Self-storage unit industry statistics 2024
For people in need of extra space for their belongings, storage companies offer the opportunity to stow a wide array of items in a rental unit.
The units vary significantly — from indoor units as small as 5 feet by 5 feet capable of storing a few odds and ends, to large outdoor garage spaces that can accommodate vehicles or commercial storage needs.
Some facilities come with special characteristics, such as advanced security measures like individually alarmed units, or climate-controlled storage to protect temperature-sensitive items.
In 2022, U.S. self-storage businesses recorded $19.6 billion in revenue, up from $12.6 billion five years earlier.
Jump to insightThe global market for self-storage units is estimated to be more than $58 billion.
Jump to insightU.S. spending in 2023 on the construction of mini-storage facilities reached a record high of nearly $7 billion.
Jump to insightThere are an estimated 50,000 self-storage facilities in the U.S.
Jump to insightGeneral storage unit statistics
With widespread use of storage units in the U.S., self-storage facilities are resilient to economic shocks, with the usage of units often closely tied to the housing market and moving residences.
For example, self storage benefited during the COVID-19 pandemic, because of the increase in people relocating and the growth of home offices. In a strong economy, consumers often accumulate more material goods, opting to keep some of these possessions in storage units — in a weaker economy, consumers and businesses may turn to storage units when downsizing.
The evidence of the industry’s strength was seen throughout and after the pandemic. Private construction spending on mini-storage facilities annually grew from about $4.6 billion from 2019 to 2020, to a record high of nearly $7 billion in 2023.
The market is composed of several different types of units, including the following:
- Outdoor units: These garage-like facilities are typically more spacious and can be reached by driving directly up to the unit. However, they are more susceptible to security issues and tend to be a bit cheaper than other options.
- Portable units: These units, often called pods or moving containers, can provide space when moving a long distance or for temporary storage. These units are typically delivered and picked up by a company that can transport them to a new location.
- Climate-controlled units: A more expensive option, climate-controlled storage offers specialized spaces with temperatures between 55 and 85 degrees. These are meant for storing items sensitive to extreme temperatures.
Storage unit industry market size
In 2024, the estimated size of the global self-storage market is more than $58 billion.
The self-storage market is expected to grow to more than $72 billion by 2029, as a combination of increasing urbanization and economic growth driving new business.
Personal storage makes up a major share of the market, as businesses also rely on larger storage facilities such as warehouses, in place of self-storage units.
Market size by region
The self-storage market is most prominent in North America, where in recent years, the U.S. has seen continued growth.
In 2022, U.S. self-storage businesses recorded nearly $20 billion in revenue, a 16% increase over 2021 and a 55% increase from 2017.
North America is expected to continue to be the largest segment of the self-storage market, as storage units remain more widely available in the urbanized U.S. and Western Europe. The industry is still getting off the ground in new markets, such as China and India.
The major players in the self-storage industry are U.S.-based companies, such as Public Storage, Extra Space Storage and CubeSmart.
Storage unit costs and factors
Per-month costs for storage units typically range from $90 to $290 and include an upfront administrative fee and monthly rental payment. These costs vary depending on the size of the rented unit and any other add-ons, such as a climate-controlled space.
The most common storage unit, 10 feet by 10 feet, can hold the furniture from a single room and has an average monthly cost of $160.
Alongside unit size, other factors that may affect the cost of a storage unit are as follows:
- Security: Some facilities have secure entrances and exits with guards, cameras, or a keypad. These upgrades generally come with higher costs and may be a better option for storing more costly items.
- Location: Similar to rent, fees are typically more expensive for units in larger urban areas.
- Season: Fees fluctuate depending on the time of year and may cost more during peak times, such as the summer when students store items between semesters.
- Length of rental: Shorter rental periods may come with higher monthly fees, as many companies offer discounts for long-term rentals or contracts.
- Additional fees: Some facilities also charge for insurance protection or security deposits.
Storage unit usage
In the U.S., storage-unit occupancy rates have hit record highs in recent years, peaking around 92% in 2021 and 2022, before a recent downturn in 2023. In September 2023, estimates indicated that occupancy of U.S. storage units had fallen to 87%.
With fewer relocations, the drop came alongside a downturn in the housing market, and residents relying on storage units to hold extra belongings.
In Europe, the average occupancy rate of storage units was nearly 79% in 2023, reflecting lower usage of self storage than in the U.S.
Storage unit industry future projections
The global market for the self-storage industry is expected to grow at a compound annual rate of 4.4% over the next five years, increasing to an annual revenue of more than $72 billion by 2029.
Factors driving the growth include increasing urbanization and rising urban populations more likely to rely on self-storage facilities, located in urban and suburban areas. The growth of e-commerce is also a contributing factor, as more online businesses turn to self storage as a cost-effective means to store inventory.
Other projections for the U.S.-based self-storage industry indicate an expansion of supply in the short term, while the development of new storage facilities will decline in the long term.
FAQ
How big is the self-storage market?
Globally, the market for self-storage units is estimated to be more than $58 billion, while in 2022, the U.S. self-storage businesses recorded nearly $20 billion in revenue.
How many self-storage facilities are there in the U.S.?
There are an estimated 50,000 self-storage facilities in the U.S.
What is the occupancy of self-storage units in the U.S.?
Occupancy of U.S. storage units was 87% in September 2023, down from recent highs around 92% in 2021 and 2022.
How much does a storage unit cost?
The cost for a typical storage unit ranges from $90 to $290 per month, with prices increasing based on the size of the unit and any additional add-ons, such as security features or climate control.
References
- Federal Reserve Economic Data. “Total Revenue for Lessors of Miniwarehouses and Self-Storage Units, Establishments Subject to Federal Income Tax, Employer Firms.” U.S. Census Bureau. Evaluated April 17, 2024.Link Here
- “Self Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029).” Mordor Intelligence. Evaluated April 17, 2024.Link Here
- “Construction Spending - Historical Data.” U.S. Census Bureau. Evaluated April 17, 2024.Link Here
- “Self Storage Industry Trends.” StorageCafe. Evaluated April 17, 2024.Link Here
- Chandler, B., & Enlow, R. “Lessors of Mini Warehouses and Self-Storage Units Show Significant Financial Gains During COVID-19 Pandemic.” U.S. Census Bureau. Evaluated April 17, 2024.Link Here
- “Storage & Warehouse Leasing in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029).” IBISWorld. Evaluated April 17, 2024.Link Here
- McLeod, A. “Self-Storage End of Year Market Report 2022.” Matthews Real Estate Investment Services. Evaluated April 18, 2024.Link Here
- Harris, A. “Storage Monitor: Average Storage Rates Reach 3-Year Low.” Storable. Evaluated April 18, 2024.Link Here
- “European Annual Industry Report 2023.” Federation of European Self Storage Associations. Evaluated April 18, 2024.Link Here
- “Self Storage Market Size, Share & Trends Analysis Report.” Intellectual Market Insights Research. Evaluated April 18, 2024.Link Here
- “Yardi Matrix Forecasts Increase in Self Storage Delivery for 2024-2025.” Yardi Matrix. Evaluated April 18, 2024.Link Here
- "Storage & Warehouse Leasing in the US." IBISWorld. Evaluated April 18, 2024.Link Here
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