The self-storage market is making space for Public Storage (NYSE: PSA), with increased consumer demand, new assets and development plans and an investment in tech contributing to company growth. 

The Glendale-based real estate investment trust as of June 30 owned 2,649 self-storage facilities in 39 states with 184 million net rentable square feet. In the second quarter, the company reported net income of $346 million ($1.97 per share), compared to $246 million ($1.41 a share) a year ago. Quarterly revenues increased 16.3 percent year over year to $829 million. 

“Business is excellent,” Chief Executive Joseph Russell said on an Aug. 4 earnings call. “Move-in rates are up 27 percent from where they were in 2019, and there is little evidence that pricing strength is abating. A meaningful wave of new first-time customers is using storage based on a combination of traditional and nontraditional reasons.”

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