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As we enter 2026, the self-storage industry finds itself in a familiar, but evolving position. Transaction activity remains fluid and buyer interest is deep, while fundamentals continue to face stubborn pressure. Occupancy and rental rate growth have not yet returned to the “normal” levels experienced in the 2015–2020 pre-Covid run up, and many operators are still navigating the realities of a more competitive leasing
environment. Industry-wide, the story continues to be one of pricing discipline, submarket selectivity, and operational execution, as the gap widens between facilities that can push rate and those that must defend occupancy.