Key Self-Storage Insights

Q1 2026 is the first quarter every REIT printed positive or flat same-store revenue growth since 2024. EXR led at +1.7% and SmartStop followed at +1.5%, while CubeSmart’s +0.6% ended six consecutive quarters of negative revenue growth. PSA was flat at 0.0% and NSA returned to positive at +0.2%.

 NOI growth was mostly positive, with one exception. EXR (+1.2%), NSA (+2.0%), SmartStop (+2.0%), and PSA (+0.4%) all posted positive same-store NOI growth. CubeSmart (-1.5%) remained pressured by a 54.4% YoY spike in advertising expense and 7.2% personnel cost growth.

 Occupancy stabilized near 90.9% — suggesting a new floor, not a continued reset. Sector-wide weighted average same-store occupancy ended Q1 2026 at 90.9%, down just 0.2 pp YoY and roughly 5.1 pp below the 2021 peak. EXR (93.0%) and SmartStop (92.3%) lead the group. NSA was the only REIT with occupancy expansion, up 0.9 pp YoY.

 Move-in volumes are returning — a leading indicator for future revenue growth. EXR’s Q1 net move-ins surged 58% YoY to 6,375, the strongest gain since Q1 2024. CubeSmart’s 1,903 net move-ins was the highest volume since Q1 2023 and the largest YoY gain since 2021. EXR’s move-in rate turned positive YoY (+2.4%) for the first time ever disclosed, and PSA’s move-in rate decline of -2.4% was the most modest since the data series began in 2020.

 Public Storage announced a ~$10.5B all-stock merger with NSA. The deal, announced March 16, 2026, would add 1,000+ NSA wholly-owned stores to PSA’s 3,000+ store platform, deepening PSA’s exposure to secondary and tertiary markets. Closing is expected in Q3 2026.

 The achieved rate / street rate gap widened to +25%. REIT weighted average achieved rent hit $20.66/SF vs. a TractIQ-tracked street rate of $16.52/SF — a +$4.14/SF spread, up from +19.2% a year ago. Sunbelt markets (Austin, San Antonio, Dallas) continue to show street rate weakness, while supply-constrained markets like Los Angeles, Minneapolis, and San Jose printed positive YoY growth.