A method, system and computer program product for allocating storage for virtual machine instances. The input/output (I/O) usage of disk extents utilized by a virtual machine is saved in an I/O profile of the virtual machine. In response to deallocating the virtual machine, the I/O usage of the disk extents is extracted from its I/O profile and saved in a data structure. Upon starting a new instance of the virtual machine, new disk extents are allocated to the new virtual machine instance. The I/O usage of the disk extents for the previous incarnation of the virtual machine is applied to the disk extents allocated to the new virtual machine instance. The newly allocated disk extents can now be placed in either a solid-state drive device or a hard disk drive device based on this I/O history without requiring a twenty-four hour long cycle.