The Buyout Show with Fexingo · 2026-07-10 · 11 min
In this episode, Lucas and Luna examine the private equity wave sweeping self-storage. They focus on two numbers: the 58,000 facilities in the U.S. today and the $42 billion that operators spent on acquisitions in 2025. They trace how a fragmented mom-and-pop industry has become a target for roll-ups, breaking down the unit economics of a typical facility - occupancy rates around 90 percent, monthly rents averaging $170, and margins above 40 percent. They discuss the major consolidators, like Extra Space Storage and Public Storage, and the smaller PE-backed players such as StorageMart. The hosts debate whether the model relies too heavily on real estate appreciation versus operational improvement, and what happens if interest rates stay higher for longer. They also explore a recent FTC inquiry into price coordination among the big three operators. It's a grounded look at an industry that stores everything from college furniture to business archives - and how private equity has built a $200 billion asset class around it.
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