Market of the Month: Phoenix, AZ

February 2026

Phoenix remains one of the defining self-storage stories of the Sun Belt, where rapid population growth, heavy development activity, and sustained investor interest continue to converge in a single, high-velocity market. The Phoenix Metropolitan Area ranks among the top five metros nationally for new construction, with new supply highly concentrated in the urban core. The City of Phoenix accounts for nearly 30% of all projects underway across the metro, highlighting both the market’s expansion and competitive intensity shaping its next phase.

To better understand its potential as a self-storage investment, we used StorTrack’s Explorer platform to dig into key market metrics.

Market Snapshot for Phoenix, AZ

Source: StorTrack market data for the City of Phoenix, Arizona, within city limits.

Investment momentum has remained equally notable. Phoenix was one of the most active transaction markets in 2025, with the city recording the metro’s largest and most expensive deals, totally over $30 million in disclosed sales volume. While advertised pricing has softened, with rates down roughly 17% over the past 12 months, the market continues to attract operators and capital given its scale, liquidity, and demographic tailwinds. Phoenix is now the fifth most populous city in the U.S. and the nation’s largest state capital, with continued net migration and a diversifying, high-wage economy supporting household formation. Even amid strong housing demand, the metro remains in expansion mode, reinforcing Phoenix’s position as a leading market where development and storage demand remain tightly linked.

Key Market Metrics

  • Sq Ft per Capita: 6.77
  • REIT Presence: 84 of 179 stores are REIT-operated
  • Population: 1,663,992
  • Rental Households: 43%

Average Storage Rates in Phoenix, AZ

Data reflects average self-storage rates across all unit types, excluding parking, over the past 12 months.

📍 Analyze Phoenix—and Beyond

Want deeper insights on Phoenix or other markets? Explore facility counts, rate trends, demographic shifts, new development activity and more with StorTrack’s Explorer platform.

🔍 Check Out Explorer for Market Analysis