Neighbor, the leading peer-to-peer storage operator in the United States, has researched and compiled the following U.S. self storage industry statistics and data. This yearly resource will be updated as new data becomes available and is intended to serve as the ultimate guide to self storage statistics. For questions or concerns, please comment below.
Last Updated: 12/18/2019
- Industry Snapshot
- Supply Statistics – Construction, inventory, square footage, etc.
- Demand Statistics – Pricing, seasonality, duration, etc.
- Industry Statistics – Revenue, financials, performance, etc.
- Facility Management Statistics – Occupancy, employment, margins, etc.
Self Storage Industry Snapshot (U.S.)
|Annual revenue||$39.5 billion||Details|
|Construction spend||$4.99 billion||Details|
|Facility average occupancy||92%||Details|
|Number of facilities||45,547 – 60,024||Details|
|Percent of households renting||9.4%||Details|
|Total rentable square footage||1.709 billion sq. ft.||Details|
|Average storage unit price||$88.85/month||Details|
|Average rental duration||14 months||Details|
Storage Supply Statistics
Self Storage Construction
|Construction spend||$4.99 billion||2018|
|1-year spend increase||27%||2017 vs 2018|
|10-year spend increase||344%||2008 vs 2018|
|20-year spend increase||444%||1998 vs 2018|
In 2018, self storage facility construction spend in the United States reached $4.99 billion. This is a 27% increase compared to 2017, a 344% 10-year increase, and a 444% 20-year increase. Experts predict that construction will continue to increase, but at a diminishing rate. To see construction by year, refer to the chart below.
Storage Facility Count
|Total facilities||45,547 – 60,024||2018|
|Most facilities by state||Texas||2018|
|Least facilities by state||Rhode Island||2018|
As self storage construction in the U.S. continues to skyrocket, so does the number of facilities. The number of storage facilities in the US ranges from 45,547 to 60,024 according to Union Realtime and IBISWorld. Texas has the most storage facilities with 4,904. Rhode Island has the least amount of storage facilities at 84. IBISWorld estimates there are 39,249 storage operators in the U.S. who own at least one facility.
Storage Facilities vs Fast Food
|Selected Fast Food Restaurants||50,152|
To help put the total number of U.S. self storage facilities into perspective, there are more facilities than the combined count of Starbucks, McDonald’s, Dunkin’ Donuts, Pizza Hut and Wendy’s restaurants! In addition to commercial and industrial areas, keep an eye out for self storage facilities along highways and freeway on and off ramps.
Number of Storage Units
In 2018, there was an estimated 23,404,300 individual self storage units in the United States. This equates to 14 people per storage unit based on the U.S.’s population of 327,200,000.
Self Storage Rentable Square Footage (U.S.)
|Rentable Square Footage||1.709 billion square feet||2018|
|Rentable Square Footage per Person||5.4 square feet per person||2018|
|Most Rentable Square Footage by State||Idaho – 10.8 sq. ft. / person||2018|
|Least Rentable Square Footage by State||New York – 2.5 sq. ft. / person||2018|
There is nearly 1.8 billion square feet of rentable self storage space in the United States. Idaho has the most rentable square footage per person at 10.76 square feet and New York has the least space with 2.52 square feet.
Storage Unit Size Distribution
According to IBISWorld, the most popular storage unit size is 10-by-10 feet. 10-by-20 is a close second and then 10-by-15. 5×5 storage units are the least popular standard storage unit size.
Storage Demand Statistics
Storage Unit Pricing
|National average monthly price||$88.85||2018|
|Price per square foot||$0.96||2018|
|Unit Size||Avg. Monthly Price||Price per Square Foot||YoY Change|
The U.S. national average cost of a storage unit in 2018 is $88.85 per month, according to Sparefoot. The national average cost per square foot is $0.96 per month. Unit sizes saw an average monthly rental rate decrease of 3.2% compared to 2017 data.
Most Expensive Storage Prices by U.S. City
|1) San Francisco, CA||$199|
|2) Los Angeles, CA||$172|
|3) San Jose, CA||$169|
San Francisco, California has the most expensive storage unit prices at $199 per month for a 10-by-10, non-climate controlled storage unit. In second and third place are Los Angeles, California ($172) and San Jose, California ($169).
Least Expensive Storage Prices by U.S. City
|1) Lubbock, TX||$46|
|2) Newark, NJ||$46|
|3) Montgomery, AL||$50|
Lubbock, Texas has the least expensive storage unit prices at $46 per month for a 10-by-10, non-climate controlled storage unit. In second and third place are Newark, New Jersey ($46) and Montgomery, Alabama ($50).
Fastest Changing Storage Unit Pricing by U.S. City
|1) New York, NY||-2.7%||2017 vs 2018|
|2) Orlando, FL||-2.4%||2017 vs 2018|
|3) Buffalo, NY||-2.0%||2017 vs 2018|
The top three U.S. cities for year-over-year storage unit rental rate changes are New York, New York (-2.7%), Orlando, Florida (-2.4%), and Buffalo, New York (-2.0%). Rates based on the average cost in each market for a 10×10, non-climate controlled storage unit.
Percent of U.S. Households Renting a Storage Unit
|% of households||9.4%||2017|
Almost 10% of households in the United States are currently renting a self storage unit. Chances are that if you take a poll of ten friends, one of them is paying for a unit!
Storage Unit Rental Duration
|Average rental duration||14 months|
|Less than 3 months||17%|
|3 – 6 months||20%|
|7 – 12 months||17%|
|1 – 2 years||21%|
|3 – 5 years||15%|
|6 – 10 years||6%|
|More than 10 years||4%|
The average rental duration of a storage unit is approximately 14 months, with nearly half of tenants renting for over 1 year. Only 17% of storage unit tenants store for less than 3 months and about 4% stores for more than 10 years.
Self Storage Industry Data
Annual Self Storage Industry Revenue
|Industry revenue||$39.5 billion||2019|
|1-year revenue increase||3.6%||2018 vs 2019|
|10-year revenue increase||49.4%||2010 vs 2019|
The self storage industry’s annual revenue in 2019 was a whopping $39.5 billion USD, according to IBISWorld. With a 3.6% 1-year increase and a nearly 50% increase since 2010, industry revenue continues to be one of the fastest growing sectors in the US economy.
|By Facility Count|
|Top 100 operators (excluding public)||9%|
|By Rentable Square Footage|
|Top 100 operators (excluding public)||16%|
73% of all U.S. self storage facilities are owned by small operators. Public companies and REITS own 18% of facilities and the remaining top 100 operators own 9% of facilities.
When comparing ownership by square footage, however, public operators own a much larger share. Small self storage operators own 52% of rentable square footage in the U.S. Public companies and REITs own 32%, and other top operators own the remaining 16%.
Public companies and REITs include Public Storage (PSA), Extra Space Storage (EXR), CubeSmart (CUBE), U-Haul International (UHAL), National Storage Affiliates Trust (NSA), and Life Storage, Inc. (LSI).
Financials of Largest Storage Operators
|Public Storage (PSA)||2018|
|Market share (by revenue)||6.8%|
|Rentable square footage||162,047,000|
|Extra Space Storage (EXR)||2018|
|Market share (by revenue)||2.9%|
|Rentable square footage||125,685,280|
|Market share (by revenue)||1.6%|
|Rentable square footage||70,900,000|
Upcoming Storage Facilities by Market
|Market with the most projects||New York – Newark – Edison, New York|
The New York – Newark – Edison area has the largest number of existing storage facility construction projects at 63. This is nearly twice the number of 2nd place Miami – Fort Lauderdale – Miami Beach. Data is based off Cushman and Wakefield’s Q1 2018 Report.
Inventory Change by Market
|5-year inventory change||12.1%||2013 vs 2018|
|Largest change||Raleigh, NC – 37.8%|
|Smallest change||Riverside/San Bernardino, CA – 1.0%|
Public Storage Operators by Revenue
Public Storage (PSA) tops the list of public storage operator with quarterly revenue of over $2.8 billion USD in Q3 2019. Extra Space Storage (EXR), who has been experiencing above average revenue growth in the last few years, comes in second place with almost $1.3 billion. Cube Storage (CUBE) and Life Storage (LSI) have remained in third and fourth place, although they continue to be neck and neck with less than a $100 million difference in revenue in Q3 2019.
Public Storage REITs vs Market Performance
Self storage REITs have significantly outperformed other investment classes in the last five years with an average 5-year growth of 68% (compared to 45% for stock market indexes, -11% for 10-year treasury and swap rates, and -24% for gold and oil). While most investment classes were down between 2017 and 2018, Extra Space Storage (EXR) and Life Storage (LSI) were up roughly 4%.
Self Storage Industry Profit Margins
|Average profit margin of storage operators||41%|
|Average profit margin of all industries||22%|
While the average profit margin for all industries is 22%, the self storage industry’s profit margins are, on average, almost twice as high at 41%.
Self Storage Facility Occupancy
|National average occupancy||92%|
The national average self storage occupancy rate in 2018 was 91.7%. While this roughly 1% lower than the year before, occupancy rates have continued to increase since their 75.7% low in 2010. Rates have stayed above 90% since 2015 and are expected to remain above this threshold for the near feature. The prior high of 89.9% was in 1994.
Storage Facility Employee Count (U.S.)
|1-year employment growth||3%||2018 vs 2019|
|10-year employment growth||21%||2010 vs 2019|
Over 150,000 Americans are employed in the self storage industry, making up almost 0.1% of the U.S. labor force. This constituted a 3% 1-year growth compared to 2018 and a 21% 10-year growth in employment since 2010.
Storage Unit Rental Seasonality (U.S.)
|Most Seasonal State||North Dakota|
|Least Seasonal State||Arizona|
Self storage rentals fluctuate in each market based on various seasonal factors including weather and temperature. North Dakota seasons the most seasonal volatility and Arizona sees the least amount of seasonality.
Self Storage Industry Statistics Sources
Data compiled from the following sources:
- Construction Spending, U.S. Census Bureau
- Storage & Warehouse Leasing Industry Report, IBISWorld
- 2019 Storage Almanac, Minico Publishing
- Union Realtime
- Q1 2018 Report, Cushman & Wakefield
- Self Storage Demand Study (2017), Self Storage Association