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Get filing alertsSmartStop reports May same-store occupancy down 70 bps, move-in rates fall 5.4% YoY
Filed June 2, 2026 · Period ending June 2, 2026 · ~1 min read
Key Changes
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Move-in rates dropped 5.4% to $1.06/sq ft from $1.12 prior year, suggesting deeper discounts to attract new tenants and potential near-term revenue pressure.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
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Same-store occupancy declined 70 basis points to 92.4% from 93.1% year-over-year, indicating softer demand or increased competitive supply.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
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Web rates fell 2.4% to $1.21/sq ft from $1.24, reflecting pricing pressure from competition or efforts to stimulate new customer demand.
Item 7.01 — Regulation FD Disclosure verify on EDGAR → -
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In-place rates rose 1.8% to $1.66/sq ft from $1.63, showing successful rent increases on existing tenants partially offset weaker new-customer pricing.
Item 7.01 — Regulation FD Disclosure verify on EDGAR →
Summary
SmartStop disclosed May 2026 same-store operating metrics showing a mixed pricing environment. The company's move-in rates fell 5.4% year-over-year to $1.06 per square foot, a steeper decline than the 2.4% drop in advertised web rates, suggesting SmartStop is offering deeper discounts or concessions to attract new tenants. Same-store occupancy slipped 70 basis points to 92.4%, indicating softer demand or increased competitive pressure in its markets.
The bright spot is in-place rates, which rose 1.8% to $1.66 per square foot, demonstrating the company's ability to push through rent increases on its existing tenant base. This provides some revenue stability, but the widening gap between what existing tenants pay and what new customers are charged could create churn risk if renewals face sticker shock. For investors, the key question is whether the occupancy and move-in rate softness is temporary seasonal weakness or the start of a more sustained pricing headwind that could pressure same-store NOI growth in coming quarters.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify