How big is the self-storage industry in the US?
According to a report published by Self-Storage Almanac (2021), the self-storage facilities in operation within the US are estimated to be around 49, 233. Thirty percent of which are owned by the six largest publicly traded companies and the rest are owned by big and small operators. In 2019, Mordor Intelligence estimated that the industry value of the self-storage market is at $87.65 billion and is forecasted to grow to $115.62 billion by 2025.The six publicly listed storage facilities in the US are Public Storage, Extra Space Storage, CubeSmart, Life Storage, National Storage Affiliates Trust, and U-Haul. In terms of annual revenue, Public Storage is number one on the list. It has an annual revenue of 2.68 billion (2019) and U-Haul comes in sixth place with $367.3 million (fiscal 2019) annual revenue. When it comes to the number of facilities that are owned or managed, Public Storage retains the top spot, followed by Extra Space Storage. Life Storage has the fewest number of facilities amongst the six large companies. When it comes to the amount of rentable self-storage space in the US, Self-Storage – Almanac (2019) estimated it to be about 1.9 billion.
If you are curious about how many Americans are renting a self-storage facility, according to a report published by Self Storage Association Self Storage Demand Study in 2020, it is around 13.5 million households in the US.
When it comes to unit cost, Sparefoot published an article with the year 2020 data. According to the report, the average cost of a unit is around $90 per month, more or less $.90 average cost per square foot every month. The smallest unit, 5×5 is priced at $44. 23 per month while the largest one, 10×30 units are priced at $183.73 per month. For the cities where self-storage is mostly in demand, Las Vegas makes it on the top list while Colorado Springs takes the 10th spot. Austin, Texas city takes the middle spot at 5th place. If you are moving in between new cities, take note that rental prices vary from one city to another.