How does self-storage make money?
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The Secret: Where does a self-storage operator's best profit come from?
Raising rent on tenants who already moved in. Teaser rates bring people in; the money is in steady rent increases on existing tenants, who rarely bother to move a unit full of stuff over a few dollars a month. Buildings need few staff, so most of that extra rent is profit. Source: Wikipedia – Public Storage
Why They Stay: Why do tenants often keep paying longer than they planned?
Emptying a unit is a weekend of work, so 'later' wins every month. Units are rented month to month, so no contract holds anyone. What keeps people is the hassle of clearing out, which feels bigger than one more month's rent. The biggest operator says it watches tenant length of stay when it sets prices. Source: Public Storage – 2025 Form 10-K (SEC)
Why They Leave: What usually ends a storage rental?
The life event that started it ends: the move, divorce or renovation is finished. Storage demand follows moves and other life changes. Public Storage says demand peaks in summer partly because more people move then. Once the move or renovation is done and there's space at home, the unit goes. Source: Public Storage – 2025 Form 10-K (SEC)