Extra Space Storage cost: what its 10-K shows
Extra Space Storage owned or managed 4,281 stores in 43 states and Washington, D.C. at 31 December 2025, and 4,410 at 30 June 2026 per its second-quarter results. Its own annual report shows the single most useful fact about its pricing: in 2025, new leases in its same-store pool averaged $13.16 per square foot a year, while the average across all occupied space in those stores was $19.91. The move-in rate is usually where the rent starts. This page sets out what the company discloses and how to get a real number for your unit.
The four figures Extra Space files
All four come from Extra Space Storage's Form 10-K, FY2025 (filed 20 February 2026), same-store portfolio of 1,804 stores. Rents are annual dollars per square foot, every unit size and market blended, one operator. They are not a quote for any unit and should not be multiplied out into a monthly price. We read them at source on 16 October 2026.
Same-store annual rent per occupied sq ft
$19.91
FY2025, net of discounts and bad debt, 1,804 same-store stores. $19.99 in FY2024.
New leases: average annual rent per sq ft
$13.16
What tenants signing in FY2025 were paying, same-store pool. $12.60 in FY2024.
Discounts as a share of rental revenue
2.1%
Same-store pool, FY2025. 1.9% in FY2024.
Same-store occupancy at year end
92.6%
Square-foot occupancy at 31 December 2025. 93.3% a year earlier.
Low to get in, higher to stay: the filing's own numbers
New leases at $13.16 against an in-place average of $19.91 means people moving in during 2025 paid, per square foot, about a third less than the average across everyone already renting in the same stores. That is not an exact like-for-like, because the mix of unit sizes being let in a year differs from the mix already occupied. But the direction matches what the company says about existing tenants, in plain words: “Existing tenants generally receive rate increases at least annually, for which no direct correlation has been drawn to our vacancy trends.”
The same filing says that for same-store properties the average length of stay for tenants who had vacated was about 17.0 months. A typical tenancy, in other words, lasts long enough to meet at least one increase, and those increases are one reason the in-place average sits above new-lease rents.
The practical reading: treat the advertised rate as an entry price. Ask the store when the first review usually falls, how much notice you get, and whether a longer prepayment changes anything. If you expect to stay well beyond a year, price the second year too, not just the first month.
One exception worth knowing if you rent in California: the filing notes that in response to wildfires in 2018, 2019 and early 2025 and floods in 2023, the State of California and some localities “adopted temporary regulations that imposed certain limits on the rents we could charge at certain of our facilities and the extent to which we could increase rents to existing tenants.” If you rent in an area under an emergency declaration, ask the store whether such a limit applies.
Extra Space against Public Storage and CubeSmart, as filed
| Operator (FY2025 10-K) | Annual rent per occupied sq ft | Same-store pool |
|---|---|---|
| Extra Space Storage | $19.91 | 1,804 stores |
| Public Storage | $22.54 | 2,565 facilities |
| CubeSmart | $22.73 | 606 stores |
Each figure is that company's same-store annual rent per occupied square foot for 2025, all unit sizes blended, from its own Form 10-K. The pools differ in size and in where the stores are, and each company defines its measure in its own filing, so this is a rough read on portfolio pricing, not a ranking of which chain is cheaper on your street.
Getting a number that is about you
Five questions for each store, asked in the same week
- What is the rate for this size today, online and at the counter? Book whichever is lower, in writing.
- Is any of that an introductory discount, and what is the rate once it ends?
- When is the first rate review likely, and how much notice will I get?
- What is due on day one: administrative fee, protection cover, a lock? Can I use my own contents policy?
- Is the unit climate controlled, and what is the price of a non-climate unit of the same size here?
Extra Space describes its own systems as providing “real-time, interactive rental rate and discount management”, which means the quote you get on Tuesday may not be the quote on Saturday. Collect the quotes close together, and when an increase notice arrives, ring the store with a specific competing quote for the same size and a clear idea of what moving would cost you.