Unlike 58-Year-Old Mike Tyson, These Markets Pack a Punch with the Highest Self-Storage REIT Rent Growth Since 2020
It’s not every day you think about Mike Tyson and self-storage in the same sentence, but here we are (you’re welcome).
And while Tyson is still (kind of) throwing punches at 58, a few self-storage markets have delivered real knockouts in rent growth since 2020.
In the self-storage world, data is king, and when I dug into the numbers, three markets stood out as true heavyweights.
1. Oklahoma City, OK: A 73.73% Rent Growth Champion
Q4 2020 Rate: $7.88
Q3 2024 Rate: $13.69
% Increase: 73.73%
Oklahoma City doesn’t often top national lists, but in self-storage, it’s the undisputed champion. Extra Space Storage has seen its achieved rents skyrocket from $7.88 to $13.69 in just four years—a massive 73.73% increase.
Why? People are moving to Oklahoma City in droves. Between 2020 and 2023, the metro area added over 35,000 residents. Jobs in aerospace, energy, and healthcare are pulling people in, and affordable housing doesn’t hurt either.
But it’s more than just numbers. Oklahoma City is one of those places where people come looking for opportunity and affordability, which means transitional living situations. And you know what transitional living means? Storage units.
2. Miami, FL: Where International Migration Fuels a 51.63% Increase
Q4 2020 Rate: $19.91
Q3 2024 Rate: $30.19
% Increase: 51.63%
Miami is synonymous with luxury, international vibes, and now, self-storage growth. Public Storage has pushed rents from $19.91 to $30.19—a 51.63% increase.
Miami’s secret weapon? International migration. Between 2020 and 2023, Miami welcomed more than 75,000 new residents from Latin America, Europe, and other global hotspots.
Add in the influx of U.S. movers from places like New York, and you’ve got a premium recipe for storage demand.
But Miami’s growth isn’t just about migration—it’s also about climate. The city’s tropical weather and hurricane risks mean people need storage for their valuables, seasonal items, and emergency supplies.
And let’s be honest, when you’re storing designer furniture or art, you’re not looking for the cheapest option—you want climate-controlled, premium storage.
3. San Diego, CA: High Costs and Barriers to Entry Lead to a 47.19% Climb
Q4 2020 Rate: $18.50
Q3 2024 Rate: $27.23
% Increase: 47.19%
If there’s one thing San Diego is known for, it’s sunshine and sky-high home prices. CubeSmart has leveraged this dynamic to grow achieved rents from $18.50 to $27.23—a solid 47.19% increase.
San Diego’s housing market is brutal. Median home prices have shot up from $650,000 in 2020 to $890,000 in 2024. That kind of jump forces people to downsize, and when they downsize, their extra stuff needs a home. Enter CubeSmart.
But there’s more to this story. San Diego’s self-storage market has one big advantage: high barriers to entry.
With strict zoning laws, environmental regulations, and insanely expensive land, it’s nearly impossible to build new storage facilities. That means supply stays tight, and operators like CubeSmart can raise rates without worrying about oversupply.
What’s Driving These Trends?
As I looked at the data, a few common themes emerged:
Population Growth: Cities like Oklahoma City are benefiting from a steady influx of new residents. More people = more storage demand.
Housing Dynamics: San Diego’s sky-high home prices are forcing downsizing, which directly fuels storage needs.
Migration: Miami’s international and domestic migration patterns are creating a perfect storm for premium storage demand.
Limited Supply: High barriers to entry in places like San Diego mean less competition and more room to grow rents.
So, What’s the Takeaway?
Whether it’s population booms, migration trends, or housing crunches, each market has its own growth engine, and operators like Extra Space, Public Storage, and CubeSmart are making the most of it.
Just like Jake Paul, who reportedly made $40MM by fighting a 58-year-old retiree.
“Everyone has a plan 'till they get punched in the mouth." — Mike Tyson