The Underline: 5 Years Later: Are You Ahead, Behind, or Just Holding Ground?

TAKE A STEP BACK FOR PERSPECTIVE…

Q1 earnings are rolling out for the self-storage REITs, and the early headlines are predictable: occupancy and NOI are flat at best. Most reports compare year-over-year or same-quarter data to account for seasonality—but let’s be honest, those snapshots are starting to feel less and less useful.

When you zoom out, it becomes clear why: the last five years have been anything but typical. Self storage saw explosive growth during COVID, with Green Street reporting a 69% jump in values from March 2020 to March 2022. Since that peak, values have corrected by roughly 30%. These massive swings make it incredibly difficult to gauge progress through short-term comparisons alone.

That’s why we recommend a different lens: compare where you are today to where you stood five years ago:

• Did you gain ground?
• Did you just keep up with inflation?
• Or did you unknowingly fall behind?

The Local Story Still Matters Most

Self storage has always been a hyper-local business. National numbers may make headlines, but the true health of your operation lives in your own data. Whether you own one facility or a portfolio, now is the time to pause, step back, and evaluate your position from a 30,000-foot view.

Here’s how to get started:

• Many owners added rentable square footage during the boom, which can mask true performance. Look beyond gross revenue and focus on rent per square foot collected.
• Revisit your street rates: What was your 10×10 rate in 2020 vs. 2025? Break it down by climate and non-climate.
• Inflation has averaged around 4% annually over the last five years. Are your rate increases outpacing that benchmark?
• Evaluate average tenant stay. Industry-wide, length of stay has increased. Has yours?
• If you operate multiple facilities, analyze them individually—not just as a whole. One weak link can drag down your entire portfolio.

Let’s talk about where you really stand.

We know the market noise is loud, and short-term metrics can be misleading. That’s why we help our clients cut through the confusion and focus on what actually matters.

At Sauls Commercial Real Estate, we specialize in self-storage and provide honest, data-driven insights based on real conditions.

If you’re ready to understand how your facility stacks up in today’s market, and what it will take to move forward, we’re here to help.