San Antonio’s self storage market continues to underperform the national average as elevated new supply weighs on rents. As of January 2026, advertised rates for the main unit types were down 1.4% year-over-year versus a 0.2% decline nationally. While REIT same-store occupancy remains elevated following the July 2025 flooding, that boost has not translated into rent growth.
The metro’s long-term demand drivers remain constructive. San Antonio has added nearly 135,000 residents over the past three years (+5.0%), well above the national average, supported by steady military, healthcare and government employment. However, housing turnover remains subdued, limiting one of storage’s key demand drivers.
Supply remains the dominant factor shaping performance. Deliveries topped 1.2 million net rentable square feet in 2025, the highest annual total since 2005, with another 842,149 square feet under construction. Investment activity also cooled, with only six properties trading in 2025 after a record 36 sales in 2024, driven largely by Extra Space’s 26-property portfolio acquisition. The portfolio sale made Extra Space the largest owner in the market and pushed REIT-managed inventory in San Antonio to 50%, reshaping the competitive landscape.
Each market summary report provides in-depth data on the supply pipeline, recently added stock, transaction highlights, street rate growth trends and major developments in progress.