Keybanc data shows self storage spending growth slowed in August

Investing.com -- Self storage spending per transaction rose 0.9% year-over-year in August, according to Keybanc's credit and debit card data, marking a slowdown from July's 2.3% increase.

The August figure represents a 140 basis point decline from the previous month's growth rate. Average spending per self storage transaction reached $172.33 in August, down 1.4% from July's $174.77.

The month-over-month decrease contrasts with the typical seasonal pattern, which shows an average increase of 0.2% from July to August. The August decline ranks as the second-weakest July-to-August change in Keybanc's dataset spanning more than 10 years.

Keybanc's Key First Look data tracks approximately 147,000 self storage transactions nationwide in the second quarter of 2026, serving as an indicator for in-place contract rents.

On a three-month rolling basis from June through August 2026, average revenue per transaction increased 1.3% year-over-year, down from 1.7% in the prior three-month period. The previous period had marked the strongest trailing three-month result since July 2024.

Keybanc noted that a stable September would likely support an acceleration in the July-through-September growth rate, as June's weaker 0.7% year-over-year comparison drops from the calculation.

The firm stated that August's data aligns with commentary from self storage real estate investment trusts and private operators following second quarter 2026 earnings and the Self Storage Association Fall Conference. The industry is entering the seasonally slower fall leasing period.

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