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|
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|
|2||Las Vegas, NV||$111.27|
|4||New York, NY||$115.69|
|5||San Antonio, TX||$97.20|
|6||San Diego, CA||$145.57|
|7||Los Angeles, CA||$194.94|
Self-Storage Data by State:
Use the links below to find detailed storage data for the states with the most demand for self-storage.
|North Carolina||New Jersey||Nevada|