Full and Falling: A Self-Storage Development Scorecard for 2026
Drive-up self-storage units with yellow roll-up doors
The industry is 77 percent occupied and cutting street rents at the same time. Both numbers are true. The space between them is where the underwriting lives.
In late June, the mayor of Atlanta signed an executive order telling his own planning department to stop issuing permits for self-storage.
The document was short and the reasoning was blunt: storage facilities generate almost no jobs, and a long enough run of them can hollow out a commercial corridor. Councilman Dustin Hillis followed with a proposed 180-day moratorium and a zoning framework to go with it. The flashpoints were easy to photograph. A Public Storage building sits in Virginia-Highland at the cusp of Piedmont Park. Another occupies a parcel in Reynoldstown where a developer had once proposed 176 units of housing. Atlanta led the country in self-storage construction in 2025, and by the summer of 2026 the city had decided it had seen enough.
Three weeks later, Public Storage closed a $10.5 billion acquisition of National Storage Affiliates, the largest transaction in the history of the asset class. It added 1,061 facilities across thirty-seven states and pushed the buyer past 4,500 properties and 327 million square feet.
One American city was trying to stop building self-storage. The largest owner of self-storage in the world was paying a premium for a thousand more of it. Neither party was confused.
That contradiction runs all the way through the sector right now, and it starts with two national statistics that appear to describe different industries.
The two numbers that do not agree
National stabilized occupancy finished 2025 at 77.0 percent, essentially unchanged from a year earlier. By the standards of any other property type, that is a functioning market.
Rents say otherwise. Yardi's blended advertised rate stood at $16.07 per square foot annualized in March 2026, down 2.0 percent year over year. The commonly cited 10x10 non-climate street rate hovered between $131 and $133 a month through the spring, off about 2.2 percent. And those blended figures understate the move. Public Storage told investors that January 2026 move-in rents were down roughly 7 percent, which it described, accurately, as a sequential improvement, and guided to negative mid-single-digit move-in rates for the balance of the year.
So: occupancy flat, asking rents down modestly, and the price actually quoted to a new customer walking in the door down substantially more.
Read those three facts as a single sentence and the sector looks incoherent. Read them as a sequence and they describe a very specific machine, running exactly as designed.
The spread is the business
Public Storage's fourth-quarter 2025 disclosures contain the number that explains the whole industry, and almost nobody outside the sector quotes it.
In-place rent across its occupied square footage was $22.55. The rate paid by a customer moving out was $20.12. The rate offered to a customer moving in was $11.60.
The tenant already in the building pays 94 percent more than the tenant being recruited to replace her. This is not a pricing error and it is not a promotional distortion. It is the model.
Self-storage runs on month-to-month leases, which means the operator can reprice the entire rent roll whenever it likes. Before about 2015, most operators exercised that right once a year at 8 to 12 percent. Then revenue-management software arrived, and the existing-customer rate increase, ECRI, in the trade, became more frequent, larger, and better targeted. The first increase now commonly lands three to six months after move-in. The street rate is a customer-acquisition price. The in-place rate is the actual revenue.
Which reframes the acquisition question entirely. A buyer of a storage facility is not really buying square footage or even occupancy. He is buying an operator's demonstrated ability to raise rents on people already inside faster than those people leave. Extra Space reported through the first quarter of 2026 that ECRI-driven churn had not moved, the program, in management's phrasing, still seems to be working as designed.
The consequence for anyone reading market data is worth stating plainly. The most widely republished number in this industry, the roughly $16 advertised rate, sits thirty to forty percent below what the largest operator's occupied space actually pays. Underwrite a stabilized acquisition off street rates and you will undervalue the asset. Underwrite a ground-up lease-up off in-place rates and you will do something considerably worse.
Why occupancy held when demand did not
The more interesting question is why the buildings stayed full at all, because the traditional demand triggers went missing.
Storage demand has historically tracked housing turnover. People rent units when they move, and when they cannot move, they mostly do not. In 2025, existing-home sales totaled 4.06 million, the lowest since 1995, and roughly a fourth consecutive annual decline against a historical norm nearer 5.2 million. The National Association of Realtors' chief economist, Lawrence Yun, summarized the year without much decoration: 2025 was another tough year for homebuyers, marked by record-high home prices and historically low home sales.
Redfin's figures put the same point more sharply. The share of American homes that changed hands in 2025 was 2.77 percent, the lowest in at least three decades and down almost 38 percent from the 2021 peak. Chen Zhao, who runs economics research there, said the housing market is defined right now by caution.
Migration collapsed alongside it. State-to-state moves fell to a twelve-year low of roughly 550,000. Florida's net inflow was down 93 percent from its 2022 peak; Texas, Georgia and Arizona each gave back more than half. National population growth slowed to 0.5 percent.
Every one of those series is a demand input for self-storage, and every one of them fell hard. Occupancy did not.
The reconciliation is in length of stay. Average tenure reached 18.5 months in the fourth quarter of 2025, up 2.4 percent year over year, against 15.8 months in mid-2022. At Extra Space, 64 percent of tenants had been in place twelve months or longer as of the first quarter of 2026, up 167 basis points in a year, and 46 percent had been there two years or more, up 190 basis points.
The customer base did not grow. It stopped leaving.
That is a materially different asset than the one underwritten in 2021, and it cuts both ways. A tenant base with a long tail is stickier, cheaper to service, and more tolerant of rate increases. It is also, by definition, a base that has already absorbed several rounds of those increases and is closer to whatever its ceiling turns out to be. Household penetration reached 12.60 percent in 2024, up from 8.95 percent in 2005, the sector's structural growth story, and one with a finite runway.
The loan tape: who is actually funding this
Public REIT disclosures describe roughly a quarter of the American storage market. More than seventy percent of facilities remain in independent hands, and those owners borrow somewhere else. To see what is being financed at that end of the market, the useful record is the Small Business Administration's loan-level file.
Analytics.loan's analysis of SBA 7(a) loan-level data identifies approximately $183.1 million funded across 120 loans to self-storage operators in 2025, at an average loan size of $1.5 million and an average interest rate of 8.44 percent. By national standards that is a small book, self-storage is a capital-intensive business and most institutional-scale development never touches the SBA at all.
What the book lacks in size it makes up in concentration. A single lender, Live Oak Banking Company, accounted for $111.7 million across 62 loans, about 61 percent of the national total, at an average rate of 8.08 percent. It led every category: startups, acquisitions and existing-business lending. The next largest participant, Bank Five Nine, wrote $15.7 million across 16 loans. Below that the tail thins fast, with most named lenders under $4 million for the year.
One bank's credit committee is effectively setting the terms of independent self-storage development in the United States. That is a fragility worth naming. When a market's marginal lender is also its dominant lender, a single adjustment to underwriting standards propagates nationally within a quarter, with no offsetting bid.
The composition is more striking than the concentration. Roughly 44 percent of 2025 dollars, $91.7 million across 53 loans, went to startups rather than acquisitions or existing businesses. Acquisitions took 31 percent ($52.4 million, 37 loans) and existing-business lending 25 percent ($39.0 million, 30 loans).
Set that against the operating reality. Stabilization for a new facility now takes three to four years, against two to three before the pandemic and under twelve months in the frenzy of 2021. Nearly half of federally guaranteed small-business storage dollars in 2025 went into new ventures entering a market where the lease-up clock had roughly doubled and street rates were falling.
Geographically, the money went where the pipeline already was. Texas led at $29.7 million across 13 loans, followed by North Carolina at $17.9 million across 17, the highest loan count of any state, and a signal of smaller, single-facility deals, then Florida ($14.0 million), Georgia ($13.3 million) and Colorado ($12.9 million, across only four loans).
Two caveats belong with these figures rather than beneath them. The SBA 504 program is heavily used for owner-occupied storage real estate and prices near 5 percent fixed against 7.5 to 11 percent on 7(a) paper, so the 7(a) file understates total federally supported storage development. And the SBA does not publish loss performance by industry code; any default rate for this sector has to be constructed from the raw file, and the 2021 through 2023 cohorts, the ones underwritten into peak rents and post-pandemic lease-up assumptions, have not finished seasoning. Anyone quoting a storage default rate today is quoting an incomplete one.
The supply map
New supply is falling, but from a level that was extraordinary and toward one that is still substantial.
The cleanest public series is the Census Bureau's monthly construction spending file, which tracks private mini-storage construction separately. That series ran between $500 million and $523 million a month through the winter and spring of 2026. Year-to-date spending through April was $2.048 billion, against $1.994 billion in the same period of 2025, up 2.7 percent. Annual spending had climbed from roughly $4.6 billion in 2019 and 2020 to a record near $7 billion in 2023.
Deliveries tell a similar story with a longer lag. The industry brought more than 70 million square feet online annually in 2018 and 2019. It delivered roughly 55 million square feet in 2025, and projections for 2026 range from 51.1 million to 55.4 million depending on whose pipeline you use, about 2.6 percent of a national inventory near 2.12 billion square feet. Forecast deliveries across the top 150 cities are down 14 to 15 percent from 2025. Developers are pulling back, in other words, but the pipeline still exceeds anything built before 2016.
It is also concentrated. Florida alone is set to absorb about 10.3 million square feet in 2026, roughly 6 percent inventory growth in a single year. Texas follows at 6.9 million and California at 5.2 million.
That concentration is what turns a national average into a misleading number. Depending on the source, the country holds somewhere between 7.0 and 7.8 square feet of storage per resident. Almost no metro is average.
The scorecard: extremes
Metro | Sq ft per capita | 2026 pipeline | Pipeline as % of inventory | Street rate, YoY |
Sarasota-Cape Coral, FL | 11.4 | ~2.0M sq ft under construction | ~6.5% (highest nationally) | Falling |
Jacksonville, FL | 10.4 | 586,000 sq ft | ~6% | Falling |
Cape Coral, FL (city) | 8.7 | 471,000 sq ft | 22% | −8.7% |
Santa Rosa, CA | 8.3 | Minimal | ~0% | −8.7% to −9.9% |
Houston, TX | 7.0 | 790,000 sq ft | ~3% | Falling |
Lincoln, NE | 6.9 | Limited | Low | +5.0% |
Phoenix, AZ | 5.6 | ~3.0M sq ft | ~3-6.5% | Falling |
Los Angeles, CA | 5.1 | 1.8M sq ft | ~3% | Falling |
Boston, MA | ~5.05 | Limited | Low | +9.7% |
San Diego, CA | 4.2 | 318,000 sq ft | ~5% | Mixed |
New York, NY | 4.05 | ~3.2M sq ft | ~4% | Rising |
Glendale, CA | 2.1 | 85,000 sq ft | Small | −10.7% |
Providence, RI | 1.8 | Minimal | Low | Falling |
Read the top of that table and the thesis writes itself. Sun Belt metros carrying more than ten square feet per resident are cutting rents almost without exception. Supply-constrained coastal and Midwestern markets, New York at 4.05 square feet per capita, Boston near 5.05, Lincoln at 6.9 with almost nothing under construction, are flat to rising. Boston posted a 9.7 percent annual increase. Santa Clarita, California ran 9.6 percent. Omaha managed 4.6 percent.
Then read the bottom of the table, which is where the argument gets complicated.
Where the map breaks
Glendale, California has 2.1 square feet of storage per resident. That makes it one of the most undersupplied markets in the country by the industry's own preferred metric. Rents there fell 10.7 percent.
Providence, Rhode Island has 1.8, the tightest market in the Northeast. Rents fell there too.
And in March 2026, roughly 76 percent of large American cities recorded annual rent declines. Only about a quarter posted increases. A supply-gap framework predicts scattered, geographically concentrated weakness. What the data shows is near-universal weakness with geographically concentrated severity. Those are different diagnoses.
The reconciliation is that the housing-turnover collapse is a national overlay, and no supply metric captures it. A market can be structurally short of storage square footage and still see rents fall, because the customers who would have generated demand for that square footage are not moving. Supply explains most of the variation between metros. It does not explain the level.
The operating results support the more cautious reading. National Storage Affiliates finished 2025 with same-store occupancy at 84.0 percent, down 70 basis points, full-year same-store net operating income off 4.5 percent, and core funds from operations down 8.6 percent to $2.23 a share. Extra Space's same-store occupancy slipped to 92.6 percent from 93.3 percent, and to 92.5 percent by mid-February. Public Storage guided 2026 to same-store revenue down 1.1 percent and NOI down 2.2 percent at the midpoint.
Occupancy is not strictly holding. It is eroding slowly at the institutional end and faster in secondary markets, which is where the SBA book concentrates. In supply-heavy secondary geographies, the picture looks less like a cyclical soft patch and more like a structural repricing.
CubeSmart's chief executive, Christopher Marr, called the current moment an inflection point. Extra Space's Joseph Margolis told investors that through the first forty-five days of 2026 the company continued to see fourth-quarter trends, with rates to new customers up slightly over 6 percent. Both may be right. Neither is describing the market a first-time SBA borrower in Jacksonville is entering.
The entitlement risk nobody priced
The zoning response deserves more attention than it gets, because it is the one constraint that arrives before a shovel and cannot be underwritten away.
Atlanta was not first. In May 2025 Chicago passed an ordinance stripping residential storage warehouses of by-right permitting across most of its B3, C1, C2, C3 and DX districts, a procedural change that reads as technical and functions as a moratorium, since it converts an as-of-right use into a discretionary approval subject to aldermanic prerogative. Cape Coral, Florida let its outright moratorium lapse in April 2025 and replaced it with something more durable: a one-mile separation requirement between facilities and a 500-foot setback from major intersections. Coos Bay, Oregon adopted a twelve-month moratorium in August 2025 on the finding that its thirteen existing facilities represented more than twice the storage space a city of its size typically requires. Delta Township, Michigan simply amended its ordinance to prohibit self-storage in commercial zones.
Four different mechanisms, one conclusion. Municipalities have decided that storage is a poor use of commercial frontage, and they are increasingly willing to say so in writing.
The industry's trade association has pushed back, its president, Tim Dietz, argues that restrictive laws generally stem from misconceptions about what the facilities actually do. He has a point about jobs-per-acre being the wrong yardstick for a use that generates almost no traffic and no noise. It is also not an argument that has been winning at council meetings.
For a lender, the practical effect is that entitlement risk in this asset class has migrated from a diligence checkbox to a primary underwriting variable. A site in an unrestricted jurisdiction today may sit in a restricted one by the time a borrower closes on land, completes design and returns for a building permit, a window that now routinely runs twelve to eighteen months. The separation-distance approach that Cape Coral adopted is the most consequential of the four, because it does not ban anything. It quietly converts every existing facility into a one-mile exclusion zone, which in a built-out corridor eliminates most of the remaining sites without a single hearing on any of them.
The feasibility question has changed shape accordingly. Ten years ago a storage study proved that a trade area contained enough households within a three-mile radius. It now has to prove three additional things: that the site can still be entitled under the rules in force at permit, that the trade area's demand is not already committed to a competitor's rent roll, and that the projected lease-up curve reflects a three-to-four-year stabilization rather than the eighteen-month schedules still circulating in pro formas written before 2023.
What it costs to build now
Development math is the reason the pipeline is thinning, and it is not subtle.
Ground-up costs in 2026 run roughly $55 to $85 per gross square foot for single-story conventional product, $80 to $120 for single-story climate-controlled, and $105 to $170 for multi-story climate-controlled. Steel and aluminum tariffs have added an estimated 3 to 5 percent since April 2026. Land typically absorbs 25 to 30 percent of total development cost and soft costs another 10 to 18 percent.
Conversion of existing retail or industrial space runs 40 to 60 percent of ground-up cost, which is why adaptive reuse has become the most reliably financeable version of this deal.
Then the revenue side. Monthly net absorption in an average market runs 1,200 to 1,500 square feet, better than 2,000 in a strong one. Breakeven sits near 40 to 60 percent occupancy for operating expenses alone and around 65 percent once debt service is included, against a lender standard of roughly 1.25 times coverage. With three to four years to stabilization, a representative pro forma net of vacancy, concessions and a 32 percent expense load produces a yield on cost near 5.8 percent.
Prevailing cap rates are also near 5.8 percent, up from a record low around 5.0 percent in the fourth quarter of 2022. There is no spread. Three years of development risk and lease-up carry, and the finished building is worth roughly what it cost to make. That single comparison explains the pullback more completely than any zoning fight.
Financing terms have not helped. SBA 504 debenture money prices near 5 percent fixed; 7(a) paper runs 7.5 to 11 percent. Both cover 85 to 90 percent of project cost. SOP 50 10 8, effective June 1, 2025, restored pre-2021 underwriting discipline, reinstating the franchise directory, tightening affiliation to ownership and NAICS overlap, and requiring meaningful borrower oversight rather than passive ownership, which matters in a sector drifting toward third-party management. As of July 4, 2026, eligible borrowers may combine 7(a) and 504 for up to $10 million of total SBA-backed funding.
The tax side is the genuine bright spot. The permanent restoration of 100 percent bonus depreciation for property placed in service after January 19, 2025, is unusually valuable here, because 25 to 35 percent of a storage facility's basis typically reclassifies into five-, seven- and fifteen-year property under a cost segregation study. On a $2 million facility the first-year deduction can exceed $350,000 against roughly $41,000 on a straight-line schedule. That is a real return enhancement. It is not a substitute for a yield spread.
Operating costs are moving the wrong way in the meantime. Property taxes have become the dominant expense variable, CubeSmart absorbed a 17.5 percent year-over-year increase in a single quarter, and Extra Space has flagged assessments in Georgia and Illinois. The response has been automation: in one survey of 454 operators, 78 percent said they planned to invest in it, primarily billing, algorithmic pricing and smart-lock access.
The consolidation overlay
While the independent end of the market absorbs all of that, the institutional end is consolidating around it.
The Public Storage acquisition of National Storage Affiliates, closed July 22, 2026, takes the sector's big four down to three. Tom Boyle, who succeeded Joe Russell as Public Storage's chief executive on April 1, framed it as disciplined, accelerated investment that grows earnings and cash flow per share. Values across the sector had already declined about 12 percent from a first-quarter 2023 peak of $174 per square foot by the middle of 2025, with some brokerage estimates putting the peak-to-trough decline nearer 25 percent. First-half 2026 transaction volume ran roughly $2.8 billion at an average $123 per square foot.
Third-party management is doing quieter work in the same direction. Extra Space added 78 managed facilities in the fourth quarter of 2025 alone, on a platform above 1,800 stores.
For the independent owner this is a two-sided squeeze. His exit is being repriced at the same moment his refinancing is, and the institutional buyer at the other end of the table now has better pricing data than he does.
What we are watching
Five things will settle whether 2026 was the bottom or the beginning.
The first is move-in rates. Extra Space is already reporting new-customer rates up slightly over 6 percent early in the year. Two consecutive quarters of positive national move-in rates would end the distress reading and make this a recovery story.
The second is national stabilized occupancy. It has held near 77 percent. A break below 75 would mean the long-tenure tenant base has finished absorbing rate increases, and the sector's shock absorber is gone.
The third is ECRI-driven churn, which operators say has not moved. When it does, the spread between in-place and street rates compresses quickly, and every valuation built on that spread compresses with it.
The fourth is the count of active municipal moratoriums. Atlanta joined Chicago, Cape Coral, Coos Bay and a growing list of smaller jurisdictions in 2025 and 2026. Each one is a local admission of saturation, and collectively they are the best available leading indicator of corridor-level oversupply.
The fifth is the independent ownership share. It has held above seventy percent for decades. If it breaks sixty-five, the story stops being about supply and starts being about who is left to own the buildings.
Until those move, the accurate description of American self-storage is neither the crisis the rent charts imply nor the stability the occupancy figures suggest. It is a full industry with a thinning replacement pipeline, held up by tenants who cannot afford to move, in a country where almost nobody is moving. That is a durable position. It is not a growth one, and it will not underwrite a new building at 5.8 percent.
Methodology
Figures on SBA lending volume, loan size, lender concentration, use of proceeds and state distribution are Analytics.loan's analysis of the Small Business Administration's 7(a) loan-level FOIA dataset, filtered to NAICS 531130 (Lessors of Miniwarehouses and Self-Storage Units), covering approvals in calendar 2025. The SBA does not publish loss performance by industry code; any charge-off rate for this sector must be constructed from the raw file, and approval cohorts from 2021 through 2023 have not finished seasoning, so no default rate is reported here.
Construction spending is from the Census Bureau's monthly Value of Construction Put in Place series, private mini-storage category, not seasonally adjusted, through the June 1, 2026 release. Housing turnover figures are from the National Association of Realtors and Redfin. Migration and population figures are from the Census Bureau. Occupancy, rent, tenure and guidance figures are from Public Storage, Extra Space Storage, CubeSmart and National Storage Affiliates public disclosures for the fourth quarter and full year 2025 and the first quarter of 2026.
Metro square-feet-per-capita and pipeline figures are drawn from commercial market data and cross-checked against Census population estimates. Readers should note that published per-capita figures for individual metros vary materially between vendors, Boston has been reported at both 0.7 and 5.05 square feet per capita depending on the geography and inventory definition used, and that national estimates range from 7.0 to 7.8. Where sources disagree, the range is stated rather than resolved.
Key figures for citation
Metric | Value |
National stabilized occupancy, Q4 2025 | 77.0% |
Blended advertised rate, March 2026 | $16.07/sq ft, −2.0% YoY |
Public Storage in-place vs move-in rent, Q4 2025 | $22.55 vs $11.60 |
Average customer length of stay, Q4 2025 | 18.5 months |
Existing-home sales, 2025 | 4.06 million, lowest since 1995 |
US home turnover rate, 2025 | 2.77%, lowest in 30+ years |
SBA 7(a) storage lending, 2025 | ~$183.1m across 120 loans |
Single-lender share of that volume | ~61% |
Share of SBA storage dollars to startups | 44% |
Private mini-storage construction spending, YTD April 2026 | $2.048bn, +2.7% YoY |
Projected 2026 deliveries | 51.1m-55.4m sq ft (~2.6% of inventory) |
Time to stabilization, new facility | 3-4 years |
Illustrative yield on cost vs prevailing cap rate | ~5.8% vs ~5.8% |
Frequently asked questions
What is the national self-storage occupancy rate?
National stabilized occupancy finished 2025 at 77.0 percent, essentially unchanged from a year earlier. Institutional operators run far higher: same-store occupancy at the public REITs ranged from about 84 percent to 92.6 percent at the end of 2025. Those figures are not interchangeable, because the national number includes lease-up and weaker assets while REIT same-store figures cover mature, well-located institutional stock.
Why are self-storage rents falling while occupancy holds?
Because the two numbers measure different customers. Advertised street rates fell about 2.2 percent year over year through spring 2026, and move-in rates specifically fell much further, roughly 7 percent at the largest operator. Existing tenants pay substantially more: in-place rent reached $22.55 per occupied square foot against an $11.60 move-in rate at Public Storage in the fourth quarter of 2025. Occupancy is being held up by existing-customer rate increases and a lengthening tenant tail, not by fresh demand.
How much new self-storage is being built?
Roughly 55 million square feet was delivered in 2025, with 2026 projections ranging from 51.1 million to 55.4 million square feet, about 2.6 percent of a national inventory near 2.12 billion square feet. Census construction spending on private mini-storage ran $500 million to $523 million a month into 2026. Forecast deliveries across the top 150 cities are down 14 to 15 percent from 2025.
Which metros are most oversupplied for self-storage?
The Sun Belt carries the heaviest per-capita loads. Sarasota and Cape Coral run about 11.4 square feet per capita, Jacksonville 10.4, and Cape Coral city 8.7 with a pipeline equal to 22 percent of inventory. At the other end, Providence sits at 1.8 square feet per capita, Glendale at 2.1, New York at 4.05 and San Diego at 4.2. National averages range from 7.0 to 7.8 depending on the source.
How long does a new self-storage facility take to stabilize?
Three to four years, up from a pre-pandemic two to three years and dramatically longer than the sub-twelve-month lease-ups of 2021. Monthly net absorption runs 1,200 to 1,500 square feet in an average market. Break-even sits near 40 to 60 percent occupancy for operating expenses alone and around 65 percent once debt service is included.
Does self-storage development pencil in 2026?
Barely, and mostly through conversion. Ground-up costs run $55 to $85 per gross square foot for single-story conventional product and $105 to $170 for multi-story climate-controlled. A representative pro forma produces a yield on cost near 5.8 percent against prevailing cap rates also near 5.8 percent, leaving no development spread. Adaptive reuse of existing retail or industrial space runs 40 to 60 percent of ground-up cost and is the most reliably financeable version of the deal.
What is driving self-storage demand down?
Housing turnover. Existing-home sales totaled 4.06 million in 2025, the lowest since 1995, and the share of American homes changing hands fell to 2.77 percent, down almost 38 percent from the 2021 peak. Because storage move-ins track moves, that collapse removed the sector's primary demand trigger. Occupancy held anyway because tenure lengthened to 18.5 months, meaning the customer base stopped leaving rather than growing.
Analytics.loan produces lender-grade feasibility and market analysis for SBA, USDA and conventional commercial real estate credit.
Sources:
U.S. Small Business Administration, 7(a) loan-level FOIA dataset, NAICS 531130 (Lessors of Miniwarehouses and Self-Storage Units), calendar 2025
U.S. Small Business Administration, SOP 50 10 8, effective June 1, 2025
U.S. Census Bureau, Value of Construction Put in Place, private mini-storage series
U.S. Census Bureau, population estimates
National Association of Realtors, existing-home sales
Redfin, home turnover rate
Self Storage Association, household demand study
Public Storage, Extra Space Storage, CubeSmart and National Storage Affiliates public financial disclosures
Yardi Matrix and published self-storage market reporting, metro supply and street-rate data
Municipal ordinances and council records: Atlanta GA, Chicago IL, Cape Coral FL, Coos Bay OR, Delta Township MI
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