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Self-storage has always been a simple business built on a simple equation. Revenue minus expenses equals net operating income (NOI), and that NOI divided by a capitalization rate (cap rate) determines value. This straightforward formula has anchored the valuation of self-storage for decades and continues to guide the industry today. While the math hasn’t changed, the context around it has evolved dramatically over the past several years. The story of valuation in 2026 will be one of both return and refinement with a return to historical norms after the pandemic-era highs, and refinement of how investors analyze markets, risk, and operations within an increasingly mature asset class.