Public Storage vs Extra Space vs CubeSmart: 2026 Price Comparison
The three big US storage REITs each file an audited annual report with the SEC. Here is what those FY2025 10-Ks say about rent, size and rate increases, side by side. The rents are annual dollars per occupied square foot, all unit sizes blended, one operator's same-store pool each: a read on portfolio pricing, not a quote for your unit.
Public Storage
$22.54
annual rent per occupied sq ft, FY2025, 2,565 same-store facilities
Stores: Over 4,500 after acquiring National Storage Affiliates (22 July 2026)
Rate increases, as filed: “We typically increase rental rates to our long-term tenants (generally, those who have been with us for at least five months) every six to twelve months.”
Extra Space Storage
$19.91
annual rent per occupied sq ft, FY2025, 1,804 same-store stores
Stores: 4,281 owned or managed at 31 Dec 2025; 4,410 at 30 Jun 2026
Rate increases, as filed: “Existing tenants generally receive rate increases at least annually, for which no direct correlation has been drawn to our vacancy trends.”
CubeSmart
$22.73
annual rent per occupied sq ft, FY2025, 606 same-store stores
Stores: 1,524 owned or managed at 31 Dec 2025 (662 owned)
Rate increases, as filed: No increase cycle disclosed. Its 10-K says its leases allow “flexibility to increase rental rates over time as market conditions permit”
Read the gap carefully. The pools differ in size and in where the stores are, so CubeSmart's higher figure is not evidence that it charges more for the same unit. The most telling number is Extra Space's own split: new leases in 2025 averaged $13.16 per square foot a year against $19.91 for all occupied space, which is the low-intro-rate-then-increase pattern in the company's own figures. U-Haul, the fourth national option, takes the other approach and locks base rent for the first 12 months.
Quick Comparison
| Provider | Filed rent | Locations |
|---|---|---|
| Public Storage | $22.54 per occupied sq ft a year (same-store, FY2025) | Over 4,500 |
| Extra Space Storage | $19.91 per occupied sq ft a year (same-store, FY2025) | 4,410 |
| CubeSmart | $22.73 per occupied sq ft a year (same-store, FY2025) | 1,524 |
| U-Haul | No comparable rent per square foot published | 2,113 (US and Canada) |
| Life Storage (now Extra Space) | Priced as Extra Space | Part of Extra Space |
Filed rents and store counts from each company's FY2025 Form 10-K, except Public Storage's post-NSA count (closing release, 22 July 2026) and Extra Space's 30 June 2026 count (second-quarter results). U-Haul figures from U-Haul Holding Company's 10-K for the year to 31 March 2026 and from uhaul.com, checked October 2026.
Detailed Provider Profiles
Public Storage
Over 4,500 locations / Owns about 9% of US self-storage square footage, by its own estimate
$22.54 per occupied sq ft a year (same-store, FY2025)
as filed
STRENGTHS
Largest owner of self-storage in the US, a lead it extended by acquiring National Storage Affiliates in July 2026. Present in most major markets. The most explicit of the big chains about how its pricing works: its 10-K names the first-month promotion ($1.00 rent for the first month) and the six-to-twelve-month increase cycle.
WEAKNESSES
The rate cycle the company sets out itself: it typically increases rates to tenants of at least five months every six to twelve months, sized by weighing extra revenue against the risk of move-outs. The headline is an entry price.
BEST FOR
Anyone who needs a unit quickly in a large market, and who diarises the five-month mark to check the next increase.
Extra Space Storage
4,410 locations / 1,856 of its stores managed for third-party owners at year end 2025
$19.91 per occupied sq ft a year (same-store, FY2025)
as filed
STRENGTHS
Largest store count of any US operator until Public Storage's July 2026 NSA deal, helped by the Life Storage merger that closed on 20 July 2023. Runs a large management business for other owners, so many stores carry its name without being owned by it. Its 10-K discloses new-lease rent separately: $13.16 per square foot a year in 2025.
WEAKNESSES
That new-lease figure sits about a third below the $19.91 in-place average, and the filing says existing tenants generally get increases at least annually. Expect the rent to climb from the move-in rate.
BEST FOR
Renters who will compare a written quote against a nearby rival and price year two, not just month one.
CubeSmart
1,524 locations / 662 owned in 25 states and DC, 862 managed for others
$22.73 per occupied sq ft a year (same-store, FY2025)
as filed
STRENGTHS
Smaller and more concentrated than the other two: its largest owned footprints are Texas, Florida, California, New York, Arizona and Illinois. Same-store rent was essentially flat in 2025, and average occupancy slipped, which can make a store more willing to deal.
WEAKNESSES
Fewer stores, so in many places it is not an option. Its filed rent per square foot is the highest of the three, and it does not disclose an increase cycle.
BEST FOR
Renters with a CubeSmart store nearby who will get a same-day written quote from a competitor too.
U-Haul
2,113 (US and Canada) locations / Storage alongside truck and trailer rental
No comparable rent per square foot published
as filed
STRENGTHS
Guarantees base rent for the first 12 full months at its owned and managed locations, with 30 days' notice of any later increase. No administrative fee or move-in deposit at those locations.
WEAKNESSES
Storage sits inside a truck-rental business and facilities vary. The lock covers base rent only, not add-ons or late fees, and storage affiliates may not follow the same policies.
BEST FOR
Anyone storing for most of a year or more who wants the first year's rent to be one known number.
Life Storage (now Extra Space)
Part of Extra Space locations / Merged into Extra Space on 20 July 2023
Priced as Extra Space
as filed
STRENGTHS
Extra Space closed its merger with Life Storage on 20 July 2023, taking on 757 wholly-owned stores, and the stores now trade under the Extra Space name.
WEAKNESSES
No longer a distinct option. Pricing, cover and policies are Extra Space's.
BEST FOR
If you searched for Life Storage, you are now comparing Extra Space. Get a written quote from the store.
Pricing Transparency Analysis
How each chain handles the fees and rate increases that drive your true cost. Every cell is either disclosed by the company in its own filing or terms, or a yes-or-no you can confirm at the counter. No chain's filing states the amount of its administrative fee, so ask for the total due on day one.
| Factor | Public Storage | Extra Space | CubeSmart | U-Haul |
|---|---|---|---|---|
| Admin fee charged? | Yes, per its 10-K (tied to move-ins); amount not filed | Yes, per its 10-K; amount not filed | Yes, provided for in its leases; amount not filed | No, at owned and managed locations |
| Rate increase cycle disclosed? | Yes: every 6-12 months for tenants of 5+ months | Yes: at least annually for existing tenants | No cycle; leases allow increases | 12-month guarantee on base rent, then 30 days' notice |
| Own protection plan compulsory? | Ask | Ask | Ask | No, but proof of cover is required |
| Can you substitute home contents cover? | Usually, with evidence | Usually, with evidence | Usually, with evidence | Yes, bring proof at move-in |
| Introductory offer | $1.00 rent for the first month, named in its 10-K | Varies by store | Varies by store | Free month with one-way equipment rentals, participating locations |
Sources: the FY2025 Form 10-Ks of Public Storage, Extra Space Storage and CubeSmart; U-Haul Self-Storage FAQ and 1-Year Price Lock, checked October 2026.
National Chains vs Independent Facilities
Public Storage's 10-K estimates that the four largest owners hold about 22% of US self-storage square footage, with the remaining 78% owned by regional and local operators. In most towns the independents are a real part of the choice.
Choose a Chain When...
- ■You need a unit today with guaranteed availability
- ■You want online booking and account management
- ■Security and a predictable experience matter most
- ■You may move cities and want a familiar brand
- ■You need specific amenities (climate control, extended access hours)
Choose Independent When...
- ■Its written quote beats the chains for the same size and term
- ■You want more flexibility on lease terms
- ■You prefer dealing with the person who sets the price
- ■You plan to negotiate rates or rate increases
- ■The facility has good recent reviews and modern security