Market of the Month: Miami, FL

January 2026

Within the City of Miami, the self-storage footprint is both substantial and intensely urban. The city contains more than 9.3 million net rentable square feet across 136 operating facilities, a level of density that equates to roughly 21 square feet per capita, well above what the industry often flags as a “balanced” market. On the surface, that metric might suggest saturation, but Miami’s underlying demand profile tells a very different story. As the economic and cultural core of Florida, the city continues to absorb population inflows, international residents, and high-velocity renters who generate far more storage demand per capita than suburban markets. This demand is clearly visible in pricing, with average street rates per unit up 8.35 percent over the past 12 months, even in a highly competitive environment.

To better understand its potential as a self-storage investment, we used StorTrack’s Explorer platform to dig into key market metrics.

That strength is also why developers continue to lean into Miami despite the headline supply figures. Fourteen new self-storage projects are currently underway within the City of Miami, a powerful signal that capital sees runway rather than risk. In a period when many U.S. markets are pulling back on development, Miami’s pipeline reflects confidence that demand growth will continue to absorb new inventory, particularly in dense, renter-heavy neighborhoods. For operators and investors, Miami is not simply a high-supply market, it is a high-velocity, high-pricing-power market, where demographic churn, global migration, and urban living patterns sustain occupancy and support long-term rate growth.

Average Storage Rates in Miami, FL