Q1 2025 Self Storage Sales At $855M Amid Positive Investor Sentiment

Key Highlights:

• The first quarter of 2025 registered a remarkable $855 million in self storage sales nationwide, representing a 37% increase compared to Q1 2024.
• The total square footage of self storage facilities sold rose 22% year-over-year, reaching over 12 million square feet.
• Davie, Florida, recorded the highest transaction in Q1 — $36 million for a 163K-square-foot portfolio deal.
• The highest price per square foot — $387 — was recorded in Costa Mesa, CA; Seattle, WA, follows at $309. Nationwide, the average sale price per square foot in the self storage sector is now $117, reflecting a 31% increase from the same time last year.
• Investor interest is flowing into undersupplied markets — eight of the 10 cities with the highest transaction volumes have below-average storage space per capita.
• Plantation, FL, emerges as one of the most underserved markets across the top 10 cities with the biggest self storage sales volume, with just 1.7 square feet of storage per capita.

Supported by solid demand and a diversifying consumer base, the self storage sector continues to attract investor attention. Transaction volume in Q1 2025 reached $855 million, up 37% from Q1 2024, indicating renewed confidence in the asset class despite macroeconomic headwinds and higher interest rates.

Approximately 12.5 million square feet of rentable space changed hands during the first quarter, marking a 22% increase year-over-year. This uptick in sales volume is underscored by rising prices. The average price per square foot climbed to $117, up 31% from Q1 2024.

Overall, despite tighter capital markets, the self storage sector remains resilient. Unlike the explosive growth of the 2020-2021 boom, today’s momentum is more strategic and selective, targeting markets constrained by supply and buoyed by ongoing population growth and strong move-in rates. These conditions help maintain high occupancy levels, supporting both pricing power and attractive cap rate dynamics.

Some cities are emerging as front-runners — not just in transaction volume but also in the premiums commanded per square foot. According to the latest StorageCafe Quarterly Sales Report, which analyzed data from our sister division, Yardi Matrix, Q1 2025 saw several standout deals that put smaller, supply-starved metros in the spotlight.

By digging into the data on sale prices, inventory volumes and price per square foot, we uncovered which cities are leading the pack for self storage acquisitions — and where investor interest is heating up.

Non-REITs Step into the Spotlight

Q1 2025 reveals an interesting trend: non-REIT buyers accounted for nearly 85% of acquisitions. On the sell side, REITs represented just 7% of dispositions, underscoring a selective strategy aimed at portfolio optimization and maximizing long-term value.

This dynamic is creating fertile ground for private equity and regional operators to capitalize on softer pricing and broader deal flow — particularly in undersupplied secondary and tertiary markets where competition is lighter and growth prospects are stronger.

New, Modern Assets Capture Investor Interest

Investors are increasingly targeting newer self storage properties, with 38% of assets built since 2010. Modern facilities command a premium thanks to operational efficiencies, advanced security, and amenities tailored to today’s customers — supporting healthy occupancy and continued rent growth.

At the same time, roughly 60% of acquisitions focus on B-grade self storage properties, reflecting a balanced market approach. Offering a blend of affordability and strong growth potential, B-grade assets avoid the high costs associated with A-rated facilities and the extensive renovations typical of C or D properties. This middle-ground strategy presents ample opportunities for portfolio expansion, especially beyond overheated primary metro areas.

Where Self Storage is Selling Big in Q1 2025: Southern Suburban and Feeder Cities Lead the Pack for Top Acquisitions

Investor focus is increasingly turning toward secondary and suburban markets, especially in the Sunbelt, where self storage development often lags behind population growth. With limited availability and expanding demand, these markets offer solid fundamentals and long-term upside.

Below is a breakdown of the cities with biggest sales volumes in Q1 2025, with further insights into market dynamics.

1. Davie, FL — $36M in self storage sales

Self storage supply: 3.3 sq. ft. per capita

Davie, part of the Miami metro area, saw the biggest self storage sale of Q1 2025 — a $36 million deal that put it at the top of the charts. With Florida’s population still on the rise, investors are increasingly turning their attention to high-demand suburban spots like Davie. Here, a mix of tight supply and strong population growth is pushing property values higher and making storage assets more appealing than ever.

Between 2020 and 2024, Davie’s population grew by 6%, adding to the town’s need for more storage options. As more people move into rental housing, space becomes a bit harder to come by — especially in apartments, where storage is often limited. That’s particularly relevant in Davie, where 45% of households have children under 18, meaning families are juggling everyday belongings in already tight quarters. For many, self storage has become a practical solution for keeping things manageable at home.

On the supply side, space is still tight, with only 3.3 square feet of storage per person, which is well below the national average. That shortage is pushing rental rates upward — the average rent for a unit in Davie now runs about $179 per month. For investors, the combination of steady demand, limited supply and solid pricing paints a compelling picture. Davie stands out as a strong performer in South Florida’s self storage market, offering both short-term returns and long-term potential.

2. Murfreesboro, TN — $29.8M in self storage sales

Self storage supply: 10.1 sq. ft. per capita

Murfreesboro recorded nearly $30 million in self storage sales in Q1 2025, with more than 225,000 square feet of space changing hands across three major transactions. That impressive volume places the Nashville suburb firmly in the top 10 self storage markets by transaction size for the quarter.

With approximately 10 square feet of storage per capita, the local market is better stocked than most. But that hasn’t slowed investor interest — or kept prices down.

Thanks to a population boom of 10% since 2020, demand continues to surge. The city’s rapid residential growth, fueled by strong in-migration and suburban expansion, is keeping occupancy rates healthy and rental rates competitive. Despite ample supply, Murfreesboro is proving that storage-rich doesn’t mean overbuilt — especially when demand is moving just as fast. For investors, it’s a reminder that strong demographics can sustain pricing power even in well-stocked markets.

3. New Orleans, LA — $29.6M in self storage sales

Self storage supply: 4.7 sq. ft. per capita

New Orleans is experiencing a resurgence in urban storage demand, driven by shifting demographics and a post-recovery boost in tourism and construction activity. Historically limited by land availability and zoning restrictions, the city’s constrained development environment has helped preserve pricing power, creating opportunities for well-positioned infill facilities.

With gentrifying neighborhoods and a growing population of younger residents, New Orleans has become a strategic play for investors targeting high-barrier, high-yield markets. It’s no surprise, then, that the city secured the third-largest self storage sale in Q1 2025, with a single transaction totaling nearly $30 million.

Despite rising interest, New Orleans remains significantly undersupplied, offering just 4.7 square feet of self storage per capita. On the consumer side, that imbalance is reflected in pricing. Average monthly rents now stand at $134, a clear indicator of tight supply and persistent demand.

4. Seattle, WA — $29M in self storage sales

Self storage supply: 4.0 sq. ft. per capita

On the West Coast, Seattle stood out with a $29 million transaction involving a 94,000-square-foot facility, marking one of the quarter’s most notable urban deals. Strategically located between three of Seattle’s most densely populated neighborhoods — Queen Anne, Magnolia and Ballard — the facility benefits from a prime downtown footprint that caters to a diverse, space-constrained population.

Seattle continues to see steady, organic demand for self storage, driven in part by the city’s compact living spaces — the average apartment measures just 698 square feet. At the same time, the local storage market remains relatively tight, with only four square feet of storage per capita, below the national benchmark. That limited supply, paired with high-density urban living, is pushing up both rental rates and acquisition prices, making Seattle a more expensive — yet promising — bet for investors seeking long-term value in walkable, infill locations.

5. Vista, CA — $24M in self storage sales

Self storage supply: 4.5 sq. ft. per capita

In Southern California, Vista saw a major Q1 transaction with Ancora Group Holdings acquiring a 110,000-square-foot facility for $24 million at the start of 2025. The deal reflects robust demand for self storage in a market where supply remains relatively tight.

Located in San Diego County, Vista continues to attract residents due to its affordability and proximity to coastal job hubs — but like many parts of the region, it’s short on storage space. The city’s limited inventory (4.5 sq. ft. per capita) combined with active move-in patterns and modest home sizes has kept demand consistently strong. For investors, that translates into a market with room to grow, where new facilities or repositioned assets can tap into real, unmet local needs.

6. Manahawkin, NJ – $23M in self storage sales

Self storage supply: 5.9 sq. ft. per capita

Manahawkin, New Jersey, stood out as Q1’s sole representative from the Northeast, notching a $23 million transaction involving 119,000 square feet of self storage space. Located in Ocean County, the southernmost part of the New York metro area, Manahawkin may be a smaller market, but it continues to draw investor interest — especially in a region where new development faces zoning hurdles and tight land availability.

With limited supply and a competitive consumer base, the market presents an attractive opportunity for investors looking to acquire rather than build. This deal highlights how even quieter, secondary markets can capture attention when conditions align — strong fundamentals, underserved demand and fewer barriers to entry. Manahawkin proves that strategic plays in smaller metros can still deliver big potential.

7. Vallejo, CA — $22M in self storage sales

Self storage supply: 5.6 sq. ft. per capita

Interest in the Bay Area continues to shine for self storage investors, and Vallejo is quickly emerging as a market to watch, following closely behind its Southern California counterpart, Vista.

A recently completed facility offering approximately 76,000 square feet of rentable space traded hands in a deal that commanded an impressive $22 million, reflecting strong investor confidence in the market’s long-term fundamentals.

In undersupplied cities like Vallejo, where demand is strong and growing, investors are finding solid ground for long-term plays. The city currently offers just 5.6 square feet of self storage per capita, highlighting a significant gap between available supply and community need.

“Vallejo Self Storage benefits from a dense population base of more than 116,000 residents within a three-mile radius and is positioned across the street from a major mixed-use development, which will drive additional demand for the facility,” said JLL Capital Markets Senior Managing Director Brian Somoza in a statement accompanying the sale.

Located at 384 Fairgrounds Dr., adjacent to Interstate 80, the property sits in a high-traffic corridor with roughly 140,000 vehicles passing daily. Surrounded by residential neighborhoods, medical offices, retail centers and entertainment destinations, the facility is well positioned to capture diverse demand sources.

Moreover, with 41% of residents renting apartments — and local rents averaging nearly 21% above the national average — many households in the North Bay market centered around Vallejo are turning to self storage as a practical extension of their living space. For investors, this mix of tight inventory, elevated housing costs and a strong renter population positions Vallejo as a high-potential market within Northern California’s evolving self storage landscape.

8. Birmingham, AL – $21.6M in self storage sales

Self storage supply: 7.6 sq. ft. per capita

In Birmingham, Alabama, two self storage transactions totaling $21.6 million closed during the first quarter of 2025, signaling ongoing investor confidence in the sector’s steady income potential.

With the population nearly evenly split between renters and homeowners, and a notable share living in apartments that often lack sufficient storage, local demand remains solid. Birmingham offers a well-balanced supply, with 7.6 square feet of self storage per capita, closely matching the national average.

This equilibrium between supply and demand has helped maintain competitive pricing, with average rents hovering around $119 per month, depending on unit size and available amenities. For investors, Birmingham represents a stable, income-producing market where fundamentals support consistent performance without the volatility seen in more supply-constrained or overheated metros.

9. Plantation, FL – $21M in self storage sales

Self storage supply: 1.7 sq. ft. per capita

Plantation, Florida, secured a spot among the top 10 cities for self storage transactions in Q1 2025, with a $21 million deal closing during the quarter. Much like its neighbor Davie, Plantation is experiencing strong tailwinds from rapid population growth — the city’s population jumped 9.7% between 2020 and 2024, a clear signal of heightened demand for services like self storage.

That growth, combined with steady moving activity, has made Plantation increasingly attractive to investors. In areas where in-migration is strong and housing turnover is frequent, self storage often serves as a practical extension of residential living — especially in tight or transitional housing markets. For investors, the city’s demographic momentum and undersupplied storage landscape present a compelling case for long-term opportunity.

10. Henderson, NV – $19M in self storage sales

Self storage supply: 6.6 sq. ft. per capita

Henderson, Nevada, rounds out the top 10 U.S. cities in self storage transactions for Q1 2025, with two deals totaling approximately $19.2 million. Investor interest in Henderson is driven by significant population growth — about 20% from 2013 to 2023—and a demographic profile that includes 20% of residents aged 65 and older, a segment that often relies on self storage when downsizing or transitioning between homes.

The city offers roughly 6.6 rentable square feet of self storage per capita, closely aligning with the national average, which supports a balanced market environment. This level playing field between supply and demand helps maintain competitive rental rates around $134 per month, making self storage both accessible and attractive to a diverse range of residents.

West Coast sees the most expensive prices per square foot

The West Coast dominated the rankings for highest price per square foot in Q1 2025, with five of the top 10 cities located in the region. This pricing strength isn’t surprising — ongoing affordability challenges, limited housing space and dense urban living continue to fuel strong demand for storage across compact metro areas.

What’s more, nine of the 10 most expensive cities per square foot are dealing with limited supply, with eight operating below 4.8 square feet of storage per capita. That supply pressure supports pricing power, allowing facilities in these tight markets to command premium rates — especially in areas where new development is constrained by space, zoning or high construction costs.

Costa Mesa, CA, led the nation in Q1 2025 with a record $387 per square foot, driven by extremely tight supply and some of the highest advertised storage rents in the country, averaging around $253 per month.

Other California cities also ranked high, including Vista at $221 per square foot and Vallejo at $209 — both showcasing the pricing power that comes with limited self storage inventory across the region.

Further up the West Coast, Seattle, WA, recorded $309 per square foot, supported by a constrained supply of just four square feet per capita, which helps sustain average monthly rents of approximately $181. In contrast, Vancouver, WA, which also made the top 10 at $195 per square foot, enjoys a more balanced supply of 8.4 square feet per resident. That relative availability helps moderate street rates, which average around $136 per month.

In the Northeast, three cities stood out:

• Brookline, MA, ranked third nationally at $265 per square foot, driven by the lowest per capita supply in the U.S. — just 0.1 square feet per resident.
• Byram, NJ, saw investors paying $228 per square foot, with supply at 2.7 square feet per person.
• Liverpool, NY, posted $211 per square foot, despite having a relatively better — though still limited — supply of 4.6 square feet per capita.

In the South, New Orleans, LA, led the region with an average sale price of $231 per square foot, securing its position among the nation’s top 10 priciest markets.

The first quarter of 2025 saw high-value deals in both underserved urban areas and growing suburban markets, reflecting a shift toward locations with strong demand fundamentals. While overall transaction volume remains measured, investors are prioritizing long-term value and market positioning over short-term gains.

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.

Notes on data timeliness:

• Reporting Period: All figures and trends discussed in this report pertain specifically to Q1 2025 (January–March 2025).
• Extraction Date: Data was retrieved and analyzed in May 2025, ensuring inclusion of the most up-to-date and complete records for the quarter.
• Publication Date: The findings and interpretations are presented as of July 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.

Anca Lenta is a real estate writer and editor for StorageCafe, with a degree in Communication and Public Relations. With over six years of experience in marketing, she now focuses on real estate trends. Outside the office, she's either leveling up in the latest game or enjoying her favorite novels. You can contact Anca via email.