24 Self Storage Facts
Here are 24 Self-Storage Facts:
Self-storage might sound like an uninteresting topic at first glance, but when you dig a little deeper you might find all kinds of intriguing insights.
1. According to Self-Storage Almanac 2023, there are 51,206 self-storage facilities in the United States, which is much more than the total number of McDonald’s restaurant (current total: 13,269 McDonald's locations in the U.S.).
2. Self-storage may very well continue to grow; it has been cited as one of the fastest expanding segments in the commercial real estate industry.
3. It isn’t only smaller possessions like furniture, appliances and lamps people are storing. RVs, boats, and cars are also stored in either covered parking spots, outdoor parking storage, or vehicle storage units (tall doors).
4. The self-storage market was valued at USD 40.73 billion in 2020, and it is expected to reach a value of USD 53.92 billion by 2026, registering a CAGR of 4.79% over the forecast period of 2021-2026. (Self-Storage Market Growth and Trends)
5. As the millennial population occupies a more significant percentage of those using self-storage, they expect to interact with operators using technology, specifically smartphones, apps, or responsive mobile websites. (Self-Storage Market Growth and Trends)
6. There are about 2.5 billion square feet of self-storage space available for renting, which is approximately 78 square miles. More than half of the space is located in suburban settings, with about one third in urban areas and 16% in rural areas.
7. As of 2023, 11.1% of households rent a storage unit. In 2013, it was estimated that about 9.5% of American households had a self-storage space. In 1995, that figure was about 6%.
8. About 254,000 people are employed at United States self-storage facilities (Statista)
9. In a survey of 10,000 self-storage facilities, about 18.7% of them provided RV and/or boat storage.
10. Almost one third of those surveyed can rent trucks to help people move their belongings.
11. 32% of customers are involved in moving house (Storist)
12. 87% of customers are over 35 years old – with 42% being between 50 and 65 (Storist)
13. Of the people who rent self-storage spaces, about two-thirds have a garage, and about one-third have a basement.
14. About 30% of self-storage space holders rent for over 2 years, 22% for 1-2 years and 36% from 3-12 months.
15. The first billion square feet of self-storage rental space was built in over 25 years, but the second billion was constructed in 8 years.
16. Title III of the Americans with Disabilities Act (ADA) applies to the construction of new self-storage facilities.
17. According to Hoover’s, well over 90% of self-storage companies run just one storage site.
18. 52% of the nation’s self-storage facilities are located in the suburbs. 32% are in cities, and only 16% are in rural areas. (Boxbee)
19. In an effort to reduce electricity costs, some self-storage facilities are installing solar panels.
20. The most popular self-storage unit size is 10x10 with 5x10 following closely. The least popular size is 10x30.
21. Most people rent storage units for an average of 14 months.
22. Large colleges and universities are often good markets for self-storage due to the presence of tens of thousands of students and the fact they usually are present for about 4 years.
23. In the U.S., 65% of self-storage renters have a garage in their home, 47% have an attic, and 33 percent have a basement. This suggests that Americans have more things than their homes allow them.
24. The most commonly stored item in self-storage is furniture.
We hope that this list was helpful and educational to you. Did we miss any self-storage facts?