Key Highlights
- The self storage industry in the United States generated approximately $39 billion in revenue in 2022
- There are over 50,000 self storage facilities across the US
- The average size of a self storage unit is approximately 100 square feet
- Approximately 10% of households in the U.S. rent a self storage unit
- Self storage facilities in the US have an occupancy rate of around 89%
- The self storage industry has seen a 3-5% annual growth rate over the past decade
- About 21% of renters store items for more than 6 months
- The average cost of a 10x10 storage unit is around $95 per month in the US
- Approximately 56% of Americans have used a self storage unit at some point
- The top five states with the highest number of self storage facilities are California, Texas, Florida, Georgia, and Illinois
- The self storage industry employs over 100,000 people nationwide
- The typical self storage customer is between 30-50 years old
- The most common reason for renting self storage is moving or relocating (35%), followed by decluttering (25%), and business storage (15%)
Did you know that the $39 billion U.S. self storage industry, with over 50,000 facilities serving more than half of American households, continues to grow steadily at 4% annually, reflecting a massive and dynamic market driven by relocation, decluttering, and small business needs?
Customer Demographics and Usage Patterns
- Approximately 10% of households in the U.S. rent a self storage unit
- About 21% of renters store items for more than 6 months
- Approximately 56% of Americans have used a self storage unit at some point
- The typical self storage customer is between 30-50 years old
- The most common reason for renting self storage is moving or relocating (35%), followed by decluttering (25%), and business storage (15%)
- Around 60% of storage renters are individuals, with the remaining 40% being businesses
- 70% of self storage customers pay via auto-debit or recurring payments
- Approximately 32% of storage renters are self-employed or own small businesses
- The most popular storage unit size is 10x10 feet, used by about 45% of renters
- 65% of self storage customers rent their units for personal use rather than business
- About 40% of self storage renters are between the ages of 31 and 50
- The most common payment method is monthly billing, used by over 80% of customers
- 55% of self storage customers are homeowners, which influences their likelihood to rent storage units
- Approximately 12% of renters have had a storage unit for more than 3 years continuously
Customer Demographics and Usage Patterns Interpretation
With over half of Americans having utilized self storage at some point—primarily aged 30 to 50 and motivated by moving or decluttering—it's clear that in a country where roughly 10% of households rent a unit, self storage isn't just a logistics solution but a societal staple, especially for homeowners and small business owners who prefer convenience on autopilot—literally via auto-debit—reflecting both our penchant for practicality and the ever-expanding demand to keep our clutter just out of sight, yet well within reach.
Economic Factors and Revenue Insights
- The self storage industry in the United States generated approximately $39 billion in revenue in 2022
- In rural areas, self storage facilities account for about 30% of total industry revenues
Economic Factors and Revenue Insights Interpretation
With a hefty $39 billion in 2022 and rural storage facilities comprising nearly a third of that haul, the self-storage industry proves that whether urban or rural, Americans are still holding on—and sometimes even holding onto—more than they can carry.
Market Size and Industry Growth
- There are over 50,000 self storage facilities across the US
- The self storage industry has seen a 3-5% annual growth rate over the past decade
- The top five states with the highest number of self storage facilities are California, Texas, Florida, Georgia, and Illinois
- The self storage industry employs over 100,000 people nationwide
- The self storage industry is expected to grow at a CAGR of 4% from 2023 to 2028
- The self storage industry is projected to reach a market size of $58 billion globally by 2028
- The self storage industry experiences around 5% annual new facility openings, keeping the market dynamic
Market Size and Industry Growth Interpretation
With over 50,000 facilities nationwide fueling a steady 4-5% annual growth and a booming $58 billion global market by 2028, the self-storage industry, anchored by powerhouse states like California and Texas and sustained by over 100,000 jobs, proves that in a world increasingly obsessed with decluttering, there's no such thing as too much space—or too many facilities.
Operational Metrics and Facility Data
- The average size of a self storage unit is approximately 100 square feet
- Self storage facilities in the US have an occupancy rate of around 89%
- The average cost of a 10x10 storage unit is around $95 per month in the US
- The average length of rental for self storage units is approximately 11 months
- Self storage units that include climate control see a 20% higher occupancy rate than non-climate-controlled units
- The typical self storage facility's gross profit margin is around 70%
- During the COVID-19 pandemic, self storage occupancy rates temporarily dropped but rebounded quickly to pre-pandemic levels
- The average occupancy rate for self storage units across all sectors is about 89%
- Self storage facilities with multiple floors account for around 25% of total facilities
- The average rent increase per year for self storage units is approximately 3-4%
- The self storage industry has a low default rate of less than 1%
- Over 50% of self storage facilities offer 24/7 access
- The most common types of items stored include furniture (75%), seasonal items (60%), and business inventory (40%)
- Approximate annual revenue per facility is $750,000
- The self storage industry sees an approximate 10% annual customer renewal rate, indicating loyalty
- The average number of units per facility is around 150
- Midwest states account for approximately 25% of total self storage facilities in the US
- Self storage units with upgraded security features see a 15% higher occupancy rate than those without
- The average price per square foot for self storage units is approximately $1.10
- The average cost-per-square-foot for climate-controlled units is approximately $1.35, about 20-25% higher than standard units
Operational Metrics and Facility Data Interpretation
With an 89% occupancy rate and a robust 70% profit margin, the self-storage industry—fueled by climate-controlled offerings and strategic security upgrades—demonstrates that in the realm of space, it's not just about storage but smart investment, even as the average unit size remains a modest 100 square feet and customer loyalty hovers around 10%.
Ownership, Management, and Competitive Landscape
- The median age of self storage facility owners is approximately 50 years old
- The predominant ownership model is independent operators, comprising about 65% of all facilities
- The top three national self storage companies in the US are Extra Space Storage, Public Storage, and CubeSmart
Ownership, Management, and Competitive Landscape Interpretation
With the median age of owners hovering around 50 and most facilities still independently operated, the self-storage industry balances seasoned entrepreneurial spirit with the dominance of giants like Extra Space, Public Storage, and CubeSmart—a snapshot of a sector both rooted in tradition and poised for future expansion.
Sources & References
- Reference 1IAPDResearch Publication(2024)Visit source
- Reference 2STATISTAResearch Publication(2024)Visit source
- Reference 3SBAResearch Publication(2024)Visit source
- Reference 4NSBAResearch Publication(2024)Visit source
- Reference 5SPOTRACResearch Publication(2024)Visit source
- Reference 6BIZMINERResearch Publication(2024)Visit source
- Reference 7BUSINESSWIREResearch Publication(2024)Visit source
- Reference 8MARKETWATCHResearch Publication(2024)Visit source