Stokley Capital

    Stokley Intelligence · Asset class

    Self-Storage Market Data 2026

    A sourced view of U.S. self-storage fundamentals—occupancy, rents, new supply and capital markets—and the situations they may create for owners, lenders and investors.

    Updated September 2026 · Data through Q2 2026 (street rates through August 2026)

    In short

    U.S. self-storage occupancy is holding above 90% at the largest REITs—92.5% at Public Storage and 94.2% at Extra Space in Q2 2026—but rents are still soft, with Yardi Matrix reporting street rates down 2.2% year over year in August 2026. Supply is easing: Marcus & Millichap projects 53 million square feet of 2026 completions, the smallest delivery slate since 2016, while deal volume rose almost 50% year over year through June.

    Current signals

    92.5%

    Public Storage same-store occupancy

    Public Storage Q2 2026 earnings release · average, vs. 92.3% a year earlier

    -2.2%

    Street rate change, year over year

    Yardi Matrix via RentCafe · August 2026 · $134 per month average unit

    53M SF

    Projected 2026 completions

    Marcus & Millichap via CRE Daily · smallest slate since 2016 · 2.2% inventory growth

    ~50%

    Deal volume growth, year over year

    Marcus & Millichap via CRE Daily · through June 2026

    Sourced market view · 01

    What's happening

    Occupancy across the public self-storage REITs is stable, but pricing has not recovered. In Q2 2026 Public Storage reported same-store average occupancy of 92.5% alongside a 0.8% decline in realized annual rent per occupied square foot to $21.89, while Extra Space ended the quarter at 94.2% same-store occupancy and CubeSmart held physical occupancy flat at 91.0%. Yardi Matrix data published by RentCafe shows the national average street rate at $134 per month in August 2026, down 2.2% year over year, with 71% of the 150 largest cities posting annual declines.

    Sourced market view · 02

    What changed

    New supply is receding and REIT outlooks have improved. Marcus & Millichap reports developers completed about 27.8 million square feet in 1H 2026, the lowest first-half total since 2014, and projects 53 million square feet for the full year. Public Storage and CubeSmart both raised 2026 guidance after Q2, and Public Storage closed its acquisition of National Storage Affiliates in July 2026.

    Sourced market view · 03

    Why it matters

    Expense growth is outrunning revenue for many operators: Public Storage's same-store direct operating costs rose 4.3% and CubeSmart's same-store expenses rose 4.4% in Q2 2026, leaving same-store NOI down 2.2% and 0.7%, respectively. For smaller owners, flat-to-lower rents and rising property taxes can compress trailing NOI just as a loan matures or a lease-up runs long. Performance also remains local: Yardi Matrix data via RentCafe shows Florida, Texas and Nevada leading construction activity.

    Stokley analysis

    Stokley's perspective

    Stokley view: the gap between improving sector momentum and still-weak trailing operating statements is where first-position bridge capital can be useful. Facilities finishing lease-up, owners facing a maturity before rent recovery shows up in trailing NOI, and buyers acting on the rebound in transaction activity may need short-duration financing while a conventional take-out catches up.

    Capital pressure

    Where market conditions become financing events.

    Stokley analysis—not a representation that every property or borrower faces the same conditions.

    1. 01Trailing NOI can understate a facility's position when street rates are still down year over year and operating costs—especially property taxes—keep rising.
    2. 02Recently delivered facilities in supply-heavy markets such as Florida, Texas and Nevada may need more time to reach stabilized occupancy before qualifying for permanent debt.
    3. 03Banks reported weaker demand and basically unchanged standards for construction and land development loans in the Federal Reserve's July 2026 survey, narrowing options for projects still in development or lease-up.
    4. 04Public REITs are active capital providers themselves—Extra Space reported roughly $1.5 billion of bridge loans outstanding at Q2 2026—raising the bar for independent owners competing on execution speed.

    Opportunity lens

    Situations we're interested in.

    Lease-up and stabilization bridges

    Newer facilities with credible demand that need additional time to build occupancy and rent roll before a conventional refinance.

    Maturities ahead of rent recovery

    Owners whose loans mature while trailing NOI still reflects several years of declining street rates and higher operating costs.

    Acquisitions in a reopening sales market

    Time-sensitive purchases, portfolio carve-outs and recapitalizations as transaction activity rebounds from its post-2022 lows.

    Evidence

    Sources and context.

    Forward watchlist

    What we're watching next.

    • —Move-in and street rate trends at Public Storage, Extra Space and CubeSmart in Q3 2026 results
    • —Yardi Matrix monthly street-rate readings by metro, especially in Florida, Texas and Nevada
    • —Whether 2H 2026 completions track Marcus & Millichap's projected slowdown
    • —Property tax and marketing cost growth relative to same-store revenue
    • —Integration of Public Storage's National Storage Affiliates acquisition and any resulting portfolio dispositions

    Questions answered

    Market and financing context.

    What is the self-storage occupancy rate in 2026?
    Among the largest public operators, Public Storage reported same-store average occupancy of 92.5% in Q2 2026, Extra Space reported 94.2% same-store occupancy at June 30, 2026, and CubeSmart reported 91.0% same-store physical occupancy at June 30, 2026, per their Q2 2026 earnings releases.
    Are self-storage rents going up or down in 2026?
    Street rates are still falling on an annual basis. Yardi Matrix data published by RentCafe shows the national average at $134 per month in August 2026, down 2.2% year over year. Public Storage's realized rent per occupied square foot fell 0.8% in Q2 2026, while CubeSmart's rose 0.7%.
    Is self-storage construction slowing in 2026?
    Yes. Marcus & Millichap, as reported by CRE Daily, projects about 53 million square feet of completions in 2026—2.2% inventory growth and the smallest delivery slate since 2016—after roughly 27.8 million square feet were completed in 1H 2026.
    Is it hard to finance a self-storage facility in 2026?
    It depends on the asset's stage. The Federal Reserve's July 2026 Senior Loan Officer Opinion Survey found construction and land development standards basically unchanged and demand weaker, while facilities with softer trailing NOI may need bridge financing until operating results support a conventional refinance.

    Continue exploring

    Self-Storage hard money loans

    First-position self-storage loans nationwide, typically $1M–$5M.

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