From the staggering $48.7 billion industry in the U.S. to the surge of urban storage users worldwide, the self-storage sector is booming like never before, and these statistics reveal exactly why.
Key Takeaways
- The U.S. self-storage industry reached a total market size of $48.7 billion in 2023, marking a 5.2% increase from the previous year.
- Global self-storage market was valued at $42.5 billion in 2022 and is projected to grow to $64.3 billion by 2030 at a CAGR of 5.3%.
- U.S. self-storage revenue per square foot averaged $18.50 in 2023 across major markets.
- There were 52,559 self-storage facilities in the United States as of 2023.
- The U.S. self-storage industry offered 2.03 billion rentable square feet in 2023.
- Average U.S. self-storage facility size was 46,200 square feet in 2023.
- U.S. self-storage occupancy rate averaged 92.1% in 2023.
- Climate-controlled units had 94.5% occupancy vs. 89.2% for non-climate in 2023.
- U.S. economic occupancy rate for self-storage was 91.8% in Q4 2023.
- Average U.S. self-storage rental rate was $1.04 per sq ft per month in 2023.
- Climate-controlled units rented for $1.35/sq ft/month vs. $0.85 non-controlled in 2023.
- 5x10 unit average rent was $95/month across U.S. in 2023.
- 45% of U.S. self-storage customers are residential renters.
- 35% of customers use self-storage for moving-related needs.
- 28% of customers are businesses, up from 22% in 2019.
The global self-storage industry is a large and consistently growing multi-billion dollar market.
Customer Demographics and Trends
- 45% of U.S. self-storage customers are residential renters.
- 35% of customers use self-storage for moving-related needs.
- 28% of customers are businesses, up from 22% in 2019.
- Women account for 52% of self-storage renters in the U.S.
- Millennials (25-40) represent 42% of new self-storage customers in 2023.
- Average rental duration is 13 months for residential customers.
- 62% of customers find facilities via online search in 2023.
- Military personnel use self-storage at rates 3x the national average.
- 55% of renters have household incomes over $75,000.
- Students comprise 12% of self-storage users during semester changes.
- 70% of customers rent units smaller than 100 sq ft.
- Repeat customers make up 38% of annual rentals.
- Seniors (65+) represent 18% of renters, often downsizing.
- 25% of customers store vehicles or boats.
- Online reservations account for 65% of bookings in 2023.
- Hispanic/Latino customers grew 15% in usage from 2020-2023.
- Average household size of renters is 2.8 people.
- 48% of business customers are e-commerce related in 2023.
- Customers traveling for work use storage 22% more frequently.
- 33% of renters cite decluttering as primary reason.
- Female-headed households rent at 1.5x rate of average.
- Gen Z (18-24) adoption rose 28% in self-storage 2023.
- 41% of customers live in apartments or rentals.
- Divorce-related storage needs affect 14% of customers.
- Urban renters turnover 20% faster than suburban.
- 52% of customers pay via auto-debit monthly.
- Pet owners use storage 18% more for seasonal items.
- Remote workers increased storage for home office overflow by 25%.
- 27% of customers are first-time users in 2023.
Customer Demographics and Trends Interpretation
Self-storage has become America's modern attic, where the intersecting pressures of transient living, cluttered homes, and side-hustle commerce are neatly boxed up by a surprisingly affluent and digitally-savvy clientele who can't seem to let go, literally or figuratively.
Market Size and Revenue
- The U.S. self-storage industry reached a total market size of $48.7 billion in 2023, marking a 5.2% increase from the previous year.
- Global self-storage market was valued at $42.5 billion in 2022 and is projected to grow to $64.3 billion by 2030 at a CAGR of 5.3%.
- U.S. self-storage revenue per square foot averaged $18.50 in 2023 across major markets.
- The self-storage sector in the UK generated £1.2 billion in revenue in 2023, with 1,200 facilities operating nationwide.
- Australia's self-storage industry revenue hit AUD 2.8 billion in 2023, driven by urban migration trends.
- Europe’s self-storage market size stood at €5.4 billion in 2022, expected to reach €8.1 billion by 2028.
- Public Storage, the largest operator, reported $4.4 billion in revenue for fiscal year 2023.
- Extra Space Storage generated $2.1 billion in revenue in 2023 before its merger with Public Storage.
- The self-storage industry's total revenue in Canada reached CAD 3.5 billion in 2023.
- Asia-Pacific self-storage market valued at $4.2 billion in 2023, with Japan leading at 40% share.
- U.S. self-storage market capitalization of publicly traded REITs exceeded $120 billion in mid-2024.
- CubeSmart reported $1.22 billion in revenue for 2023, up 8.4% year-over-year.
- National Storage REIT in Australia posted AUD 320 million revenue in FY2023.
- U.S. self-storage revenue growth averaged 4.8% annually from 2018-2023.
- The industry's net operating income (NOI) margin averaged 68% in 2023 for top operators.
- Self-storage contributed 2.1% to U.S. commercial real estate revenue in 2023.
- Life Storage revenue was $1.39 billion in 2023 prior to acquisition.
- Global self-storage revenue per capita is $5.20, highest in the U.S. at $120.
- U.S. self-storage EBITDA for major REITs totaled $15.2 billion in 2023.
- The sector's revenue from climate-controlled units grew 7.2% in 2023.
- U.S. self-storage market share held by top 10 operators was 18% in 2023.
- Revenue from vehicle storage in self-storage facilities reached $1.8 billion in U.S. 2023.
- Self-storage NOI grew 6.1% YoY in Q4 2023 across 40 major U.S. markets.
- Global market revenue from business customers accounted for 35% or $14.9 billion in 2023.
- U.S. self-storage revenue density per facility averaged $4.2 million in 2023.
- Revenue from wine storage units contributed $450 million to U.S. self-storage in 2023.
- Self-storage market revenue in Texas alone was $5.1 billion in 2023.
- Industry-wide revenue from ancillary services like insurance reached $2.3 billion in 2023.
- U.S. self-storage revenue CAGR projected at 4.5% from 2024-2028.
- Revenue per employee in self-storage industry averaged $450,000 in 2023.
Market Size and Revenue Interpretation
The self-storage industry is a multi-billion dollar testament to humanity's enduring struggle between the joy of acquiring things and the pain of finding a place to put them.
Number of Facilities and Units
- There were 52,559 self-storage facilities in the United States as of 2023.
- The U.S. self-storage industry offered 2.03 billion rentable square feet in 2023.
- Average U.S. self-storage facility size was 46,200 square feet in 2023.
- There are over 1,200 self-storage facilities in the UK as of 2023.
- Australia had 2,400 self-storage centers with 8.5 million sqm of space in 2023.
- Canada boasts 4,200 self-storage facilities nationwide in 2023.
- Japan has approximately 12,000 self-storage facilities, mostly small urban sites.
- U.S. facilities with climate-controlled units numbered 28,500 in 2023.
- Total self-storage units in the U.S. exceeded 1.2 million in 2023.
- Average number of units per U.S. facility was 894 in 2023.
- Multi-story self-storage facilities in the U.S. totaled 4,200 in 2023.
- Florida had 5,800 self-storage facilities, the most in the U.S., in 2023.
- New self-storage facilities opened in the U.S. numbered 450 in 2023.
- U.S. facilities under third-party management reached 15,000 in 2023.
- Europe had 2,800 self-storage sites across 15 countries in 2023.
- Texas self-storage facilities totaled 4,500 with 450 million sq ft.
- Average unit count in top 100 U.S. facilities was 1,200 in 2023.
- U.S. drive-up unit facilities comprised 85% of total facilities in 2023.
- Brazil self-storage facilities grew to 350 sites by end of 2023.
- Public Storage operated 3,000 facilities with 170 million sq ft in 2023.
- Facilities with RV/boat storage numbered 22,000 in U.S. 2023.
- New unit supply in U.S. self-storage was 50 million sq ft in 2023.
- Average rentable units per sq ft was 0.023 in U.S. facilities 2023.
- California hosted 5,200 self-storage facilities in 2023.
- U.S. facilities built post-2000 accounted for 42% of total in 2023.
- Spain had 250 self-storage centers operational in 2023.
- Total enclosed self-storage space in U.S. was 1.9 billion sq ft in 2023.
Number of Facilities and Units Interpretation
The sheer scale of the global self-storage industry proves humanity's remarkable talent for producing more stuff than we have room for, while simultaneously demonstrating our genius in building profitable real estate to store all the things we can't bear to part with but don't actually need.
Occupancy and Utilization Rates
- U.S. self-storage occupancy rate averaged 92.1% in 2023.
- Climate-controlled units had 94.5% occupancy vs. 89.2% for non-climate in 2023.
- U.S. economic occupancy rate for self-storage was 91.8% in Q4 2023.
- Physical occupancy in top 50 U.S. markets averaged 93.4% in 2023.
- RV/boat storage utilization reached 88% in high-demand U.S. areas 2023.
- UK self-storage occupancy stabilized at 87.5% post-COVID in 2023.
- Australia’s self-storage facilities reported 91.2% occupancy in 2023.
- Small units (5x5 to 5x10) had 95.2% occupancy rate in U.S. 2023.
- Large units (10x20+) occupancy dipped to 87.9% in 2023 U.S.
- Florida self-storage occupancy averaged 94.1% in 2023.
- New supply markets saw occupancy drop 2.1% to 89.3% in 2023.
- Mature U.S. markets maintained 93.8% occupancy in 2023.
- Climate-controlled occupancy premium was 5.3% over non-controlled in 2023.
- Vehicle storage utilization hit 92.4% in Sun Belt states 2023.
- U.S. self-storage utilization rate by revenue was 92.7% in 2023.
- Occupancy in urban vs. suburban facilities was 90.2% vs. 93.5% in 2023.
- Canada self-storage occupancy averaged 89.8% in 2023.
- Multi-story facilities achieved 95.1% occupancy due to location in 2023.
- Oversupplied markets had 85.6% occupancy in Q3 2023 U.S.
- Wine storage units maintained 97.2% utilization in premium markets 2023.
- Business customer occupancy rate was 94.8% vs. 91.2% residential in 2023.
- Texas self-storage occupancy reached 93.7% in 2023.
- U.S. facilities under 25,000 sq ft had 96.3% occupancy in 2023.
- Europe average occupancy was 88.4% with urban areas at 91% in 2023.
- Post-renovation facilities saw occupancy rise 4.2% to 94.5% in 2023.
Occupancy and Utilization Rates Interpretation
The data reveals a universal truth: we are a species drowning in stuff, desperately paying premium rents for climate-controlled attics to cradle our wine collections and abandoned hobbies, while proving that the most reliable growth industry in any economy is our collective inability to let things go.
Pricing and Rental Rates
- Average U.S. self-storage rental rate was $1.04 per sq ft per month in 2023.
- Climate-controlled units rented for $1.35/sq ft/month vs. $0.85 non-controlled in 2023.
- 5x10 unit average rent was $95/month across U.S. in 2023.
- Annual rent growth for self-storage was 2.8% in 2023 U.S. markets.
- Florida self-storage rents averaged $1.12/sq ft/month in 2023.
- RV parking spaces rented at $250/month average in 2023.
- UK self-storage average rent was £15/sq m/month in 2023.
- 10x20 unit rents hit $185/month nationally in U.S. 2023.
- Premium urban markets charged $1.50/sq ft/month for climate units 2023.
- Australia average self-storage rent was AUD 25/sq m/month in 2023.
- Rent per sq ft for vehicle storage averaged $0.45 in U.S. 2023.
- Smallest units (5x5) rented for $55/month average in 2023.
- Texas self-storage rents grew 3.5% YoY to $1.05/sq ft 2023.
- Wine storage units commanded $2.10/sq ft/month in 2023.
- Multi-story facilities had 15% rent premium over single-story in 2023.
- Canada average monthly rent per unit was CAD 180 in 2023.
- Ancillary revenue from packing supplies averaged $12.50/renter/year 2023.
- Large unit (10x30) rents averaged $320/month in U.S. 2023.
- Rent concessions affected 12% of new leases, reducing effective rate by 5% in 2023.
- Business storage rents were 10% higher than residential at $1.15/sq ft 2023.
- Oversupplied markets saw rent growth stall at 0.8% in 2023.
- Europe average rents rose 4.1% to €16/sq m/month in 2023.
- U.S. self-storage rent per sq ft in top markets like NYC was $2.40 in 2023.
- Average lease term was 8.2 months with rents up 1.9% on renewal 2023.
Pricing and Rental Rates Interpretation
Americans are paying a premium to preserve their past, whether it’s climate-controlled nostalgia at $1.35 a square foot, wine collections at $2.10, or RVs at $250 a month, proving that our attachment to stuff is both inflation-proof and, occasionally, weather-sealed.
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