Please enter your details to download the report.
Las Vegas is one of the largest self storage markets in the country, with over 300 properties/22 million square feet. Strong demand and above-average rent growth in 2023 drove a surge in development, with completions averaging around 5% of inventory in 2023–2024, one of highest shares nationally, and pushing the share of supply in lease-up to 13.6% versus 8.5% nationally. This supply wave, combined with a sharp slowdown in domestic in-migration, has led to two years of below-average rent growth, with advertised rents down roughly 3% year-over-year in February. Migration to Clark County fell to nearly half of its 2022 peak in 2025, softer tourism contributed to job losses and home sales dropped to their lowest level since 2007. With one of the largest pipelines in the country, market conditions are expected to remain weak over the next year or two. Transaction activity picked up in 2025, highlighted by Extra Space’s acquisition of a 19-property portfolio from Towne Storage, including five Las Vegas assets, in addition to seven properties they acquired earlier in the year. Pricing improved to around $180 per square foot, up from ~$100/SF in 2023–2024 but still below prior peaks around $200/SF.Contact Kasey Rucas if you would like access to custom reports for your target markets.
Las Vegas is one of the largest self storage markets in the country, with over 300 properties/22 million square feet. Strong demand and above-average rent growth in 2023 drove a surge in development, with completions averaging around 5% of inventory in 2023–2024, one of highest shares nationally, and pushing the share of supply in lease-up to 13.6% versus 8.5% nationally.
This supply wave, combined with a sharp slowdown in domestic in-migration, has led to two years of below-average rent growth, with advertised rents down roughly 3% year-over-year in February. Migration to Clark County fell to nearly half of its 2022 peak in 2025, softer tourism contributed to job losses and home sales dropped to their lowest level since 2007. With one of the largest pipelines in the country, market conditions are expected to remain weak over the next year or two.
Transaction activity picked up in 2025, highlighted by Extra Space’s acquisition of a 19-property portfolio from Towne Storage, including five Las Vegas assets, in addition to seven properties they acquired earlier in the year. Pricing improved to around $180 per square foot, up from ~$100/SF in 2023–2024 but still below prior peaks around $200/SF.
Contact Kasey Rucas if you would like access to custom reports for your target markets.
Sign up to download.