Self-Storage REITs Reduce Online Rates to Drive Occupancy During Peak Season
According to the Q3 2026 State of Self Storage report by Cubby, Real Estate Investment Trusts (REITs) in the self-storage sector implemented significant online rate cuts to boost occupancy. The median REIT reduced rates for a standard 10x10 unit by 8.6% between May and September, whereas independent operators largely maintained their pricing. This strategy successfully drove same-store occupancy up to 80.4%, a 2.9 percentage point increase year-over-year. The data reveals a direct correlation between aggressive discounting and customer acquisition; only stores that cut starting rents by more than 10% saw an increase in move-ins. While average move-in rents fell by 4.4%, revenue per available square foot still managed to rise by 4.9%. The report also highlights tenant churn risks, noting that rent increases exceeding 25% doubled the likelihood of long-term tenants moving out.
Topics: occupancy rates REIT performance rental pricing trends self-storage industry