Abstract Pith water storage capacity and its role in plant‐water relations were studied in seven giant rosette species of the genus Espeletia from the Venezuelan Andes. Readily available water from the pith was calculated to be capable of sustaining mean transpiration for up to 2.5 h. The relative importance of water stored in the pith, however, differed among species. The species that grow in the higher and colder environments tended to have a greater capacitance than the species that grow in the lower and less extreme environments. The pith volume per unit leaf area (PV/LA) was found to be a good indicator of the relative water storage capacity of the adult individuals of each species. Diurnal fluctuations in leaf water potential were not as pronounced in the species with higher PV/LA values. The species‐specific PV/LA was highly correlated with the leaf turgor loss point and with the total resistance to water flow from soil to leaves. These results suggested that species‐specific capacitance in the genus Espeletia is a response to temperature‐limited soil water availability and that cold tropical environments with frequent subfreezing temperatures tend to select for high water storage capacity in giant rosette plants.