Self-Storage Operators Lean on Existing Customer Rate Increases as Street Rates Stay Soft
2026-06-01
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Self-storage operators are increasingly relying on existing customer rate increases (ECRIs) to support revenue growth in 2026, as street rates for new customers remain compressed due to competition and slower housing activity, according to a June 2026 REIT sector update.
Average occupancy across major self-storage REITs stood at roughly 89.9% as of the fourth quarter of 2025, broadly in line with historical norms despite wider market headwinds tied to the slow housing market. The report describes a sector showing credible signs of stabilization after several quarters of post-pandemic normalization, with development pipelines continuing to thin.
For existing storage tenants, this trend means current renters may see steadier rate increases over time even where new-customer promotional rates look attractive, since ECRIs are applied specifically to renters already in a unit rather than new move-ins.
If your existing rate has increased, it may be worth re-checking whether your unit size still matches your actual inventory before renewing; our free SpacU Fit Score calculator can confirm whether you could downsize and save.