FORWARD 2020 VIRTUAL EVENT NOVEMBER 4 & 5 HOSTED BY NeSSA, MeSSA, AND NHSSA!

The Northeast, Maine, and New Hampshire Self Storage Associations are hosting a joint 2-day virtual education event on November 4th & 5th. With the cancellation of their fall shows, the associations are teaming up to provide education to their members and their state self storage industries.

Rather than dwell on what should have been, we are determined to look forward to the coming year, opportunities, and possibilties. Let’s look ahead and learn what processes, regulations, trends, and technology can help you succeed in the future.

Check out this event and register today here!  Register for Forward 2020


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U.S. Self Storage Industry Stats From Sparefoot

Updated 3/7/2020

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’d like to share or have a question about data on this page, please email editor@sparefoot.com.

Self-storage sector snapshot

U.S. self-storage sector snapshot Data
Annual industry revenue $39 billion
Number of storage facilities (range) 45,000-60,000
Total rentable self-storage space 1.7 billion square feet
Self-storage space per person 5.4 square feet
Percentage of households that rent a self-storage unit 9.4 percent
Average monthly cost for a self-storage unit $87.89

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.

Number of self-storage facilities in the U.S.

Between 45,547 (Self-Storage Almanac, 2019) and 60,024 (IBISworld, 2020). Sources vary depending on definition and methodology.

Industry ownership is fragmented, with 18% of facilities owned by the six largest public companies, 9% owned by the next top 100 operators (minus the REITs), and 73% owned by small operators. (Self-Storage Almanac, 2019)

Largest self-storage operators (publicly traded) 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: 2,538
  2. Extra Space Storage: 1,817
  3. U-Haul: 1,631
  4. CubeSmart: 1,172
  5. Life Storage: 854
  6. National Storage Affiliates Trust: 742

Data from most recently reviewed company earnings reports. U-Haul number reported by AMERCO March 2019.

Amount of rentable self-storage space in the U.S.

1.7 billion square feet (Self-Storage Almanac, 2019)

Amount of rentable self-storage space per person in the U.S.

5.4 square feet per person (Self-Storage Almanac, 2019)

Percentage of U.S. households that rent a self-storage unit

9.4% of households. (SSA Self Storage Demand Study, 2017)

Average storage unit cost

The national average cost for all unit sizes is $87.89 per month, according to SpareFoot data. (full year 2019)

The national average cost per square foot is $0.92 per month. (full year 2019)

Below is the average national cost by storage unit size.

Unit size Average monthly cost (2019) $/sq.ft. Year-over-year change in monthly cost
5×5 $45.18 $1.81 -3.9%
10×10 $95.00 $0.95 -2.7%
5×10 $62.95 $1.81 -3%
10×20 $134.58 $0.67 -2.5%
10×15 $122.83 $0.82 -2.6%
10×30 $199.02 $0.66 -1.1%

Using our data we’ve identified the 10 most in-demand cities for self-storage units.

Self-Storage Data by State:

Use the links below to find detailed storage data for the states with the most demand for self-storage.

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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Holiday Dinner Event Wrap-up. Thank You Members!

Our Annual Christmas Party, sponsored by Connie Neville, SVN | C.M. Neville & Associates, Inc., was December 3, 2019 at the Concord Country Club. Attendees from many member facilities attended. We thank all for making this an enjoyable evening. Paul Maglio of Storage Auction Solutions gave a great performance auctioning off raffle baskets and other goodies to benefit the NHSSA TD Bank Scholarship Fund. A total of $525.00 was raised for the scholarship! What an incredible show of care and support from our membership! The scholarship application can be found on our website; children and grandchildren of operators/vendor members can apply. Please spread the word!

A special thank you to those who generously donated items to be auctioned off to benefit the scholarship, and to Paul Maglio for using his auction skills to benefit and entertain the group. And, thank you to members who made winning bids on items.
 

Best wishes for a Happy, Healthy, and Prosperous 2020 from The NHSSA BOD!


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Vendor Spotlight – Thank you Vendors for attending our Oct Showcase!


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NHSSA Lien Law Link

Click below to access the bill text for NHSB192, our new lien law enacted in 2019.

https://legiscan.com/NH/text/SB192/id/1863587


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BUILDING CODES UPDATE: SSA

BUILDING CODES UPDATE

Changes to the International Building Code Affect Self Storage

With the support of its Code Committee, the Self Storage Association successfully pursued several key changes to the 2021 International Building Code. 

  1. An exception has been added to IBC Section 2902.3.3 to permit an increase in the location (to greater than every other floor) and maximum distance of travel (to greater than 500 ft) for restrooms.  The location and travel distance must be approved by the code official.
  2. The maximum allowable height of sprinklered facilities made of Type IIB materials (unprotected steel) and Type IIIB materials (noncombustible or fire-retardant-treated wood stud exterior walls and any interior construction) has been increased from 3 stories to 4 stories.  The Code continues to have total floor and building square footage limits. 
  3. Pursuant to modified IBC Section 903.2.9, storage facilities are exempt from the automatic sprinkler system requirement if: (1) the total fire area is 12,000 sq. ft. or less; (2) the combined total fire areas are 24,000 sq. ft. or less; (3) the facility is no greater than one story above grade plane; and (4) all storage spaces are accessed directly from the exterior. 

These changes go into effect as they are adopted by local and state governments over the next several years.  Prior to the adoption on the local and state level, storage developers can request that the code official rely on the 2021 changes as acceptable alternative methods of construction pursuant to section 104.11 of the existing International Building Code.

Please email Joe Doherty with any questions or to receive supporting documentation for these changes.


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