- The self storage sector generated $3 billion in sales in 2024, with transactions totaling over 51 million square feet of storage space. The largest deal of the year was Hines’s $91 million acquisition of an Extra Space Storage facility in LA County.
- January 2025 saw large-scale sales transactions across 49 cities, with notable deals in Seattle, WA, Vista, CA and Manahawkin, NJ.
- Extra Space Storage acquired a 94,000-square-foot self storage facility in Seattle for $29 million, marking the largest transaction of January 2024.
- Westport Properties’ $14.52 million acquisition in Costa Mesa set the highest price per square foot at $387, reflecting strong demand in coastal markets.
The self storage industry had a big year in 2024, with 822 properties sold for a total of $3 billion. More than 51 million square feet of storage space changed hands, making up 2% of the country’s total inventory. Investor demand stayed strong, fueled by the sector’s steady cash flow and ability to perform well in diverse market conditions.
The average sale price settled at $108 per square foot, shaped by local supply and demand as well as broader market trends. While rising interest rates created some challenges, self storage remained a top choice for buyers seeking stable returns and reliable income. That momentum has carried into 2025, with a surge of transactions in January — clear proof that investors see self storage as a solid bet for the year ahead.
Self storage investors double down in 2024: Record-breaking deals in coastal markets
Several companies took an aggressive approach to acquisitions in 2024, with Prime Group Holdings leading the way, investing over $264 million in self storage facilities. Known for targeting secondary and tertiary markets, Prime Group has built a reputation for identifying high-quality assets and repositioning them for long-term growth.
Carlyle Group, one of the world’s largest private equity firms, also expanded its presence in the sector, acquiring $178 million worth of self storage properties. Meanwhile, StrategicREIT, a group with interests in both self storage and student and senior housing, invested over $131M in self storage assets in 2024. Other major investors of the past year include Extra Space Storage, a dominant publicly traded REIT, that spent $160 million in acquisitions. With over 3,500 facilities nationwide, Extra Space continued to grow in 2024, focusing on independent operators in markets with room for further development.
Zooming in at local level, NYC borough Queens leads the nation in self storage sales, surpassing $100 million in transactions in 2024, with Brooklyn also ranking fourth at $60 million. These figures underline the intense pressures of dense urban living in New York City, where shrinking apartments, high turnover, and limited space drive extraordinary interest—and lucrative opportunities—for self storage facilities.
Cerritos, CA, ranked second nationally for transaction value following a record-breaking deal. In October 2024, real estate investment firm Hines acquired a three-story, 353,000-square-foot Extra Space Storage facility in this Los Angeles suburb for a staggering $91 million — setting a new industry record. Miami, FL, also saw self storage transactions exceeding $77 million in 2024.
Self storage sales kick off strong in 2025: Seattle leads with largest transaction
Self storage sales got off to an equally strong start in early 2025, with a flurry of transactions in January signaling continued investor interest in this recession-resistant sector. A total of 26 cities across the country registered self storage transactions during the month, with investors targeting a mix of high-growth metropolitan areas and expanding suburban markets.
Seattle began 2025 leading self storage sales nationally. Limited residential and commercial space, coupled with escalating property values, makes Seattle a prime market for investors seeking stable returns. The continuous demand from residents and businesses relying on external storage to manage shrinking spaces and increased operational needs only enhances the sector’s attractiveness for investment.
Coastal cities such as Vista and Costa Mesa in California also recorded substantial transactions. Investors find these markets particularly appealing due to their high barriers to entry, limited supply, and consistently strong rental demand. Similarly to Seattle, high housing costs and limited available space push residents and local businesses toward self storage solutions, creating dependable revenue streams for investors.
The high-interest these types of markets command is further emphasized by the costs that the investors are willing to pay for properties. A transaction in Cosa Mesa, CA, where Westport Properties bought a US Storage Centers facility, resulted in an impressive $387 per square foot, making it the most expensive acquisition on a per-square-foot basis in January.
On the East Coast, suburban markets including Manahawkin, NJ, and Reisterstown, MD, are veritable case studies for the strategic importance of self storage in commuter-oriented regions. These suburban areas are experiencing steady growth driven by metropolitan population overflow, positioning them as attractive investment opportunities due to consistent and expanding customer bases. Storage facilities in these areas support numerous lifestyle changes—such as household relocations, downsizing, and entrepreneurial activities—ensure stable, diversified customer demand.
Rapidly suburbanizing regions like Mesa, AZ, and Vancouver, WA, also offer promising growth prospects. Economic expansion and population influx go hand in hand with rising storage utilization hence the increased interest from investors and the important volume of transactions this January.
Here are the top five self storage deals that made headlines this month:
1. Seattle, WA — Extra Space Storage expands its urban portfolio
- Sale Value: $29M
Extra Space Storage continues to strengthen its presence in major metro areas with the $29 million acquisition of a 94,000-square-foot facility in Seattle. At $309 per square foot, this deal marks the second-highest price per square foot among January transactions, highlighting the premium value of storage space in high-density urban markets.
Currently, the monthly street rate for a self storage unit in Seattle stands at $181, making it one of the few major markets nationwide to register year-over-year price increases of 1.1%.
With Seattle’s limited self storage supply and high barriers to new development, Extra Space’s investment signals confidence in the long-term growth of urban self storage demand.
2. Vista, CA — Ancora Group Holdings invests in growing suburban market
- Sale Value: $24.4M
Ancora Group Holdings secured the second-largest self storage transaction of January, acquiring a 110,000-square-foot facility in Vista, a suburban community near San Diego, for $24.43 million. The acquisition, priced at $221 per square foot, accounts for approximately 7% of the city's total storage inventory.
The deal once again proves the appeal of suburban markets that blend proximity to major metros with comparatively affordable real estate and growing residential demand. Although Vista added nearly 250,000 square feet of new self storage space in 2024, the lack of planned deliveries in 2025 further heightens investor interest in the city's existing inventory.
3. Manahawkin, NJ — Public Storage’s $23M deal in a high-demand market
- Sale Value: $23M
The third-largest self storage transaction of January took place in Manahawkin, NJ, where Public Storage expanded its suburban footprint with the $23 million acquisition of a 119,000-square-foot facility from The Davis Companies. This strategic move into a high-demand suburban market was particularly notable, as the purchase accounted for 55% of the city’s total self storage inventory.
At $193 per square foot, the acquisition was significantly above last year’s national average —unsurprising given that monthly storage rates in this small coastal city rival those in Seattle, with a 9% year-over-year increase.
4. Reisterstown, MD — Strategic suburban acquisition by Lee Development Group
- Sale Value: $17.8M
Lee Development Group expanded its portfolio strategically by acquiring a 99,500-square-foot Extra Space Storage facility in Reisterstown, MD, for $17.75 million. This acquisition is particularly significant, as it represents the entirety of the local self storage inventory in this Baltimore suburb—inventory that was also entirely delivered within the past year.
The deal highlights strong investor confidence in suburban areas characterized by sustained residential growth and increasing commuter populations linked to nearby metro areas. As families and businesses continue migrating to communities like Reisterstown, demand for convenient self storage options rises, making such suburbs especially appealing for investments.
5. Vancouver, WA — Westport Properties targets secondary metro growth
- Sale Value: $15.5M
Westport Properties, a key player in the self storage investment landscape, acquired an 80,000-square-foot US Storage Centers facility in Vancouver, WA, for $15.5 million. With a sale price of $195 per square foot, this deal highlights investor interest in secondary metropolitan areas adjacent to major cities. Vancouver’s proximity to Portland, OR, has made it an attractive location for storage expansion.
January 2025 has seen several high-value transactions occurring across both densely populated cities and emerging suburban hubs. As the year progresses, these early deals set the tone for what could be another dynamic year in self storage investment.
Methodology
This analysis was done by StorageCafe, an online platform that provides storage unit listings across the nation. The data on property sales, self storage prices and self storage inventory was taken from Yardi Matrix, StorageCafe’s sister division and 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.
To identify the top cities by total sales volume and square footage, as well as the highest-value sales transactions, we analyzed all U.S. cities for which sales data was available. We considered the full year of 2024 and January 2025.
Due to the nature of real estate transactions, not all property sales have disclosed prices. For transactions where pricing information was available, we calculated the sale price per square foot by dividing the total reported sales price of those properties by their total square footage.
All figures related to facility size refer to total square footage rather than rentable square footage. While we have made every effort to ensure the accuracy of the data, figures are based on available records and may be subject to revisions or updates.
Fair use and distribution
This study serves as a resource for the general public on issues of common interest and should not be regarded as investment advice. The data is true to the best of our knowledge but may change if amendments to it are made. We agree to the distribution of this content, but we do require a mention in return for attribution purposes.
