Self Storage Services NAICS 531130

Feb 20, 2026 - Public Storage Taps New Leader, Moves HQ

• Public Storage CEO Joe Russell will retire at the end of March after a decade leading the nation’s largest self-storage owner, prompting a broad leadership overhaul and a headquarters move to Frisco, Texas, according to Bisnow. Chief Financial and Investment Officer Tom Boyle will become CEO on April 1, while Russell will remain as a consultant for a year as the company launches its “PS4.0” strategy. The REIT named three co-presidents, hired two new executives, and reported fourth-quarter results that beat expectations, with annual revenue rising 3.3% year over year to $1.2 billion. The firm said the relocation to North Texas reflects the region’s depth of talent and innovation, though it plans to maintain a presence in California.
• Sales of existing US homes decreased by 8.4% in January 2026 from December and were down 4.4% year-over-year, according to the National Association of Realtors (NAR). NAR chief economist Lawrence Yun said, "The decrease in sales is disappointing. The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration. Affordability conditions are improving, with NAR’s Housing Affordability Index showing that housing is the most affordable it’s been since March 2022. This is due to wage gains outpacing home price growth and mortgage rates being lower than a year ago. However, supply has not kept pace and remains quite low." Home sales help drive self-storage demand as buyers often rent storage space before or after making a purchase.

• Self-storage insiders are mostly optimistic that the industry may begin to turn around after several years of market weakness, according to Inside Self-Storage. Acquisitions in the industry have been subdued as high interest rates made dealmaking more expensive and property valuations dropped. Compared to the 2022 peak, self-storage asset values fell 25% by 2025, according to real estate analytics firm Green Street. As investor interest gains momentum, buyers are expected to focus on regions with solid population growth, such as the Sunbelt. Institutional investors, including REITs, are expected to drive the bulk of transactions as smaller investors exit the market. The frozen housing market has been an impediment to self-storage rent growth, but home sales are expected to improve as mortgage rates move lower. The slowdown in new supply is also supportive of rent growth.
• Self-storage rent growth remains sluggish amid an oversupply of available space relative to demand. A weak housing market, softening consumer spending, and labor market jitters have reduced self-storage demand. Advertised rates for new customers, also called street rates, increased 0.3% year over year in December 2025, according to Yardi Matrix. December rate growth was led by self-storage REITs, as same-store advertised rates rose 1.4% year over year. Non-REIT operators saw same-store advertised rates fall by 0.2% over the same period. The average metro rate for medium (10x10 & 10x15) climate-controlled self-storage units increased by 1.1% year over year in December 2025. Average metro rates for medium (10x10 & 10x15) non-climate-controlled units rose 0.1% year over year.