U.S. Self-Storage Industry Statistics

Al Harris
January 27, 2023

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:

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.

A chart showing the change in average monthly cost of renting a storage unit since 2018.

The average price per square foot was $1.19 per square foot in 2022.

A chart showing the change average monthly price of a storage unit per square foot of storage space since 2018.

In December 2022, the average price to rent a self-storage unit was $100.4 per month.

A graph showing the trend in average monthly cost to rent a self storage unit since January 2021.

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 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.

A graph showing the monthly occupancy rate for the self storage industry since January 2021.

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.

A graph showing the move-in and move-out rate trend for the self storage industry since January 2021.

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)

  1. Public Storage: $2.68 billion (2019)
  2. Extra Space Storage: $1.3 billion (2019)
  3. CubeSmart: $643.9 million (2019)
  4. Life Storage: $574.7 million (2018)
  5. National Storage Affiliates Trust: $387.9 million (2019)
  6. 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)

  1. Public Storage: 3,310 facilities
  2. Extra Space Storage: 2,177 facilities
  3. U-Haul: 1,880 facilities
  4. CubeSmart: 1,289 facilities
  5. National Storage Affiliates Trust: 1,238 facilities
  6. 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.

 

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.

ArizonaCaliforniaColorado
FloridaGeorgiaIllinois
IndianaMassachusettsMaryland
MichiganMinnesotaMissouri
North CarolinaNew JerseyNevada
New YorkOhioOklahoma
PennsylvaniaSouth CarolinaTennessee
TexasVirginiaWashington

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)

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About the SpareFoot Storage Beat

The SpareFoot Storage Beat is your go-to source for news, features and analysis about the self-storage industry. Self-storage categories covered by The SpareFoot Storage Beat include public companies, private companies, industry trends, real estate development, facility acquisitions, hirings and promotions.

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