Updated 1/27/2023
This page contains statistics about the U.S. self-storage industry compiled by The SpareFoot Storage Beat. Statistics on this page will be updated as we receive new data. If you have data that you would like to share or have a question about data on this page, please email [email protected].
In this report:
- Industry Overview
- Average Monthly Storage Unit Cost
- Self Storage Occupancy Trends
- Largest Self Storage Operators
- Average Monthly Construction Expenditures
- Average Cost of Storage in Popular Cities
Self Storage Industry Snapshot
| U.S. self-storage industry snapshot | Data |
|---|---|
| Annual industry revenue | $29 billion |
| Number of storage facilities | 51,206 facilities |
| Total rentable storage space | 2.04 billion square feet |
| Storage space per person | 6.1 square feet |
| Percentage of households that rent a storage unit | 11.1% |
| Average monthly cost for a self-storage unit | $100.04 |
Number of self-storage facilities in the U.S.
There are an estimated number of 51,206 storage facilities operating in the U.S. today. (Self-Storage Almanac, 2023)
Industry ownership is fragmented, with 36.6% of self-storage space (by rentable square footage) owned by six public companies, 22.4% owned by the next top 94 operators, and 41% owned by the rest of the industry. (Self-Storage Almanac, 2023)
Amount of rentable storage space in the U.S.
There is an estimated 2.04 billion square feet of storage space in operation in the U.S. today. (Self-Storage Almanac, 2023)
Amount of rentable storage space per person in the U.S.
6.1 square feet per person of self-storage space is available in the U.S. market. (Self-Storage Almanac, 2023)
Percentage of U.S. households that rent a storage unit
11.1% of households currently rent a self-storage facility. That is an estimated 14.6 million households. (MJ Partners Self-Storage Update, January 2023)
Average storage unit cost
The national average cost for all unit sizes reached a record high of $110 per month in 2022, according to SpareFoot reservation data.
The average price per square foot was $1.19 per square foot in 2022.
In December 2022, the average price to rent a self-storage unit was $100.4 per month.
Below is the average national cost by storage unit size.
| Unit size | Avg. Monthly Storage Prices (2022) | $/sq.ft. | Year-over-year change in cost |
|---|---|---|---|
| 5×5 | $55.67 | $2.23 | +5.3% |
| 10×10 | $123.61 | $1.24 | +5% |
| 5×10 | $80.56 | $1.52 | +5.6% |
| 10×20 | $178.14 | $0.88 | +6.8% |
| 10×15 | $158.83 | $1.05 | +4.3% |
| 10×30 | $205.53 | $0.69 | +16.4% |
Self-Storage Occupancy Trends
Self-storage occupancy rates are currently declining. While occupancy typically declines seasonally during the second half of the year, the amount of occupancy lost at the end of 2022 outpaced the trend set in 2021. The decline in occupancy contributes to lower pricing as operators seek to fill vacant units.
The last quarter of 2022 saw more storage tenants move out of storage than move in. This normal seasonal pattern has not occurred since the start of the COVID-19 pandemic. The pandemic created a surge in demand. The following chart shows the industry move-in/move-out (MIMO) ratio for the last two years. In December 2022 the MIMO was 0.95, meaning for every 100 people that vacated a storage unit, only 95 new tenants moved in.
As the pandemic impacts have dissipated, so have many of the tenants that rented during that time. Meanwhile, the housing market remains stagnant with existing home sales declining for 11 straight months. In addition, rising rental rates are keeping many apartment dwellers in place. Together these two trends contribute to lower numbers of new storage renters than the industry has recently seen this time of year.
Largest publicly traded storage operators in the U.S. (by annual revenue)
- Public Storage: $2.68 billion (2019)
- Extra Space Storage: $1.3 billion (2019)
- CubeSmart: $643.9 million (2019)
- Life Storage: $574.7 million (2018)
- National Storage Affiliates Trust: $387.9 million (2019)
- U-Haul: $367.3 million (fiscal 2019; self-storage revenue only)
Data from most recently reviewed company earnings reports.
Largest self-storage operators in the U.S. (by number of facilities, owned or managed)
- Public Storage: 3,310 facilities
- Extra Space Storage: 2,177 facilities
- U-Haul: 1,880 facilities
- CubeSmart: 1,289 facilities
- National Storage Affiliates Trust: 1,238 facilities
- Life Storage: 1,152 facilities
Data from Self Storage Almanac 2023
Average monthly construction spending on self-storage facilities
The chart below shows construction spending by month, according to the U.S. Census bureau. Figures are not adjusted for inflation.
Most popular cities for self-storage in 2022
Using our data we’ve identified the 10 most in-demand cities for self-storage units by reservation volume. Average prices for 2022 shown below:
| Rank | City, State | Price Per Month |
|---|---|---|
| 1 | Houston, TX | $87.27 |
| 2 | Las Vegas, NV | $111.27 |
| 3 | Phoenix, AZ | $98.89 |
| 4 | New York, NY | $115.69 |
| 5 | San Antonio, TX | $97.20 |
| 6 | San Diego, CA | $145.57 |
| 7 | Los Angeles, CA | $194.94 |
| 8 | Miami, FL | $142.14 |
| 9 | Orlando, FL | $108.97 |
| 10 | Austin, TX | $108.64 |
Self-Storage Data by State:
Use the links below to find detailed storage data for the states with the most demand for self-storage.
Report Sources
Self Storage Association
IBISWorld
Seeking Alpha
Self-Storage Almanac
Inside Self-Storage
MJ Partners
Public Storage
Extra Space Storage
CubeSmart
Sovran Self Storage (Life Storage)
U-Haul (AMERCO)
When you mention the statistics of sizes that people rent ie. 10×10 16%, 10×15 15.3%, is that the total sizes in a facility or square footage in a facility?
Thanks Dominic
It’s as a percentage of total units.
Great overview! And thanks for all the links to the data.
Great Info! I’d love to see more of the info in a graph spanning the past 15 years or so like the construction spending does. That is very powerful to look at as a trend! As always, valuable and interesting content Mr. Harris.
Alexander – do you happen to have a link to demographics about who is actually investing/buying storage properties. I am doing research and haven’t been able to find any key indicators on buyers.
I would assume you have contacted the major self storage brokers? They would be a good source for you. Feel free to contact Mark Floria, in our company, as he has brokered $100s millions of self storage and can give you a good feel as to who is investing in Michigan and the Midwest. 248-420-4612; [email protected]
i would like to start a business helping people create functional, usable space in their units to empower them with efficiency by de-cluttering, organizing and cleaning.
Any thoughts?
Omg please call or text me Chris. I am a software developer. I am about to drop the H-Bomb on the self storage budiness. Come with me. 9713023737
…i have access to the creator of Uber. Call or text me sir. I think i am EXACTLY what you are looking for.
Antonie
Nice work. Thanks for all the information.
I’m looking for a contact list of self-storage facility owners/managers. Does anybody know where I can find one? We’re an LED lighting manufacturer targeting self-storage warehouses to convert their old fluorescent lighting to more energy efficient LED lighting.
Some of the information seems overblown and without context. Whenever I see stats showing over 50,000 self storage facilities it makes me question what is the definition of self storage? The guy that has 30 units in a metal building in the middle of a corn field, does that equate to self storage?
Also, the stat showing over 8 sq.ft./person seems suspect as well. The past few years the common wisdom has been that there is about 7 sq.ft./person and I wonder where that stat came from.
Hello. Yes 50,000 is definitely on the higher end of estimates using the broadest definition of storage. We are continuing to update this page on an ongoing basis with new information. Thanks for your input!
Maurice:
Thank you for stepping up and calling them out. Sparefoot means ‘creative accounting’ in Latin.
Looks like the construction trend is about to create an oversupply. Boom and bust and then someone always gets hurt in the bust.
Amazing stats here. Thank you for sharing the details. It seems self storage industry is growing with the time.
We also deals in self storage services in Rock Hill area and feeling good about it after reading the stats..