Self-storage in Germany continues to grow – occupancy rates and rents are rising

Germany has 1,394 self-storage locations with around 2.92 million square metres of lettable space. Occupancy rose from 75.0 to 76.3 per cent, and the average rental price from 292 to 302 euros per rented square metre per year. Revenue per available square metre – based on the total lettable space including vacancy – thus reached 231 euros, compared with 219 euros in the previous year. Around two-thirds of the growth is attributable to the price, one third to higher occupancy.

While Germany is growing, the European average fell from 79.5 to 77.6 percent. The gap is now only 1.3 percentage points and is mainly explained by the young German population, which is 7.9 years old on a weighted basis – in Europe it is 11.1 years.

The market remains fragmented: the seven largest providers combine 45 percent of the space and 41 percent of the locations. Growth is taking place organically. Among the operators surveyed, only three of the 31 additional locations in the past twelve months were acquisitions, and 65 more locations are in the pipeline, 28 of which are under construction.

Austria has 373 locations with around 481,000 square metres. Per inhabitant, the market is thus 2.4 times more densely supplied with locations than Germany. Capacity utilisation there rose from 74.0 to 80.5 per cent and is above the European average; however, the Austrian operating data are based on a narrow basis with few operators.

The prime yield for self-storage is 4.75 percent, 165 basis points above the ten-year German government bond. By comparison, logistics is quoted at 4.50 percent, light industrial at 6.00 percent. The form of capital inflow is striking – in Germany, it is increasingly coming through financing and joint ventures instead of direct takeovers.

"The yield gap shows how the market classifies self-storage: closer to logistics than to the light industrial segment, but with a premium for operator risk. Interest is currently not driven by the prospect of falling returns, but by current earnings. This means that operational quality – choice of location, occupancy, pricing – is more decisive for performance than the time of entry. The fact that capital is increasingly coming in through financing and joint ventures fits in with this: investors are looking for access to the asset class without having to take over the operation themselves."

As robust as the operating data is, the gap on the demand side is clear. According to the YouGov survey, 52.1 percent of Germans have never heard of self-storage; in Austria, the figure is 24.2 percent. 68.4 percent cannot name a location near them.

The price is also significantly underestimated: almost a third of respondents in Germany estimate less than 50 euros per month for a 10m2 unit, and another third cannot estimate the costs at all. Based on the average rental price, it is mathematically around 250 euros net per month. This expectation gap also has an impact on the contract. For every actual user in Germany, there are 3.4 people who have considered using it but have not implemented it, and 18.6 percent of them cite price as the main obstacle.

"The operating data shows an industry that is becoming more professional and continues to develop successfully. One of the greater challenges in further growth is the fact that many people still do not know that self-storage exists and what it is. In addition, there is a distorted price expectation: Anyone who asks for a 10m2 unit with 50 euros in mind and is quoted 250 euros jumps off and thinks the offer is overpriced – even though they are paying for video surveillance, secure access and full flexibility. Both points can be solved: through visibility on site and through prices that can be viewed even before the first contact. We are working on this together with our members."

For the next twelve months, operators are more cautious than in the previous year: 60.0 percent of the German companies surveyed expect a better result, after 71.4 percent in the previous year. Above all, the optimistic peak has declined – only 10.0 percent expect a significant improvement after 23.8 percent.

Expectations are also more cautious for rents: In Germany, 50 percent of operators expect rents to rise, compared to 72.2 percent across Europe. The change in sentiment coincides with the ongoing project pipeline and points to increasing competitive pressure.

The 2026 industry report is based on three sources: an analysis of the StorTrack dataset by CBRE and the association, the FEDESSA European Self Storage Survey 2026 as of March 31, 2026, and a survey of 3,193 people in Germany (2,193) and Austria (1,000) conducted by YouGov on behalf of the association, field time April 28 to May 14, 2026.

The report is available for free download at https://www.selfstorage-verband.de/self-storage-verband/branchenreport.