Key Takeaways:
- Street rates declined in 9 of the 13 cities within the Miami region, with Leisure, FL, seeing double-digit rent drops.
- Low supply is helping support rent increases in select areas, with Medley, FL, recording a 13.2% year-over-year uptick.
- New construction is concentrated in just three cities: Miami, Hialeah, and North Miami, led by over 270,000 square feet planned in Miami.
Amid a nationwide trend of softening self storage rates, the Miami region is following suit. A decelerating migration market, coupled with high home prices and fewer sales are also taking a toll on self storage demand. As of May 2025, nine out of 13 major cities in the region have reported year-over-year rent declines.
The tepid market is also reflected in construction trends, with development activity largely confined to three cities in the northern and central portions of the region. This comes despite the entire region remaining significantly undersupplied by national standards, based on per capita inventory.
9 Miami cities in the Miami region report declining storage rates
Street rates are slipping across the majority of the Miami region, with Leisure, FL, experiencing the most substantial drop: a 14.8% year-over-year decline, bringing the average monthly rate to $121. Unemployment is one of the factors influencing demand, standing above 6%, higher than the national rate of 4%.
Aventura follows with a 5% decrease in storage rates, reducing the average to around $190/month. Known for its luxury housing, Aventura is feeling the effects of a slower real estate market, where higher mortgage rates and increased inventory are extending time on the market — which in turn reduces storage demand.
Hialeah also reported a 4.9% decline in rents, with Hialeah storage averaging $174/month. The city’s storage supply is limited to just 2 square feet per capita. To make up for the low inventory, the city is scheduled to add 252,000 square feet of space to its inventory in 2025.
In Miami Beach, a 13.3% drop in population over five years contributed to 1.8% year-over-year rent decline. As of May, Miami Beach storage averaged $215.
Low supply helps raise rates in select cities
While most of the region is experiencing a decline, a handful of cities are seeing rate growth—largely due to low supply. Medley, FL, posted the most notable increase at 13.2% year-over-year, pushing average Medley rates to $129. With only 1.4 square feet of storage per capita and no new construction planned for 2025, demand continues to outpace supply.
Miami Gardens, which has the lowest per capita inventory in the region – standing at 1.1 sq. ft. – also lacks new development for the year. The city recorded a 3.4% increase in rents, with Miami Gardens units averaging $211/month.
In North Miami, rates rose 2.3% year-over-year, with the average North Miami unit now renting for $219. The city, which offers 1.2 square feet per capita, is preparing for new development—nearly 170,000 square feet of storage is expected to be delivered by the end of 2025. This amounts to 39% of the city’s existing inventory and should slow rent increases.
Miami proper is experiencing rising storage rates, with the average Miami unit renting for approximately $179 per month. With just 3.8 square feet of storage space available per resident, the city remains significantly undersupplied by national standards. To help meet growing demand, more than 270,000 square feet of new storage space is slated for delivery in 2025. Miami also boasts the largest inventory in the area — an estimated 9 million square feet — a figure supported by continuous development activity since 2023.
As the Miami region contends with a cooling housing market and slower migration, the self storage industry is adjusting accordingly. Falling rents across most cities reflect a cautious consumer base and weakened short-term demand.
Still, the fundamentals remain intact. With significant undersupply throughout the region, a slower market emerges. This period may offer a window for operators and renters alike to adapt to the evolving economic landscape.
Methodology
This analysis was done by StorageCafe, an online platform that provides storage unit listings across the nation.
To come up with this report, we analyzed cities in the Miami region and ranked them based on self storage rate evolution. The report features cities that have a self storage inventory of a minimum of 10 units. We excluded cities with no data coverage.
Data on self storage comes from Yardi Matrix, StorageCafe’s sister division and a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self storage sectors.
Fair use and distribution
This study serves as a resource for the general public on issues of common interest and should not be regarded as investment advice. The data is true to the best of our knowledge but may change if amendments to it are made. We agree to the distribution of this content but we do require a mention in return for attribution purposes.
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