Market Data
Self Storage sector
inventory_2

Self Storage

Climate-controlled storage facilities leased to leading operators serving residential and commercial needs.

Tenant Credit AvgBBB+↑ Stable

Data as of Q2 2026. Median asking cap rate for single-tenant net lease listings, The Boulder Group, Q2 2026. Asking, not closed.

Key Metrics

Tenant Credit Avg

BBB+

↑Stable

Market Overview

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Self-storage properties represent a distinctive NNN investment opportunity characterized by strong defensive fundamentals, resilient operator credit profiles, and favorable market dynamics.

Properties leased to Public Storage, Extra Space Storage, CubeSmart, and Life Storage provide investors with exposure to essential storage services supporting residential transitions, business operations, and personal needs. The self-storage sector benefits from unique characteristics including non-discretionary demand, high margins for well-operated facilities, and structural tailwinds from urbanization and lifestyle changes. Major operators maintain investment-grade or near-investment-grade credit ratings (BBB+/BBB range) and demonstrate financial sophistication supporting consistent rent growth and operational excellence. Modern climate-controlled facilities command premium rents and support low vacancy rates through amenity differentiation. The sector offers pricing that reflects high-quality tenant profiles and robust sector fundamentals. Long lease terms (10-15 years) with CPI escalations provide inflation protection and predictable cash flow growth.

Top Tenants

S&P ratings via Hanley Investment Group, Q3 2026.

1
Public Storageopen_in_new
NNN
location_on50 states
2
Extra Space Storageopen_in_new
NNN
location_on50 states
3
CubeSmartopen_in_new
NNN
location_on40 states
4
National Storage Affiliatesopen_in_new
NNN
location_on39 states
5
Life Storageopen_in_new
NNN
location_on34 states
6
StorageMartopen_in_new
NNN
location_on29 states
7
U-Store-Itopen_in_new
NNN
location_on27 states
8
Simply Self Storageopen_in_new
NNN
location_on24 states
9
iStorageopen_in_new
NNN
location_on22 states
10
Storage Kingopen_in_new
NNN
location_on18 states
11
Move It Self Storageopen_in_new
NNN
location_on16 states
12
Go Store Itopen_in_new
NNN
location_on15 states
13
Storage Senseopen_in_new
NNN
location_on14 states
14
Store Hereopen_in_new
NNN
location_on13 states
15
StorQuestopen_in_new
NN
location_on12 states
16
SecureSpaceopen_in_new
NN
location_on11 states
17
SmartStopopen_in_new
NN
location_on10 states
18
Pogoda Self Storageopen_in_new
NN
location_on9 states
19
PODS (Portable Storage)open_in_new
NNN
location_on50 states
20
1-800-PACK-RATopen_in_new
NNN
location_on35 states

Market Outlook

show_chartCap Rate Direction
Stable
trending_flatNeutral
constructionSupply Pipeline
Measured
trending_upPositive
warningOversupply Risk
Select Markets
trending_flatNeutral

The self-storage sector outlook through 2026 remains constructive with supportive market fundamentals and stable operator financial performance. Consumer demand for storage services remains resilient, supported by residential mobility, business flexibility, and urbanization trends increasing demand for secure storage solutions. Rent growth reflects supply-demand balance in most markets and pricing power of well-located facilities. Major operators are pursuing strategic geographic expansion and facility modernization, driving portfolio growth and rent achievement. Capital remains available for self-storage NNN properties, with institutional investors recognizing the sector's income stability and defensive characteristics. Supply development remains measured compared to demand growth, supporting pricing power. However, select secondary markets are experiencing new supply development that may moderate rent growth in certain locations.

Key Investor Tips

  1. 1Prioritize properties leased to national operators with BBB+ or better credit ratings (Public Storage, Extra Space) to ensure financial stability and professional asset management.
  2. 2Focus on climate-controlled facilities with modern amenities; these command rent premiums versus non-climate facilities and support higher occupancy rates.
  3. 3Evaluate location demographics including population density, income levels, and household mobility; high-population-density areas with active residential markets support sustained demand.
  4. 4Analyze lease structures with CPI escalations or annual fixed increases; self-storage rent growth has historically exceeded inflation due to supply constraints.
  5. 5Consider facility age and condition; modern properties (5-15 years old) with updated security systems and management software command premium occupancy rates.
  6. 6Assess operator's market-level pricing strategies and revenue management capabilities; sophisticated operators achieve superior rent growth through dynamic pricing and customer mix optimization.
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infoDisclaimer

Data and analysis on this page are for informational purposes only and do not constitute investment, financial, or tax advice. Statistics may be estimated from publicly available sources and should be verified with primary data providers before use in investment decisions. Tenant information is sourced from public filings and may not reflect current conditions. Past performance does not guarantee future results.

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