U.S. Self Storage REITs "Takeaways From The 2Q'26 Self Storage Survey -..."

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U.S. Self Storage REITs "Takeaways From The 2Q'26 Self Storage Survey -..."

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U.S. Self Storage REITs Equities

AmericasTakeaways From The 2Q'26 Self Storage Survey -

UBS Evidence Lab inside Real Estate

Michael Goldsmith

Analyst

michael.goldsmith@ubs.com

Our Take: UBS Evidence Lab data indicates self-storage demand softened in +1-212-713 2951

2Q'26, though record customer stickiness and stable ECRIs helped offset weaker

Ami Probandt

underlying demand

The key takeaway from the UBS Self Storage Survey is that usage in 2Q'26 declined yr/yr ami.probandt@ubs.com

per the UBS Evidence Lab (> Access Dataset), reflecting muted housing turnover, softer +1-212-713 2078

demand from lower-income consumers, and emerging affordability pressures. However, Justin Haasbeek

customers who remain storage renters are becoming materially stickier, with both Associate Analyst

average and expected length of stay reaching survey highs. For the REITs, ECRI frequency justin.haasbeek@ubs.com

increased modestly yr/yr while magnitude eased, suggesting operators remain +1-212-713 2014

disciplined on pricing. Overall, we believe the combination of lower churn and steady Connor Mitchell

ECRI execution should continue to support revenue growth, though weak move-in Associate Analyst

demand and muted housing turnover likely limit the potential for a meaningful connor.mitchell@ubs.com

acceleration in earnings growth. +1-212-649 8246

Storage usage was down yr/yr in 2Q'26. In 2Q'26, 14% of respondents Anna O'Neil

Associate Analyst reported utilizing self-storage within the past three months, representing a decline

anna.oneil@ubs.com

of -300 bps yr/yr and -400 bps sequentially. For context, the sequential change

+1-212-713 4386