Public Storage reports declining move-out rents, lower customer churn through May 2026

Filed June 1, 2026 · Period ending June 1, 2026 · ~1 min read

Key Changes

• high

  Move-out rents fell 4.1% year-over-year to $18.98/sq ft, indicating higher-paying legacy customers are leaving and creating revenue headwinds as they're replaced by lower-paying new tenants.

  Item 8.01 — Other Events verify on EDGAR →
• high

  Customer churn improved 3.2 percentage points to 16.4% from 19.6%, helping stabilize occupancy despite pricing pressures.

  Item 8.01 — Other Events verify on EDGAR →
• medium

  Move-in rents declined 0.2% to $13.10/sq ft, suggesting modest pricing pressure in the self-storage market.

  Item 8.01 — Other Events verify on EDGAR →