The self storage industry in the United States is massive, with nearly 2 billion square feet of rentable space. The 100 largest companies own more than half of that inventory, managing about 15,000 properties out of the nation’s 33,000 large-scale facilities.

When it comes to ownership, 64.5% of the total inventory is controlled by a mix of large companies and smaller operators. The remaining 35.5% belongs to four major self storage real estate investment trusts (REITs) and U-Haul Holding Company. These five companies are publicly traded on the New York Stock Exchange, structured as C-corporations, and are consistently profitable. But despite their strong presence, the market is far from a monopoly, leaving plenty of room for smaller operators to grow and compete.

This fragmented ownership speaks volumes about the state of the self storage industry in 2025. It’s a year of stabilization, with challenges driving both big players and smaller operators to refine their strategies and strengthen their market positions.

So, who are the largest self storage owners, and what does their footprint look like?

Using data from our sister company, Yardi Matrix, we’ve analyzed the top 100 self storage companies shaping the industry. From ownership rankings to inventory levels, rent trends, and construction pipelines, the data shows how these companies are not only expanding but also playing a crucial role in easing access for people who lack space at home, giving them a convenient place for their possessions.

REITs, LLCs, and smaller companies compete at the top

Public Storage tops the charts as the biggest owner of self storage space in the U.S. Following closely are Extra Space Storage, U-Haul, National Storage Affiliates, and CubeSmart. These companies represent the biggest self storage REITs, delivering some of the most profitable stock dividends on Wall Street. (It’s worth noting that while U-Haul is publicly traded on the New York Stock Exchange, it operates primarily as a moving company and is not a REIT). Public Storage, Extra Space Storage, and National Storage Affiliates have also been recognized by The Motley Fool as the best self storage REITs to invest in. However, only Public Storage and Extra Space Storage are listed in the prestigious S&P 500.

The rest of the top 10 is made up of non-REIT companies that still own significant inventories. Together, the companies ranked 6th through 10th own nearly 5% of the national self storage stock, which showcases a range of diverse operational structures. Private equity firms SROA Capital (#6) and Prime Group Holdings (#7) operate as limited liability companies (LLCs), while Merit Hill (#8) is a limited partnership (LP). StorageMart (#9) stands out as a family-owned, privately operated self storage company, while SmartStop Self Storage is a real estate investment company.

Some of these smaller players have built impressive inventories despite entering the game later than the REITs. For instance, SROA Capital, founded in 2013, now owns 26 million square feet of self storage space — half the inventory of CubeSmart, the newest REIT, which was established in 2004 under a different name.

Aside from differences in their business and operating models, one thing these companies share is a preference for specific types of locations: highly urban, migration hotspots with strong economies and growing populations. Four of the top five companies, for example, hold the majority of their properties in Texas, California, and Florida, with Prime Group Holdings (#7), Merit Hill Capital (#8), and SmartStop Self Storage (#10) following suit.

Georgia is also making its mark as a rising self storage hotspot. While Texas and Florida dominate state-to-state moving trends, Georgia ranks fifth for new arrivals. This trend highlights the state’s economic vitality and strong consumer spending, both of which are fueling a growing demand for self storage.

The biggest self storage companies in the U.S.

Below is a roundup of the 10 largest owners of self storage in the U.S., based on current inventories. These companies have established themselves as leaders in the self storage industry, continually expanding their reach to meet the growing demand for storage solutions.

1. Public Storage

Top areas of operation: Texas, California, Florida, Illinois, Georgia

Public Storage holds the title as the largest self storage operator in the U.S., owning 11.3% of the nation’s total inventory. Following its acquisition of Simply Storage in 2023, this REIT expanded its portfolio to more than 3,000 facilities, covering a staggering 226 million square feet. Its leading position allows Public Storage to keep its prices relatively affordable, even as the market evolves.

That said, the company faces challenges from rising costs, including steep property taxes, which have slowed its pace of new construction. In 2025, new supply is expected to total 2 million square feet — down from the 1.2 million delivered in 2023 — but still ranks as the third-largest expansion among major players.

Founded in California in 1972, Public Storage joined the New York Stock Exchange in 1995 following its merger with Storage Equities Inc. Since 2008, it has stood as one of the largest self storage REITs in the country, setting benchmarks for the industry.

2. Extra Space Storage

Top areas of operation: Texas, Florida, California, Georgia, New Jersey

Two decades after joining the New York Stock Exchange, Extra Space Storage has firmly secured its spot as the second-largest self storage operator in the U.S., with more than 170 million rentable square feet. Its impressive portfolio spans over 2,300 facilities, representing 8.6% of the national self storage inventory.

In 2023, the company solidified its standing through a major merger with Life Storage, a move that not only expanded its reach but also helped Life Storage fend off a takeover bid from Public Storage.

On the construction side, Extra Space Storage continues to grow its footprint. The company is set to deliver nearly 567,000 square feet of new rentable space in 2025.

3. U-Haul Holding Company

Top areas of operation: Texas, Florida, California, Illinois, Ohio

U-Haul, established in the 1940s, began its journey by renting trailers and has since evolved into a significant player in the self storage industry. Although it entered the self storage market in 1993, U-Haul has rapidly expanded its footprint.

Today, as a publicly traded company on the New York Stock Exchange, U-Haul boasts 94 million square feet of rentable self storage space, securing its position as the third-largest owner in the U.S. with 4.7% of the national inventory. Notably, U-Haul leads the industry in new construction projects, underscoring its commitment to growth and meeting customer needs.

4. National Storage Affiliates

Top areas of operation: Texas, California, Florida, Georgia, Oregon

National Storage Affiliates holds the 4th spot in self storage inventory, managing 66 million square feet of space across its facilities. On average, the company’s rents are 12% below the national rate. In California alone, where it operates 93 facilities, National Storage Affiliates keeps rents 30% below the state’s average.

Like other major players, National Storage Affiliates benefits from larger facilities and access to significant capital, allowing them to maintain competitive rates while catering to a wide range of customers.

5. CubeSmart

Top areas of operation: Texas, Florida, California, New York, Illinois

CubeSmart owns nearly 52 million square feet of self storage space, representing 2.6% of the national inventory. The company focuses on operating in high-demand areas, which enables it to maintain rental prices above the national average.

As a REIT, CubeSmart has also seen its stock benefit from lower interest rates, further solidifying its position as a key player in the self storage market.

6. SROA Capital

Top areas of operation: Michigan, Ohio, Indiana, South Carolina, Florida

SROA Capital ranks as the 6th largest self storage owner, managing over 26 million rentable square feet across approximately 544 facilities. Among the top 10 companies, SROA Capital stands out for offering the most affordable rates — nearly 30% below the national average. In fact, it ranks 6th for lowest rates among the top 100 companies overall.

This affordability can be attributed in part to SROA’s focus on the Midwest and Southern markets rather than higher-priced coastal areas. A significant 42% of its inventory is located in the Midwest, with key hubs in Michigan, Ohio, and Indiana.

7. Prime Group Holdings

Top areas of operation: New York, Florida, California, Massachusetts, North Carolina

Prime Group Holdings ranks as the 7th largest self storage owner in the U.S., managing 21 million square feet of space. However, the company is dialing back its construction efforts, with around 129,000 square feet expected to be added in 2025 — an 81% drop compared to 2023. Looking ahead, no new construction is currently planned for 2025.

Despite scaling back on expansion, Prime Group Holdings is maintaining its pricing strategy, with rates currently 18% above the national average.

8. Merit Hill Capital

Top areas of operation: Texas, Florida, California, New York, Massachusetts

Merit Hill Capital, led by CEO Liz Raun Schlesinger, currently holds 19.5 million square feet of self storage space, placing it among the top 10 operators in the U.S.

In response to the challenging economic landscape, particularly the high-interest rate environment, Schlesinger has indicated plans to adjust the company’s portfolio. This strategy involves selling properties that have reached peak value and reinvesting in new projects with growth potential, aligning with Merit Hill’s business model of optimizing asset performance.

9. StorageMart

Top areas of operation: Missouri, New York, Iowa, Kansas, Nebraska

In 2024, StorageMart actively expanded its portfolio. In November, the company acquired or entered contracts to acquire 14 self storage facilities, adding approximately 1.2 million rentable square feet to its holdings. This brings StorageMart’s total inventory to over 15.5 million rentable square feet, positioning it as the ninth-largest self storage operator in the U.S. Additionally, the company plans to deliver around 150,000 square feet of new storage space by the end of the year.

10. SmartStop Self Storage

Top areas of operation: Florida, California, Texas, North Carolina, Nevada

SmartStop Self Storage was founded in 2009 under Strategic Asset Management and is now an internalized, self-managed company. The company rounds out the top 10 with more than 13 million square feet of rentable self storage. SmartStop Self Storage debuted on the NYSE in April 2025 and it has recently reached unsecured status on its loans (which means the company is financially strong enough for lenders not to require collateral).

Self storage industry sees modest growth in 2025

While major players like Public Storage and Extra Space Storage hold significant market shares, there’s ample opportunity for growth, particularly in underserved secondary and tertiary markets. As interest rates stabilize, borrowing costs decrease, making it easier for self storage owners to finance new projects.

Industry giants, smaller players, and emerging companies are all making impressive strides in expanding their self storage inventories. The expansion plans point to a steady upward trajectory in new facility construction. Between completed projects and those set to be delivered by the end of the year, 2025 is shaping up to outperform 2024.

The 100 largest companies alone are projected to add 15 million square feet of new storage space this year, representing 0.8% of the total U.S. inventory, which now stands at approximately 2 billion square feet.

Current storage industry stats show that the self storage sector is on track to deliver approximately 55.8 million square feet of new inventory nationwide by the end of 2025 — an 11% decrease compared to the supply added in 2024.

Who’s building the most self storage in 2025?

This year’s top contributors to new inventory showcase a strikingly diverse lineup. U-Haul leads the pack with nearly 3.5 million square feet of new rentable storage space — an 11% increase from its 2024 numbers, when it also held the top spot. U-Haul is overtaking Public Storage, which has scaled up its new construction to 2 million square feet — a 78% increase from 2024.

Extra Space Storage comes in at a distant third place, with 567,000 square feet of new supply forecasted for 2025. This marks a 33% drop from the company’s new supply last year.

A smaller company, Reliant Real Estate Management, takes the fourth spot. Reliant is expected to complete 522,500 square feet this year, which is impressive for the county’s 22nd largest self storage company.

Yet the most unexpected player is SAFStor, which lands in fifth place. Ranked 80th in overall ownership, SAFStor is on track to deliver 482,500 square feet of rentable space in 2025.

REITs show mixed performance in new self storage construction

Beyond the three major players (Public Storage, Extra Space, and U-Haul), there’s a clear difference in how other REITs are prioritizing new construction. CubeSmart has expanded its expected new construction by 33%, and National Storage Affiliates has not shown focus on new builds in either 2024 or 2025.

Market diversity keeps self storage prices affordable: Rates average $134 in 2025

The self storage market remains a highly fragmented industry, 13,300 owners sharing the national stock. Among them, almost 10,000 are small self storage providers managing less than 100,000 square feet. This diversity, combined with stabilized demand following the pandemic-driven peak and oversupply in some markets, creates a competitive environment that helps keep self storage services largely affordable for consumers.

As of March 2025, the average street rate for a storage unit is $134, reflecting a 0.6% decrease year-over-year from March 2024.

The 100 largest self storage companies, ranked

Here’s our list of the top 100 self storage companies with the largest inventories across the country.

Two years after the pandemic boom, the self storage industry is still growing steadily. While REITs play a dominant role in shaping the future of the industry, smaller companies (including LLCs, LPs, and others), are making strides and undertaking new construction. While companies like Public Storage and Extra Space Storage are poised to further solidify their positions as industry leaders, the expanding inventories of their competitors set the stage for a dynamic market in 2025.

Expert opinion

For a deeper understanding of the self storage market and some key considerations if you’re looking to break into the industry, we reached out to a leading expert on the subject.

Doug Ressler, Business Intelligence Manager, Yardi Matrix

How is the self storage market performing, and what’s driving its continued expansion?

The self storage sector is on solid footing. In 2022, the market reached $54.6 billion and is projected to grow to $74.8 billion by 2028, with an average annual growth rate of 5.3%. A key factor behind this sustained demand is the way Americans manage life transitions that involve relocation, as many prefer to keep their belongings rather than part with them. This behavioral trend, combined with an average profit margin of 41%, has made self storage increasingly attractive to investors, who continue to fund new development at a steady pace.

What role do tariffs play in the current outlook for self storage development?

The new tariffs are likely to have several impacts on the self storage industry: Tariffs on imported materials, especially steel, can lead to higher costs for building new self storage facilities. After all, steel is a primary material in the construction of self storage.

Higher costs and uncertainty around tariffs may cause developers to delay or reconsider new projects. This may slow the growth of the self storage industry. Developers and investors should consider adjusting their business strategies to mitigate the impact of tariffs. This could include sourcing materials from different countries or negotiating better deals with suppliers. The overall market for self storage could be reshaped as developers and investors adapt to the new economic landscape created by tariffs.

What materials are most commonly used to build self storage facilities, and why?

Steel is by far the material of choice, as it makes up around 60 to 70% of most self storage builds. It’s strong, it lasts, and it goes up relatively quickly, which matters when you’re trying to get a facility open and generating income. Builders tend to use both cold-formed and structural steel, especially for framing and the outer shell.

Then there’s concrete, which makes up about 20 to 25%. That’s your foundation, your floors, sometimes even some of the walls. It’s the part that keeps everything grounded.

Finally, there’s the insulation and cladding, things like metal wall panels, which take up the last 10 to 15%. These help with temperature control and keeping the building protected from the elements.

What environmental and regulatory considerations are shaping self storage site planning?

Lately, local governments and environmental regulations are playing a much bigger role in site planning, meaning how self storage projects get designed. One of the first things developers have to do is figure out what trees are already on the site — especially if there are older or protected species — and whether they need to plant more to meet green space rules. More towns are also asking for visual buffers, so the buildings don’t stick out so much next to homes or other businesses.

Stormwater is also something to keep an eye on. A lot of areas limit how much of the property can be covered in pavement or roofing, so you have to plan for enough green space to let rainwater soak in. On top of that, you might need to build retention or detention ponds to manage runoff and meet local water-quality standards.

Methodology

This analysis was conducted by RentCafe Self Storage, an online platform offering nationwide apartment and storage unit listings.

The article is based on our research into self storage data from our sister division, Yardi Matrix, a business development and asset management tool widely used by brokers, sponsors, banks, and equity sources for underwriting investments in the multifamily, office, industrial, and self storage sectors.

For the ranking, we analyzed the total rentable square footage within Yardi Matrix’s coverage area, calculating each company’s inventory as a percentage of the nation’s total inventory or each state’s inventory, depending on the scope. The data is accurate as of April 2025.

Please note that data and coverage areas may evolve, and actual figures are subject to change.

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 it 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.