Top 10 REIT-Dominated Self Storage Markets

The U.S. self storage sector has grown exponentially over the past few decades, as the demand upswing has also drawn the attention of institutional investors. As of October, the industry totaled more than 1.9 billion rentable square feet of space according to Yardi Matrix data. Among the players influencing this booming commercial real estate sector are the five self storage REITs, namely CubeSmart, Extra Space Storage, National Storage Affiliates, Public Storage and U-Haul Holding Co., which had a combined 597.5 million-square-foot footprint or 31.3 percent of the national self storage stock.

The table below highlights the leading ten U.S. markets dominated by these self storage REITs. We’ve identified the top metros based on the combined footprint of the five companies relative to existing inventory, with data figures as of October.

1.Baltimore

Baltimore came out on top. The self storage space in the metro totaled 18.1 million rentable square feet. The self storage REITs held more than half of the existing stock, with 9.1 million rentable square feet, making up 50.3 percent of the metro’s total storage space.

Among the REITs, Public Storage was the largest owner, with more than 4.6 million rentable square feet of storage space or 25.3 percent of Baltimore’s total inventory. Extra Space Storage had a 2.9 million rentable square feet of space which came to 15.8 percent. U-Haul Holding Co. followed with a footprint totaling 951,946 rentable square feet or 5.2 percent.

Baltimore had 404,984 square feet of storage space underway across five facilities with an additional 16 projects totaling 1.3 million square feet in the planning stages. On year-over-year basis, Baltimore’s average advertised asking rent per square foot recorded a 3.1 percent drop for the combined mix of unit sizes and types. The rent growth for the non-climate-controlled main-size units registered a 2.1 percent fall, while the climate-controlled units saw a 4.0 percent decline.

2. Miami

With a total self storage area of 43 million square feet, Miami was substantially influenced by the REITs, which controlled 21.5 million square feet of space, representing 49.9 percent of the total.

Among the self storage REITs, Public Storage was the largest owner, with over 10.5 million rentable square feet of storage space, accounting for 24.5 percent of Miami's existing inventory. Extra Space Storage followed with 6.4 million rentable square feet, representing 14.8 percent of the total stock. CubeSmart completed the top three, holding 3.2 million rentable square feet or 7.4 percent of the metro’s inventory.

Miami had a competitive self storage landscape with a development pipeline encompassing 56 projects across 5 million rentable square feet in the planning stages as well as 26 properties underway, encompassing 2.2 million rentable square feet. On an annual basis, the average advertised asking rent per square foot saw a 4.1 percent decline for the combined mix of unit sizes and types. Rent growth for the non-climate-controlled main-size units saw a 4.1 percent decline, mirroring the metro-wide trend, while the climate-controlled units saw a 4.2 percent fall.

3. Chicago

Chicago’s self storage footprint reached 52.7 million rentable square feet. The space owned by REITs constituted a major part of the metro’s existing inventory, encompassing 26 million rentable square feet or 49.4 percent of total stock.

Public Storage led REITs with 9.8 million rentable square feet of storage space, which accounts for 18.6 percent of Chicago's total inventory. Extra Space Storage came next with 8.1 million rentable square feet, or 15.5 percent of total stock. U-Haul Holding Co. was third, with 3.9 million rentable square feet, taking up 7.3 percent of the metro’s existing inventory.

Chicago developers had 15 projects totaling 1.2 million rentable square feet underway. To capitalize the metro’s growing storage needs, the pipeline had an additional 38 projects totaling 2.6 million rentable square feet in the planning stages. Year-over-year, the metro’s average advertised asking rent per square foot registered a 3.1 percent decline for the combined mix of unit sizes and types. The non-climate-controlled main-size units fared slightly better registering a 3.2 percent drop, while the climate-controlled units saw a 3.1 percent decrease.

4. Central New Jersey

Central New Jersey’s total self storage inventory reached 14.8 million rentable square feet. Of this, the five self storage REITs accounted for a substantial share, covering 7.2 million rentable square feet, 48.6 percent of the metro’s overall storage inventory.

Among the REITs, Extra Space Storage was the largest owner, boasting over 3.8 million rentable square feet of storage space, which constitutes 26.0 percent of Central New Jersey's inventory. Public Storage held 2.1 million rentable square feet, or 13.9 percent of total stock. U-Haul Holding Co. followed with 599,574 rentable square feet, equating to 4.1 percent of the metro’s existing inventory.

Central New Jersey had an expanding pipeline with six projects totaling 500,009 rentable square feet under construction and 45 projects encompassing 3.5 million rentable square feet in the planning stages. On an annual basis, the metro’s average advertised asking rent per square foot contracted 4.9 percent for the combined mix of unit sizes and types. The non-climate-controlled main-size units saw a 4.6 percent drop, while the climate-controlled units registered a 5.4 percent decline.

5. Austin

Austin’s self storage footprint was nearly 21.2 million rentable square feet. The space owned by the self storage REITs encompassed 10.1 million rentable square feet amounting to 47.8 percent of the total stock.

Extra Space Storage led the REITs in the metro, owning roughly 4.2 million rentable square feet of storage space, which was 19.7 percent of Austin's total stock. Public Storage followed with 3 million rentable square feet, or 14.1 percent of the existing inventory. CubeSmart was third, with 1.3 million rentable square feet, making up 6.1 percent of the metro’s total stock.

Austin developers had eight facilities totaling 619,581 rentable square feet under construction as well as 14 projects encompassing 846,580 rentable square feet in the planning stages. The metro’s average advertised asking rent per square foot had seen a 3.8 percent drop year-over-year for the combined mix of unit sizes and types. The non-climate-controlled main-size units fared considerably better registering a 2.0 percent decline, while the climate-controlled units saw a 5.4 percent decline.

6. Atlanta

The self storage sector in Atlanta totaled 51.8 million rentable square feet. The five REITs held a substantial presence in this metro as well, covering 24.6 million rentable square feet. The companies’ combined footprint amounted to 47.6 percent of the metro’s total storage space.

Extra Space Storage led the metro’s REITs, boasting more than 9 million rentable square feet and 17.4 percent of Atlanta’s total storage space. Public Storage was second with 7.8 million square feet, amounting to 15.1 percent of the total, while National Storage Affiliates ranked third with 3.1 million square feet, comprising 6.1 percent of the metro’s inventory.

The metro had a robust and expanding pipeline and was also the leading market for self storage development with developers bringing online 2.1 million rentable square feet of storage in 2023. As of October, developers were working on 29 facilities totaling 2 million rentable square feet. The pipeline had an additional 74 projects in the planning stages, amounting to 5.5 million rentable square feet. On an annual basis, the metro’s average advertised rent per square foot decreased by 7.6 percent across the combined mix sizes and types. Non-climate-controlled main-size units experienced a smaller decline of 7.0 percent, while climate-controlled units saw a larger drop of 8.4 percent.

7. Washington, D.C.

Washington, D.C. had a total self storage footprint of 37 million rentable square feet. The five REITs accounted for a substantial portion of D.C.’s inventory, totaling 17.6 million rentable square feet or 47.5 percent of the metro’s existing storage space.

Among the REITs, Public Storage was the largest owner with more than 8.6 million rentable square feet of storage space or 23.3 percent of Washington D.C.’s existing inventory. Extra Space Storage had a 4.1 million-rentable-square-foot footprint amounting to 11.2 percent of total stock. CubeSmart rounded out the top three with 2.7 million rentable square feet of space or 7.2 percent of D.C.’s existing inventory.

To meet demand Washington D.C. had 974,342 square feet of storage space underway with an additional 3.1 million square feet in the planning stages. On an annual basis, the average advertised asking rent per square foot saw a 0.2 percent increase for the combined mix of unit sizes and types and was the only metro on the list which recorded positive growth. Year-over-year, the rent growth for the non-climate-controlled main-size units saw a 0.9 percent increase, while the climate-controlled units saw a 0.6 percent decline.

8. Buffalo

Buffalo's storage market totaled 4.7 million rentable square feet. The five REITs dominated this metro too, with a combined 2.2 million rentable square feet, 47.5 percent of the metro area’s storage inventory.

Only three of the REITs were present in the metro. Extra Space Storage was the largest owner, with nearly 1.4 million rentable square feet of storage space, accounting for 29.2 percent of Buffalo's existing inventory. Public Storage followed with a footprint totaling 474,990 rentable square feet, representing 10.0 percent of total stock. U-Haul Holding Co. completed the top three, having a portfolio encompassing 391,187 rentable square feet or 8.3 percent of the metro’s inventory.

On an annual basis, the metro’s average advertised asking rent per square foot saw a 2.3 percent dip for the combined mix of unit sizes and types. Rent growth for the non-climate-controlled main-size units registered a 1.9 percent decline, while the climate-controlled units registered a 2.8 percent contraction.

9. Dallas-Fort Worth

Dallas-Fort Worth had the largest self storage footprint on our list. The Metroplex’s inventory comprised a total of 81.1 million rentable square feet. REITs held a substantial presence in the metro, owning 36.9 million square feet, which account for 45.5 percent of Dallas-Fort Worth's inventory.

Public Storage led the metro’s REITs with 19.2 million rentable square feet, accounting for 23.7 percent of The Metroplex’s total. Extra Space Storage followed with 8.8 million square feet, comprising 10.9 percent of the metro’s stock and U-Haul Holding Co. was third with 3.8 million square feet or 4.7 percent of the metro’s inventory.

Dallas-Fort Worth’s self storage market was also experiencing a construction boom. Developers had 21 facilities totaling 1.7 million rentable square feet and 62 planned projects encompassing 5.1 million rentable square feet of space. Year-over-year, the average advertised asking rent per square foot saw a 4.1 percent decline for the combined mix of unit sizes and types. The contraction for non-climate-controlled main-size units was mild, registering a 3.4 percent decline, while the climate-controlled units saw a 5.0 percent decrease.

10. Houston

Houston had a total self storage area of 71.8 million rentable square feet, the second largest footprint among the metros on the list. The five REITs contributed significantly to the figure, occupying 32.6 million rentable square feet, which amounted to 45.4 percent of Houston’s storage inventory.

In the metro area, Public Storage dominated the REITs, owning 14.4 million rentable square feet, which represented 20.0 percent of Houston’s total storage space. Extra Space Storage came next with 7.5 million rentable square feet, or 10.5 percent of the existing inventory. National Storage Affiliates held the third position with 4 million rentable square feet, making up 5.6 percent of the metro’s total stock.

Houston had a robust pipeline too with 27 projects underway totaling 2.1 million rentable square feet of storage space underway and 34 facilities totaling 2.4 million square feet in the planning stages. On year-over-year basis, Houston’s average advertised asking rent per square foot recorded a 1.8 percent fall for the combined mix of unit sizes and types. The non-climate-controlled main-size units registered a 1.0 percent decline, while the climate-controlled units saw a 2.7 percent decrease.