Cubby Research · State of Self Storage Q3 2026
Cubby Research · State of Self Storage Q3 2026
Occupancy is up. Move‑in rents are down. Here’s what’s working.
Occupancy is up. Move-in rents are down. Here’s what’s working.
Occupancy is up. Move-in rents are down. Here’s what’s working.
Occupancy is up. Move-in rents are down. Here’s what’s working.
Same-store occupancy reached 80.4%, up 2.9 points year over year, while average move-in rents fell 4.4% and revenue per available square foot rose 4.9%. The free report shows how operators made cheaper move-ins pay, and where they’re pulling apart.
Same-store occupancy reached 80.4%, up 2.9 points year over year, while average move-in rents fell 4.4% and revenue per available square foot rose 4.9%. The free report shows how operators made cheaper move-ins pay, and where they’re pulling apart.
80.4%
80.4%
same-store occupancy
same-store occupancy
−4.4%
−4.4%
average move-in rent
average move-in rent
−8.6%
−8.6%
median REIT online rates
median REIT online rates
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Five findings from the Q3 report
Five findings from the Q3 report
Five findings from the Q3 report
Findings from the Q3 report
REIT pricing
REIT pricing
After the summer, the big operators cut and independents held
After the summer, the big operators cut and independents held
After the summer, the big operators cut and independents held
The median REIT store’s online rate for a 10×10 fell 8.6% between May and September. Small, mid-size and single-store operators stayed within half a point of their May rates.
The median REIT store’s online rate for a 10×10 fell 8.6% between May and September. Small, mid-size and single-store operators stayed within half a point of their May rates.
The median REIT store’s online rate for a 10×10 fell 8.6% between May and September. Small, mid-size and single-store operators stayed within half a point of their May rates.
Exhibit 20
After May, REIT online rates fell while smaller operators held
Online 10×10 rate index by operator type, same stores, 2026 (May = 100)
Change in online 10×10 rate by operator type, May to September 2026 (same stores)
Small 100.4
Single-store 100.3
Mid-size 99.9
Large private 97.2
REITs 91.4
102
100
98
96
94
92
90
May
May
Jun
Jun
Jul
Jul
Aug
Aug
Sep
Sep
REITs
−8.6%
Large private
−2.8%
Mid-size
−0.1%
Single-store
+0.3%
Small
+0.4%
Source: StorTrack, a Green Street Company; Cubby Research. Same stores and unit types each month, more than 50,000 US stores.
Source: StorTrack, a Green Street Company; Cubby Research. Same stores and unit types each month, more than 50,000 US stores.
Move-in pricing
Move-in pricing
Only stores that cut starting rents more than 10% grew move-ins
Only stores that cut starting rents more than 10% grew move-ins
Only stores that cut starting rents more than 10% grew move-ins
More than a third of stores (38%) cut that deep, and their move-ins grew 5.2%. Every other group lost move-ins, even stores that cut 3–10%.
More than a third of stores (38%) cut that deep, and their move-ins grew 5.2%. Every other group lost move-ins, even stores that cut 3–10%.
Exhibit 14
Only stores that cut starting rents more than 10% grew move-ins
Change in move-ins, Q3 2026 vs Q3 2025, by change in average move-in rent
Change in move-ins, Q3 2026 vs Q3 2025, by change in average move-in rent
Cut >10%
+5.2%
Cut 3–10%
−2.5%
Flat (±3%)
−6.2%
Raised 3–10%
−9.2%
Raised >10%
−9.0%
Cut >10%
+5.2%
Cut 3–10%
−2.5%
Flat (±3%)
−6.2%
Raised 3–10%
−9.2%
Raised >10%
−9.0%
Cut >10%
+5.2%
Cut 3–10%
−2.5%
Flat (±3%)
−6.2%
Raised 3–10%
−9.2%
Raised >10%
−9.0%
Cut >10%
+5.2%
Cut 3–10%
−2.5%
Flat (±3%)
−6.2%
Raised 3–10%
−9.2%
Raised >10%
−9.0%
Source: Cubby Research, State of Self Storage Q3 2026; same-store set. Rent change includes shifts in unit mix.
Rent increases
Rent increases
Rent increases under 8% barely move churn
Rent increases under 8% barely move churn
Rent increases under 8% barely move churn
Long-term tenants given an increase under 8% moved out within 90 days at 8.5%, barely above the 7.9% rate for comparable tenants with no increase. At 25% or more, the rate doubled to 16.0%.
Long-term tenants given an increase under 8% moved out within 90 days at 8.5%, barely above the 7.9% rate for comparable tenants with no increase. At 25% or more, the rate doubled to 16.0%.
Exhibit 28
Increases under 8% barely move churn; 25% or more doubles it
Long-term tenants who moved out within 90 days, by size of rent increase
Long-term tenants who moved out within 90 days, by size of rent increase
No increase (baseline)
7.9%
Under 8%
8.5%
8% to 15%
10.9%
15% to 25%
12.8%
25% or more
16.0%
No increase (baseline)
7.9%
Under 8%
8.5%
8% to 15%
10.9%
15% to 25%
12.8%
25% or more
16.0%
No increase (baseline)
7.9%
Under 8%
8.5%
8% to 15%
10.9%
15% to 25%
12.8%
25% or more
16.0%
No increase (baseline)
7.9%
Under 8%
8.5%
8% to 15%
10.9%
15% to 25%
12.8%
25% or more
16.0%
Source: Cubby Research, State of Self Storage Q3 2026. Rent increases applied January–June 2026 to tenants with 12+ months of tenure. Baseline: comparable tenants with no increase, share moving out April–June 2026. Association, not proven cause.
Promotions
Promotions
What a free month really costs depends on how long the tenant stays
What a free month really costs depends on how long the tenant stays
What a free month really costs depends on how long the tenant stays
Priced against a 12-month stay, a free or $1 first month is an 8.3% discount. The median stay is about six months, which puts it closer to 17%.
Priced against a 12-month stay, a free or $1 first month is an 8.3% discount. The median stay is about six months, which puts it closer to 17%.
Exhibit 25
Rent given up with a free or $1 first month, as a share of rent at the street rate
Rent given up with a free or $1 first month, as a share of rent at the street rate
17%
6-month stay
(median)
8.3%
12-month lease
6.7%
15-month stay
(average)
17%
6-month stay
(median)
8.3%
12-month lease
6.7%
15-month stay
(average)
Share of total rent given up with one free (or $1) month. The shorter the stay, the bigger the slice.
Share of total rent given up with one free (or $1) month. The shorter the stay, the bigger the slice.
Source: StorTrack, a Green Street Company online listings, September 2026; length of stay from Cubby platform move-outs, Q3 2026, median store.
Demand
Demand
One in three departing tenants is now leaving because they’re moving
One in three departing tenants is now leaving because they’re moving
One in three departing tenants is now leaving because they’re moving
The share of departing tenants who said they were moving rose from 18% to 33% in a year, and “no longer need storage” fell from 70% to 56%. It’s an early sign that household moves may be picking up.
The share of departing tenants who said they were moving rose from 18% to 33% in a year, and “no longer need storage” fell from 70% to 56%. It’s an early sign that household moves may be picking up.
Exhibit 9
One in three departing tenants is now leaving because they are moving
Stated reason for moving out, share of move-outs with a recorded reason
Stated reason for moving out, share of move-outs with a recorded reason
Q3 2026
Q3 2025
No longer need storage
56%
70%
Moving
33%
18%
Can no longer afford it
6%
7%
Consolidating units
5%
4%
Bad experience
1%
1%
No longer need storage
56%
70%
Moving
33%
18%
Can no longer afford it
6%
7%
Consolidating units
5%
4%
Bad experience
1%
1%
No longer need storage
56%
70%
Moving
33%
18%
Can no longer afford it
6%
7%
Consolidating units
5%
4%
Bad experience
1%
1%
Source: Cubby Research, State of Self Storage Q3 2026; same-store set. Reasons recorded on 36% of Q3 2026 move-outs (38% in Q3 2025). Excludes lien sales.
Inside the full report
Inside the full report
Nine numbers that put a store in the top 25%
Nine numbers that put a store in the top 25%
Nine numbers that put a store in the top 25%
You’ve seen 5 of the report’s 47 exhibits. The rest of the report includes:
You’ve seen 5 of the report’s 47 exhibits. The rest of the report includes:
All nine top-quartile thresholds, from move-ins per 100 units to collection rate
All nine top-quartile thresholds, from move-ins per 100 units to collection rate
Scorecards for 31 states and the 25 largest metros
Scorecards for 31 states and the 25 largest metros
Peer benchmarks by facility size, portfolio size, local income and density
Peer benchmarks by facility size, portfolio size, local income and density
How far REIT online rates sit below their in-store rates
How far REIT online rates sit below their in-store rates
Move-out rates for each size of rent increase
Move-out rates for each size of rent increase
What five common promotions really cost, by length of stay
What five common promotions really cost, by length of stay
What to watch in Q4
What to watch in Q4
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Built from what tenants actually pay
Built from what tenants actually pay
Built from what tenants actually pay
Cubby Research builds State of Self Storage each quarter from anonymized, transaction-level data across operators on the Cubby platform, with competitive rates for 50,000+ US stores from StorTrack, a Green Street Company. No operator, facility or tenant is identified.
Cubby Research builds State of Self Storage each quarter from anonymized, transaction-level data across operators on the Cubby platform, with competitive rates for 50,000+ US stores from StorTrack, a Green Street Company. No operator, facility or tenant is identified.
Cubby Research builds State of Self Storage each quarter from anonymized, transaction-level data across operators on the Cubby platform, with competitive rates for 50,000+ US stores from StorTrack, a Green Street Company. No operator, facility or tenant is identified.
Operators bought occupancy with price in 2026. It worked (mostly).
Operators bought occupancy with price in 2026. It worked (mostly).
Operators bought occupancy with price in 2026. It worked (mostly).
The free report explains the “mostly.”
The free report explains the “mostly.”