February 2026 self storage report: Rents slip nationally for first time since 2025

In February 2026, the U.S. self storage market entered its first month of year-over-year decline in three months as street rates averaged $132 per month — down 0.8% from February 2025 but unchanged from January 2026. This modest annual decline follows a period of stabilization that began in late 2025, as operators navigate seasonal demand patterns and continued new supply deliveries across major markets.

The national dip reflects typical post-peak season dynamics, as moving activity subsides following the summer and early fall surge. However, month-over-month stability suggests the market has reached a pricing equilibrium, with operators maintaining rates despite seasonal headwinds. Among individual markets, performance remains sharply divided: undersupplied coastal cities continue to post robust gains, while Sun Belt markets with generous inventories face ongoing rate pressure.

Construction activity is gaining notable momentum in 2026, with Houston, TX, Las Vegas, NV, and Jacksonville, FL, leading in terms of forecasts. These deliveries will add to inventory levels that will shape the self storage industry’s pricing dynamics, particularly in markets where supply already exceeds national benchmarks.

Nevada and Texas markets lead rent declines as inventory pressures persist

In February 2026, the biggest rent decreases were concentrated in Sun Belt markets where high inventory levels continue to exert downward pressure on pricing. Nationwide, Spring Valley, NV, and Lubbock, TX, saw the biggest rent declines.

Just as in January, Spring Valley, NV, recorded the nation’s steepest year-over-year drop at -9.9%, with average monthly rates falling to $135. Rates also declined 0.6% from January, extending the market’s adjustment trajectory. Spring Valley’s rates continue to slide, despite the city increasing its population by more than 11% from 2023 to 2024 and offering just 0.7 square feet of storage per capita — matching Boston’s extreme scarcity. But while Spring Valley itself remains undersupplied, the broader Las Vegas metro area provides an above-average 8.1 square feet per capita: a healthy supply that may also keep rents affordable in Spring Valley.

Farther south, Lubbock, TX, posted the second-largest decline at -7.4% year-over-year, bringing rates to $100 (a 1.5% drop from January). The city offers an exceptionally generous 17.1 square feet of storage per capita, more than double the national average, which creates intense competition for customers among operators. With 196,377 square feet of new space forecast for 2026, competitive pressure from nearby facilities weighs heavily on Lubbock operators.

Meanwhile, Cape Coral, FL, saw rates fall 6.4% year-over-year to $153, though they edged up 0.4% from January, which suggests potential stabilization. The city provides 8.6 square feet per capita and delivered 142,674 square feet in 2025, with another 310,093 square feet scheduled for 2026. Despite an explosive population growth of 16% in recent years, the combination of high baseline inventory and continued construction creates downward rate pressure.

Elk Grove, CA, also experienced a 6.2% annual decline to $134, but rates climbed 0.8% from January — the strongest month-over-month gain among top declining markets. The improving monthly trend suggests the city may be absorbing recent construction more effectively than in prior months, potentially signaling a floor in pricing.

Finally, Augusta, GA, rounded out the top five with a 5.5% year-over-year drop to $91, down 1.5% from January. The city offers 9.1 square feet per capita with no new supply, as existing oversupply continues to suppress rates. Per-square-foot pricing of $0.70 — down 5.3% annually — matches Lubbock’s low level, reflecting both cities’ struggles with inventory abundance in markets with limited population growth.

Boston maintains double-digit growth while Montgomery and Santa Clarita sustain momentum

The strongest rent increases in February 2026 remained concentrated in severely undersupplied markets. Like in the previous month, Boston, MA, was the leading city, posting its second consecutive month of double-digit year-over-year growth.

Boston, MA, logged an 11% annual increase to $219 per month, maintaining its position as the nation’s most aggressively appreciating major market. Rates declined 1.3% from January, a seasonal correction following peak pricing, yet remain on a strong upward trajectory. With just 0.7 square feet of storage per capita and no new supply delivered in 2025 or forecast for 2026, Boston’s structural undersupply shows no signs of relief. The city’s dense urban environment, limited development opportunities, and high cost of living sustain premium pricing that operators can command without risking customer attrition.

Down in the Sun Belt, Montgomery, AL, posted the second-highest increase at 8.8% year-over-year, with rates reaching $74 (up 2.3% from January). Despite offering 15.1 square feet per capita — more than double the national average — Montgomery continues to defy typical supply-demand dynamics. Montgomery’s role as Alabama’s capital may generate governmental and commercial storage needs that sustain demand independent of residential inventory levels.

Santa Clarita, CA, also maintained its 8.1% year-over-year gain at $177, though rates slipped 0.8% from January in line with seasonal patterns. Even with it being one of the top cities in self storage construction last year, Santa Clarita holds an average of 4.4 square feet of storage per capita, a number below the national average, which incentivizes operators to keep rents at a premium. Experts chalk Santa Clarita’s self storage boom up to the city’s high degree of intergenerational households, where adult children are moving back in with their parents, using former storage spaces as living quarters. In turn, this creates further need for space away from home.

Meanwhile, Lincoln, NE, saw rates increase 5.2% year-over-year to $123, holding nearly flat from January with just a 0.1% decline. The city sits precisely at the national average of 7 square feet per capita, with 33,750 square feet forecast for 2026: a modest addition that should maintain market balance. Farther to the East, Yonkers, NY, entered the top five with a 3.9% annual increase to $199, gaining 0.6% from January. With just 2.1 square feet per capita and 75,600 square feet delivered in 2025, the city’s undersupply persists. Yonkers’ proximity to New York City and role as a bedroom community sustain demand that outpaces the limited supply expansion.

Houston leads 2026 forecasts as Sun Belt markets drive construction activity

Sun Belt markets dominate construction forecasts in 2026, as Houston, TX, is set to deliver the largest volume of new storage space nationwide. The city’s developers are slated to complete over 888,844 square feet, representing 3% of existing inventory — a substantial but manageable expansion for a market already offering 7 square feet per capita. Given its booming population and shrinking apartment sizes, Houston’s storage construction answers the city’s growing demand for space away from home.

Las Vegas, NV, ranked second with approximately 708,087 square feet to be completed in 2026, accounting for 5% of the city’s existing inventory: the highest share among major markets. Las Vegas needs that storage, as it’s a transient city with lots of move-ins, many renters living in tight quarters, and just not enough basements.

Next, Jacksonville, FL, is set to complete nearly 586,328 square feet this year, or 6% of inventory, in a market already offering a very generous 10.2 square feet per capita. This high baseline provision level — 46% above the national average — indicates Jacksonville’s slated construction will add to an already abundant supply. This forecast comes as the city hall is still reviewing plans for a four-floor storage facility in San Marco, managed by CubeSmart as part of a larger mixed-used apartment complex managed by The Simpson Organization.

Still in the Sun Belt, Phoenix, AZ, is slated to deliver approximately 360,764 square feet, accounting for 3% of the city’s massive inventory base. Given its growing population, the city currently provides 5.6 square feet of self storage per capita, a figure below the national average. That’s despite the fact that Phoenix was among the top markets for new self storage construction in 2025, when it added over 2 million square feet to its inventory.

To round out the top 5, San Diego, CA, is forecasted to complete over 317,995 square feet, or 5% of inventory. The 8th most populous city in the U.S. currently only offers 4.2 square feet per resident, which is quite below the national norm.

Top Cities for 2026 Construction

Looking ahead, the market’s return to modest year-over-year declines suggests operators face a challenging environment as seasonal demand wanes and recent construction deliveries enter lease-up phases. Coastal markets with structural undersupply will likely maintain pricing power, while Sun Belt cities must demonstrate their population and economic growth can absorb ambitious inventory expansions without triggering sustained rate erosion.

Methodology

This analysis was conducted by RentCafe Self Storage, an online platform offering nationwide listings for apartments and storage units.

This report considers self storage rents and forecasted construction for 2026 based on February 2026 data.

The report features the 150 most populous cities that have a self storage inventory of at least 10 units. The self storage street rate is calculated as the weighted averages of the street rates for all storage unit sizes, including both non-climate-controlled and climate-controlled units included.

For data on population changes, we turned to the U.S. Census (2019–2024 dataset).

Data on self storage street rates, deliveries and 2026 forecasted construction activity came from our sister division Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self storage sectors.

Fair use and distribution

This study is intended as a resource for the general public on topics of common interest and should not be considered investment advice. The data presented is accurate to the best of our knowledge, based on thorough and good-faith research, but may change due to external factors.

We permit the distribution of this content, provided that proper attribution is given to “RentCafe Self Storage” with a link back to the research study.

Want to explore how this trend has developed over time? Check out our previous reports for historical data and insights on the topic:

• January 2026 self storage report: Rents hold steady nationwide as market enters third month of stabilization
• December 2025 self storage report: Stabilizing rents close the year amid heavy construction pipelines
• November 2025 self storage report: Rents stay flat nationally, while 61% of big cities see rent surges
• October self storage report: Prices hold steady with a 1.0% national year-over-year rise
• September 2025 self storage report: Prices rise 1.5% year-over-year in September, even as monthly rates drift