Summary
- • The self storage industry generates $39.5 billion in annual revenue.
- • The average size of a self storage unit in the U.S. is 10 feet by 10 feet.
- • Self storage facilities are present in 1 in every 10 U.S. households.
- • The self storage industry employs over 172,000 people.
- • 9.4% of all U.S. households currently rent a self storage unit.
- • The average monthly cost for a self storage unit in the U.S. is $87.89.
- • California has the highest number of self storage facilities in the U.S.
- • The self storage industry has an average customer retention rate of 73%.
- • 33% of self storage renters have rented a unit for over two years.
- • The occupancy rate for self storage facilities is around 90%.
- • The average length of stay for a self storage customer is 12 months.
- • 65% of self storage renters have a garage but still rent a unit.
- • Around 47% of self storage tenants are female.
- • Self storage unit sizes have increased by 16% over the last decade.
- • The self storage market is expected to reach $99.6 billion by 2027.
In a world where one out of every ten American households has a secret hiding spot known as a self storage unit, it seems the $39.5 billion self storage industry is not just for hoarders and secret agents anymore. With unit sizes increasing, and an average monthly cost of $87.89, its no wonder 9.4% of U.S. households are stashing their treasures away. Employing over 172,000 people, these storage facilities are now part of the American way, providing space for 10% of the population and boasting a high customer retention rate of 73%. Get ready to unlock the quirks and treasures of this booming industry, where even those with garages are not immune to the allure of the extra space.
Demographics of Self Storage Users
- 9.4% of all U.S. households currently rent a self storage unit.
- Around 47% of self storage tenants are female.
- 22% of self storage renters are aged 55 or older.
- 10% of U.S. households rent more than one self storage unit.
- Around 11% of self storage renters are military personnel.
- About 52% of self storage users rent due to moving or downsizing.
Interpretation
It appears that the self storage industry has become a cornerstone of American life, serving as a haven for all those things we just can't bear to part with yet. With nearly 1 out of 10 households engaging in the self storage shuffle, it seems we've collectively embraced the mantra of "out of sight, out of mind." Interestingly, it's not just the stereotypical hoarder males filling up those units - almost half of the storage tenants are women, proving that we all have a penchant for hanging on to sentimental items. And let's not forget the wise elders and adventurous military personnel who seek solace in storage units, alongside the growing number of serial renters who just can't get enough of that spacious vibe. Whether it's due to a perpetually nomadic lifestyle or the ever-popular hobby of Marie Kondo-ing our lives, one thing is clear - the self storage industry is here to stay, catering to the needs of our attachment to material goods and the memories they hold.
Industry Size and Revenue
- The self storage industry generates $39.5 billion in annual revenue.
- The self storage industry employs over 172,000 people.
- California has the highest number of self storage facilities in the U.S.
- Self storage facilities account for 1.7 billion square feet of space in the U.S.
- The self storage industry provides storage space for over 10% of the U.S. population.
- Self storage facilities are present in all 50 states in the U.S.
- Florida has the greatest number of self storage facilities among the southern states.
- Self storage facilities make up 78% of the global industry market share.
- California leads the U.S. in rental income generated by self storage facilities.
- Self storage facilities in the U.S. provide over 1.7 million jobs.
- Revenues per self storage facility in the U.S. average around $802,000 annually.
- Self storage construction spending in the U.S. reached $4.1 billion in 2020.
- Self storage facilities worldwide occupy a total of 10.43 square feet of space per person.
Interpretation
The self storage industry seems to be stacking up quite the impressive resume, raking in billions in revenue, providing employment to a small city's worth of people, and taking up enough space to make even a hoarder blush. With California wearing the crown for the most storage facilities and highest rental income, it's clear that when it comes to stowing our stuff, the Golden State isn't just golden—it's platinum. So next time you ponder the sheer magnitude of self storage spaces in the U.S., remember, there's a lot more to these units than just being a home for your old college textbooks and mismatched furniture. They're big business, and they're here to stay.
Market Trends and Forecast
- Self storage facilities are present in 1 in every 10 U.S. households.
- The average monthly cost for a self storage unit in the U.S. is $87.89.
- Self storage unit sizes have increased by 16% over the last decade.
- The self storage market is expected to reach $99.6 billion by 2027.
- The self storage industry has a compound annual growth rate of 5.68% from 2021 to 2028.
- The size of the average self storage unit has increased by 18.2% since 2000.
- The average price per square foot for self storage space in the U.S. is $1.40.
- Self storage tenants are willing to travel an average of 7.4 miles to their storage facility.
- The self storage industry has an annual growth rate of 2.3%.
- 45% of self storage users are motivated by a lifestyle change.
Interpretation
The Self Storage Industry seems to have found the key to unlocking success in American households, with facilities becoming as common as quirky lawn ornaments. As the storage unit sizes grow bigger, it appears that Americans are expanding not only their living spaces but also their attachment to excess stuff. With tenants willing to travel 7.4 miles to stash their belongings, one can only wonder if the journey is more about decluttering the home or embarking on a self-storage adventure. With a projected market value almost hitting the hundred-billion mark, it seems the only limit to this industry's growth is the size of the units themselves!
Occupancy and Utilization Rates
- The self storage industry has an average customer retention rate of 73%.
- 33% of self storage renters have rented a unit for over two years.
- The occupancy rate for self storage facilities is around 90%.
- The average length of stay for a self storage customer is 12 months.
- 65% of self storage renters have a garage but still rent a unit.
- The average occupancy rate for self storage facilities hit a record high of 90% in 2020.
- The self storage industry has a current occupancy rate of 88.1%.
- 57% of self storage users rent for a period of over one year.
Interpretation
The self storage industry seems to have mastered the art of holding onto its customers, with a retention rate higher than most relationships. Perhaps it's the allure of a secret second space that keeps 33% of renters coming back for more storage bliss, even if they already own a garage. With a steady 90% occupancy rate, it's clear that these facilities are in demand, proving that when it comes to storing our stuff, out of sight definitely does not mean out of mind. So next time you find yourself holding onto a unit for over a year, just remember, you're not alone in your attachment to that extra storage space.
Storage Unit Size and Availability
- The average size of a self storage unit in the U.S. is 10 feet by 10 feet.
- The average size of a self storage unit has increased by 10 square feet in the past decade.
Interpretation
The self storage industry in the U.S. seems to have taken the phrase "go big or go home" quite literally, as the average size of a storage unit has boldly expanded by 10 square feet over the past decade. Apparently, Americans are not just holding on to their storage units, they are super-sizing them. With units now typically measuring 10 feet by 10 feet, it seems like we are increasingly storing not just our excess stuff, but perhaps our hopes and dreams as well – all neatly organized in a storage unit.