Self-Storage REITs Show Signs of Stabilizing After a Two-Year Correction
2026-06-15
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The four major publicly traded self-storage REITs reported first-quarter 2026 results showing occupancy gaps narrowing and new supply growth hitting an 11-year low, according to a June 2026 analysis of the reporting season.
National Storage Affiliates increased same-store occupancy 70 basis points year over year to 84.5%, with April occupancy rising further to 84.9%. CubeSmart's occupancy gap narrowed to just 20 basis points by the end of April, down sharply from 70 basis points at year-end 2025, while Extra Space finished the quarter at 93% same-store occupancy.
The broader trend follows what one analysis described as the sector's most explosive demand surge in its history during the pandemic era, followed by a hard correction: asset values fell roughly 25% from peak as new supply continued delivering into softening demand. A separate industry statistics report put total U.S. self-storage supply at more than 2.1 billion square feet as of 2026, with new construction now moderating after a 2026 supply peak.
For anyone currently comparing storage-unit pricing, this stabilization suggests month-to-month rate volatility may ease going forward, though facility-level pricing still varies significantly by region and unit size. Our free SpacU Fit Score calculator estimates the unit size you actually need before you start comparing quotes.