news/nar-realtor-yardi-september-2026-lease-up-supply-lag-november-2026