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U.S. Self Storage: Market Trends & Sector Outlook

Tim Garey • 8/28/2023
Key self storage real estate indicators normalized in the first half of 2023—primarily due to a deceleration in rent growth and occupancy—after achieving record-level market performance in 2022.

Secular demand trends and positive market fundamentals continue to attract investors, pointing to more favorable risk adjusted returns for the self storage sector

  • Transaction volume subsided in the first half of 2023 with the trailing 12-month volume down by 57% year-over-year (YoY). While this decline is significant, self storage remains a top performer, with volume remaining above the 12-month levels leading up to the pandemic. 

  • Despite the rising cost of debt, capitalization rates for self storage remain relatively stable, averaging 5.1% in the second quarter of 2023, up only 10 basis points (bps) from all-time lows. 

  • Self storage continues to show resiliency as valuations remain intact, averaging $165 per square foot (psf). Though down slightly from the 2022 peak, the average price psf marked a 2.5% increase YoY. 
Access our previous findings. Download our H2 2022 self storage trends report.
H2 2022


Mike Mele Tampa Capital Markets
Mike Mele

Executive Vice Chair
Tampa, United States

+1 (813) 4624220

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Luke Elliott

Vice Chair
Tampa, United States

+1 (813) 462 4212

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Tim Garey

Managing Director
Portland, United States

+1 (503) 279-1787

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Executive Managing Director
Boston, United States

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Jacob Albers

Head of Alternatives Insights
San Francisco, United States

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