SmartStop Self Storage Reports Stable Occupancy

While occupancy remains high, the REIT saw year-over-year declines in both web and move-in rates.

December 09, 2025

Updated Performance Snapshot

SmartStop Self Storage REIT, Inc. shared updated operating metrics as of November 30, 2025, for its same store portfolio—a set of stabilized, comparable properties in place since January 2024. The data offers a clear snapshot of how occupancy and pricing have moved year over year.

Occupancy came in at 92.4%, holding steady from 92.2% the year before. That consistency shows SmartStop’s ability to maintain demand across its portfolio, even as rental pricing trends move in a different direction.

Rate Trends Signal Market Adjustments

On the rate side, the picture shifts. Monthly web rates dropped to $0.97 per square foot, down from $1.02 a year ago. Move-in rates saw a similar slide, falling from $0.99 to $0.91. These reductions suggest the company is leaning into pricing adjustments to stay competitive and keep lease activity moving.

Meanwhile, in-place rates—what existing tenants are currently paying—held firm at $1.63. That stability helps cushion revenue, even as new tenant pricing trends lower.

Strategy in Focus

SmartStop’s approach here is measured: maintain occupancy, adapt rates where needed, and protect revenue from existing leases. The data indicates that newer tenants are securing lower rates, while the portfolio overall continues to generate steady cash flow. For investors and analysts tracking operational performance, the split between declining entry pricing and consistent in-place rents is key to understanding the company’s current strategy.

Company Overview

The company, which trades under the ticker SMA on the New York Stock Exchange, focuses on managing and operating self-storage assets nationwide. These latest metrics reflect conditions across its stabilized set of properties, excluding four outliers not included in this comparison.

Positioning Ahead

SmartStop is clearly paying close attention to what the market is signaling. With strong occupancy and responsive pricing adjustments, the company continues to position its portfolio for long-term performance in a shifting rate environment.