Self Storage Industry Statistics (2022)

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: 05/06/2022

Contents:

  1. Industry Snapshot
  2. Supply Statistics – Construction, inventory, square footage, etc.
  3. Demand Statistics – Pricing, seasonality, duration, etc.
  4. Industry Statistics – Revenue, financials, performance, etc.
  5. Facility Management Statistics – Occupancy, employment, margins, etc.
  6. Sources

Self Storage Industry Snapshot (U.S.)

Annual revenue $39.5 billion Details
Construction spend $3.75 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
Profit margin 41% Details

Storage Supply Statistics

Self Storage Construction

Self storage construction spend (annual) $3.75 billion 2021
1-year spend change -19% 2021 vs 2020
10-year spend change 926% 2021 vs 2012
20-year spend change 294% 2021 vs 2002

In 2021, self storage facility construction spend in the United States dropped to $3.75 billion from its 2018 peak of $4.89 billion. This is a 19% 1-year decrease compared to 2020, a 926% 10-year increase, and a 294% 20-year increase. As the U.S. economy continues to grapple with the economic downturn caused by the COVID-19 pandemic, construction has slowed and will continue to be depressed in the short term despite increasing demand for self storage.

To see self storage facility construction by year, refer to the chart below.

Self Storage Construction Spend by Year (U.S.)

Storage Facility Count

Total facilities 50,523 2021
Most facilities by state Texas 2021
Least facilities by state Hawaii 2021

With the increase of self storage construction over the last 5 years, the number of storage facilities has significantly increased. The estimated number of storage facilities in the U.S. is 50,523 to data source Radius+. Texas has the most storage facilities with 5,361. Rhode Island has the least amount of self storage facilities at 92.

Storage Facilities vs. Fast Food

Count of Storage Facilities 50,523
Count of Selected Fast Food Restaurants 50,693
   Starbucks 15,425
   McDonald’s 13,352
   Dunkin’ Donuts 9,408
   Pizza Hut 6,611
   Wendy’s 5,897

To help put the total number of U.S. self storage facilities into perspective (50,523), there are more facilities than the U.S. 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 – they are everywhere!

Self Storage Facility vs Fast Food Restaurants (U.S.)

Number of Storage Units

Storage Units 23,404,300 2018

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

Rentable Square Footage 2.02 billion square feet 2021
Rentable Square Footage per Person 6.1 square feet per person 2021
Most Rentable Square Footage by State Idaho – 11.4 sq. ft. / person 2021
Least Rentable Square Footage by State New York – 3.0 sq. ft. / person 2021

There is over 2.8 billion square feet of rentable self storage space in the United States. Idaho has the most rentable square footage per person at 11.41 square feet with New York having the least amount with 2.97 square feet.

Storage Unit Size Distribution

10×10 25.9%
10×20 22.4%
10×15 17.0%
5×10 13.0%
10×25 5.4%
5×5 3.9%
10×30 0.8%
Other 11.6%

According to IBISWorld, the most popular storage unit size by availability is 10-by-10 feet. 10-by-20 is a close second and then 10-by-15. Often a go-to unit for basic storage needs, 5×5 storage units are one of the least popular standard storage unit sizes.

Self Storage Unit Size Distribution (U.S.)

Storage Demand Statistics

Storage Unit Pricing

National average monthly price $89.12 2020
Price per square foot $0.91 2020
Unit Size Avg. Monthly Price Price per Square Foot YoY Change
5×5 $44.23 $1.77 -2.2%
5×10 $61.92 $1.24 +1.8%
10×10 $94.28 $0.94 -0.8%
10×15 $124.24 $0.83 +1.0%
10×20 $137.14 $0.69 +1.8%

The U.S. national average cost of a storage unit in 2020 is $89.12 per month, according to Sparefoot. The national average cost per square foot is $0.91 per month.

Most Expensive Storage Prices by MSA

1) Los Angeles-Long Beach-Santa Ana, California $220
2) San Francisco-Oakland-Fremont, California $218
3) New York-Newark-Edison, New York/New Jersey/Pennsylvania $200

The Los Angeles, California MSA (Metropolitan Statistical Area) has the most expensive storage unit prices at $220 per month for a 10-by-10, non-climate controlled storage unit. In second and third place are MSAs for San Francisco, California ($218) and New York, New York ($200).

Least Expensive Storage Prices by MSA

1) Oklahoma City, Oklahoma $79
2) St. Louis, Missouri/Illinois $89
3) Louisville, Kentucky/Indiana $90

Oklahoma City’s MSA has the least expensive storage unit prices at $79 per month for a 10-by-10, non-climate controlled storage unit. In second and third place are St. Louis, Missouri ($89) and Louisville, Kentucky ($90).

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 Unit Tenant Duration

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.

Self Storage Industry Annual Revenue (U.S.)

Facility Ownership

By Facility Count
   Small operators 73%
   Public operators 18%
   Top 100 operators (excluding public) 9%
By Rentable Square Footage
   Small operators 52%
   Public operators 32%
   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).

Self Storage Facility Ownership (U.S.)

Financials of Largest Storage Operators

Public Storage (PSA) 2018
   Revenue $2,754.3 million
   Market share (by revenue) 6.8%
   Market cap $37.1B
   Rentable square footage 162,047,000
   Facilities 2,429
Extra Space Storage (EXR) 2018
   Revenue $1,196.6 million
   Market share (by revenue) 2.9%
   Market cap $13.7B
   Rentable square footage 125,685,280
   Facilities 1,647
CubeSmart (CUBE) 2018
   Revenue $597.9 million
   Market share (by revenue) 1.6%
   Market cap $6.0B
   Rentable square footage 70,900,000
   Facilities 1,084

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 Self Storage Operators by Revenue (U.S.)

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 REITs vs Market Performance

Facility Management

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.

Self Storage Facility Occupancy Rate (U.S.)

Storage Facility Employee Count (U.S.)

Employee count 150,432
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
  • 2022 Self-Storage Almanac, Minico Publishing
  • Radius+
  • Self Storage Performance Quarterly Q1 2022, Cushman & Wakefield
  • Sparefoot
  • Self Storage Demand Study (2017), Self Storage Association
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