Investing.com -- KeyBanc reported that its July credit and debit card data shows average self storage spend per transaction in the United States rose 2.3% year-over-year, marking a 160 basis point improvement from the prior month.

The firm's Key First Look data, which tracks approximately 147,000 transactions in the second quarter of 2026, showed nominal spend increased 1.35% from June to July. This monthly gain exceeded the 10-year average June-to-July increase of 0.16%.

Average revenue per self storage transaction reached $174.77 in July, up from $172.44 in June. The July year-over-year growth rate represented the strongest increase since May 2024, when transactions rose 2.8% year-over-year.

On a trailing three-month basis covering May through July 2026, average revenue per transaction increased 1.7% year-over-year, up from 1.4% in the prior rolling period. This marked the strongest three-month result since July 2024.

KeyBanc views the average spend per transaction as a proxy for in-place contract rents. The firm stated that July's performance suggests peak leasing season demand remained intact through mid-summer and tracked more closely with historical patterns than last year.

The June-to-July increase represented the strongest monthly gain in KeyBanc's dataset, which spans more than a decade. The firm noted that the improvement appeared consistent with July operating updates and commentary provided by self storage REITs during second quarter 2026 earnings calls.