Pacific Northwest Self-Storage Market Report
Washington, Oregon, Idaho, Montana
Market Overview
As 2024 concludes, a focused review of the self-storage market in the Pacific Northwest reveals encouraging signs for stabilization and growth in 2025. Seattle and Portland have experienced year-over-year rent declines (-2.4% and -4.1%, respectively) but demonstrate resilience. With relatively low inventory per capita and controlled new supply pipelines (3.7% of existing inventory in Seattle and 2.6% in Portland), these cities are well-positioned to manage broader market adjustments.
Occupancy rates in the Pacific Northwest have remained steady despite softer demand, showcasing the region’s reliance on diversified economies that sustain storage needs. While national development activity has declined slightly, the Pacific Northwest remains disciplined in supply additions, avoiding oversaturation seen in other regions, such as the Sunbelt.
National Performance
On a national scale, the advertised rate of growth remains in negative territory. In October, advertised rates declined 3.1% year-over-year, with an annualized average of $16.35 per square foot across all unit sizes and types. However, this marks a notable improvement compared to declines of -3.8% in September and -3.9% in August, indicating a gradual stabilization in market performance.
Sales
Over the past year the average cap rate across Washington, Oregon, Idaho, and Montana was 6.6%. Washington led in sales volume, reaching $68.5 million, with Oregon following closely at $65.8 million. In contrast, sales data from Idaho and Montana is often incomplete due to their status as non-disclosure states, where transaction details are not always publicly reported. This lack of disclosure limits the ability to determine the total sales volume accurately for those markets.
By the Numbers
Washington
- Number of Properties Sold: 19
- Average Cap Rate: 5.9%
- Sales Price per SF: $108
- Average Sale Price: $4.9M
- Sales Volume: $68.5M
Oregon
- Number of Properties Sold: 21
- Average Cap Rate: 6.7%
- Sale Price per SF: $159
- Average Sale Price: $5.7M
- Sales Volume: $65.8M
Idaho and Montana are Non-Disclosure States. This means sales prices and other information are not required by law to be made publicly available after the property has changed ownership. As a result, data for analyzation is limited; however, the properties sold are still reported. In 2024, there were 13 storage facilities sold in Idaho and 11 storage facilities sold in Montana.
