- Self storage sales hit $1.6B in Q3 2025, marking a 62% year-over-year increase in transaction volume.
- More than 260 facilities traded hands, totaling 18.4M SF, as investor confidence rebounded.
- REITs drove a quarter of all deals, paying premiums for assets in high-barrier, high-demand markets.
- Top pricing appeared in New York and California, while Sunbelt markets remained active but more geographically balanced.
Market Confidence Returns
Self storage saw a major rebound in Q3, with deal volume reaching its highest point in over a year, reports StorageCafe. More than 260 facilities were sold—up 32% from Q3 2024—and overall SF traded rose to 18.4M SF. The $1.6B total in deal value signals a strong return of buyer confidence after a cautious start to the year.
Private investors remained active, but institutional players also ramped up activity, with improving capital markets and resilient sector fundamentals pulling both groups off the sidelines.
REITs Step Up — And Pay Up
REITs represented about a quarter of all Q3 transactions, typically taking the role of buyer and paying higher prices on average. REIT acquisitions averaged $146 PSF, compared to $133/SF for non-REIT deals. These premiums were most pronounced in high-barrier, high-density markets where long-term rent growth is more predictable.
In New Jersey, REITs paid nearly three times more PSF than private buyers, while in Georgia and Florida, the price gap was smaller but still notable. Meanwhile, in development-friendly states like Oklahoma, REIT and non-REIT pricing was nearly identical, pointing to more competitive bidding across asset classes.
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Top Markets: High Demand, Limited Supply
New York City led the nation in Q3 self storage sales, with $90M in volume across 208K SF—averaging $526 PSF. A major deal by Storage Post in Manhattan accounted for the largest individual transaction of the quarter.
Las Vegas followed with $76.3M in transactions, driven by strong in-migration and healthy occupancy, despite above-average per capita supply. Atlanta ranked third, with nearly $43M in trades and one large suburban deal comprising more than half the city’s quarterly volume.
Other top-performing metros included Lakewood, NJ, Temecula and Newhall, CA, and Snoqualmie, WA—each combining high pricing with low local inventory. In the Southeast, Brooksville in Florida and Stone Mountain in Georgia stood out for their strong transaction volume. Both markets have low existing supply, signaling potential for further development.
Pricing Trends Reflect Market Split
High-barrier markets drove the highest PSF prices in Q3. Coastal metros like New York, the Los Angeles suburbs, and parts of Seattle saw pricing exceed $250 to over $500 PSF. This was driven by land constraints, stable occupancy, and limited new supply.
In contrast, states with flexible zoning and available land—like Arkansas, Kentucky, and Nebraska—saw much lower pricing, with averages near $50 to $70/SF. That said, transaction activity still increased in these markets, indicating strong buyer interest even at the lower end of the price spectrum.
Outlook: 2026 Could Bring More Competitive Deal Flow
Capital is returning to both core and secondary markets. There has been a noticeable uptick in activity from both institutional and private buyers. As a result, self storage appears poised for continued momentum heading into 2026. Fundamentals like population growth, rent stability, and limited new development in key metros continue to support valuations.
If financing conditions continue to ease, expect a more competitive deal environment, especially in undersupplied suburban markets and higher-barrier urban nodes where pricing power remains strong.
