Missed the SSAA NZ Exchange? Below is a summary of the key observations for the NZ Self Storage market across 2025.

NZ Self Storage Market Overview

As at the end of 2025, Four Leaves estimates that there are circa 780 self storage facilities across New Zealand, which is a marginal increase (1.2%) on the number recorded at the end of 2024. This translates to 1.3 million square metres of Net Storage Area (NSA) and a rate of supply of 2.42 units per 100 people, which is up slightly from the rate recorded last year, of 2.39 units per 100 people.

New Zealand has always maintained a higher rate of supply per capita than Australia due to its smaller population; however, Australia is adding new self storage supply at a much stronger rate, averaging 5-7% of NSA per annum so this theory may not be sustained.

The three largest operators in Australia are also the three largest in New Zealand, being National Storage (13.2% by NSA), Kennards Self Storage including the recently acquired National Mini Storage portfolio (11.3%) and Storage King (7.7%), followed closely by local group All Secure Self Storage including the recently acquired SafeGuard Storage platform (6.9%). Following the next layer of local operators, being Total Storage, Kiwi Self Storage and EzyStor (collectively at 7.8% of market share), the remaining smaller and single site operators make up 53.1% of the market. This component of the market is often referred to as the “fragmented” portion of the market – the segment of the market which is described as ripe for consolidation. For comparison, Australia, which has seen much stronger levels of consolidation in recent years, has only 45.5% of market share falling into the fragmented category.

This suggests that there is significantly more opportunity for consolidation in the New Zealand Market.

Trading Performance

Based upon research undertaken for the SSAA Industry Snapshot, the average storage fee rate in Auckland dropped 5.3% across 2024 to $366/sqm of occupied NSA. The average stabilised occupancy rate across Auckland dropped 2.1% to 82% by area. Combined, this resulted in RevPAM (revenue per available metre) dropping by 6.8% to $300/sqm of available NSA.

So why has the New Zealand market been so challenging? Quite simply, it’s due to a very tough economy with crippling high costs of living, continued rising prices and stubborn inflation, weak productivity, a soft property market, slow recovery of population growth post Covid; and possibly the most relevant factor impacting the self storage market – the Kiwi Exodus (more on that below).

The best way to demonstrate the vast contrast between trading performance in New Zealand and Australia over the past five/six years is to compare the Auckland and Sydney RevPAM results. Extracted from the Cushman & Wakefield SSPI, Auckland and Sydney had almost the exact same starting position in March 2020. In fact, Auckland was half a precent stronger than Sydney. Fast forward to September 2025 and the Sydney result is now 27% above Auckland.

Whilst this comparison is somewhat staggering, it demonstrates the opportunity available in the Auckland (and potentially entire New Zealand) market to increase fee rates once macro conditions improve.

Supply and Demand

Overseas arrivals to New Zealand have returned to strong levels. New Zealand is a popular migrant destination from India, Philippines and China. However, Kiwis are leaving at a record rate. Net Migration is at its lowest level than a decade (excluding when boarders were closed over the pandemic period), and in 2025, net migration is less than half the annual average. Stats NZ  reports that 61% of Kiwis departing their home country move to Australia in search for a better quality of living, with more jobs, stronger salaries, nicer weather, and in general, better availability of housing.

Estimated migration by direction

Other challenges on the demand front include a soft housing market – when adjusted for inflation, it is estimated that house prices are down 30% from peak 2019 levels; fewer natural disasters (granted this is a good thing), lower discretionary spend levels, and challenging business conditions.

However, the positive observation in New Zealand is the limited number of proposed self storage developments in the pipeline. Four Leaves estimates that there are only 23 major projects underway, with eight under condition and 15 in either the planning or pre-planning phase. This is a huge contrast to the number of projects in Australia (+300 and growing by ~25% per annum).

There are several trends in New Zealand that will continue to drive demand for self storage into the future, including smaller, more affordable houses / shrinking block sizes and a rebound in customer confidence which was occurring before the middle east conflict. Although, the real green shoot for New Zealand is the limited level of new facilites in the pipeline.

Outlook

The New Zealand market has faced undeniable challenges in the post-pandemic period. However, the outlook is beginning to shift. As confidence gradually returns, we expect to see increased investment activity, a rise in development (albeit at much lower levels to Australia), continued expansion from major operators, and, importantly, genuine opportunities for revenue growth across the sector.

Or, as they might say across the ditch: “she’ll be right… just give it a bit of time, eh?”