U.S. Self Storage Industry Stats From Sparefoot

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Updated 12/19/2018

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 $38 billion
Number of storage facilities (range) 44,000-52,000
Total rentable self-storage space 2.3 billion square feet
Self-storage space per person 7.06 square feet
Percentage of households that rent a self-storage unit 9.4 percent
Average monthly cost for a self-storage unit $91.14

Average monthly construction spending on self-storage facilities

The chart below shows construction spending by month, according to the U.S. Census bureau. 2018 spending shown year-to-date through October 2018. Figures are not adjusted for inflation.

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

Between 44,149 (Self-Storage Almanac, 2018) and 52,000 (Self Storage Association, 2018). Sources vary depending on definition and methodology.

Industry ownership is fragmented, with 18% of facilities owned by the six largest public companies, 8% owned by the next top 100 operators (minus the REITs), and 74% owned by small operators. (Self-Storage Almanac, 2018)

Largest self-storage operators (publicly traded) in the U.S. (by annual revenue)

  1. Public Storage: $2.51 billion (2017)
  2. Extra Space Storage: $1.1 billion (2017)
  3. CubeSmart: $558.94 million (2017)
  4. Life Storage: $529.75 million (2017)
  5. U-Haul: $286.89 million (fiscal 2017 – self-storage revenue only)
  6. National Storage Affiliates Trust: $268.13 million (2017)

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: 2,386
  2. Extra Space Storage: 1,483
  3. U-Haul: 1,482
  4. CubeSmart: 936
  5. Life Storage: 675
  6. National Storage Affiliates Trust: 533

Data from most recently reviewed company earnings reports. U-Haul number reported by MiniCo Storage Almanac 2018.

Self-storage revenue growth by quarter (REITs)

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

2.311 billion square feet (Self-Storage Almanac, 2018)

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

7.06 square feet per person (Self-Storage Almanac, 2018)

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 $91.14 per month, according to SpareFoot data. (2017)

The national average cost per square foot is $1.01 per month. (2017)

Below is the average national cost by storage unit size.

 

Unit size Average monthly cost (2017) $/sq.ft. Year-over-year change
5×10 $66.44 $1.28 5.46%
10×10 $99.57 $1.00 3.62%
5×5 $48.26 $1.93 6.53%
10×20 $140.80 $0.70 2.73%
10×15 $134.83 $0.90 9.6%

Using our data we’ve found the average storage cost for more than 200 cities.

Self-Storage Data by State:

Use the links below to find detailed storage data by state.

Alabama Alaska Arizona
Arkansas California Colorado
Connecticut Delaware Florida
Georgia Hawaii Idaho
Illinois Indiana Iowa
Kansas Kentucky Louisiana
Maine Maryland Massachusetts
Michigan Minnesota Mississippi
Missouri Montana Nebraska
Nevada New Hampshire New Jersey
New Mexico New York North Carolina
North Dakota Ohio Oklahoma
Oregon Pennsylvania Rhode Island
South Carolina South Dakota Tennessee
Texas Utah Vermont
Virginia Washington West Virginia
Wisconsin Wyoming

 

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)