U.S. Self Storage REITs "Behind the Self Storage Gate - June 2026: UBS E..."

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U.S. Self Storage REITs "Behind the Self Storage Gate - June 2026: UBS E..."

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U.S. Self Storage REITs Equities

AmericasBehind the Self Storage Gate - June 2026:

UBS Evidence Lab inside Real Estate

Michael Goldsmith

Analyst

michael.goldsmith@ubs.com

Self Storage average web asking rate growth was stable in May 2026 +1-212-713 2951

The average Self Storage street rate year-over-year change in May 2026 remained stable Ami Probandt

compared to April 2026 according to the UBS Evidence Lab analysis of 6k+ self storage Analyst

facilities (> Access Dataset). Though, growth remained soft on an absolute level. The ami.probandt@ubs.com

average yr/yr change in web asking rate for the REITs in May was down -5%, in line with +1-212-713 2078

April. Encouragingly, this occurred as the group lapped more challenging comparisons. Justin Haasbeek

More specifically, on a 2-yr stack (2025 + 2026 monthly results), web asking rates in May Associate Analyst

2026 were down by an average of -3%, ahead of April's down -6%. Notably, asking justin.haasbeek@ubs.com

rents only take into account the advertised rates, and there may be other contributing +1-212-713 2014

factors to REIT move-in rates such as promotions or sales which can change frequently. Anna O'Neil

PSA's yr/yr street rates decelerated in May according to UBS Evidence Lab data. Associate Analyst

anna.oneil@ubs.com

Specifically, PSA yr/yr street rates in May were down -7%, below April of -3%.

+1-212-713 4386

Comparisons were slightly more challenging. PSA was moving past May 2025

growth of +2%, which was modestly tougher than April's +3%. Further, in April Connor Mitchell

Associate Analyst 2025, PSA ran a sale which it did not repeat in April 2026 which we think