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)