Did you know the self storage industry has been growing tremendously over the past few years?
According to recent self storage industry statistics, self storage construction increased by over 50% in just one year. At the same time, self storage occupancy rates have remained steady at around 95%. Going by these self storage industry statistics, the self storage industry is set for significant growth over the next several years.
Join us as we walk you through this detailed collection of 50+ statistics (and trends) on the self storage industry. The attention to detail in this post reflects our unwavering commitment to a more informed self storage space. We’re leaders in the industry, meaning we know our stuff — Storaganise is the maker of a self storage software trusted by many self storage business owners and industry experts.
The following statistics show trends driving self storage growth and some interesting shifts in the industry. These figures are a product of our insights and various credible resources cited at the bottom of this post.
The UK self storage market is set to exceed £1 billion in annual turnover in 2023.
The United States is home to approximately 50,000 self storage facilities, more than the number of McDonald’s, Starbucks, and Subway locations combined.
Average rental rates in the UK have risen, reaching £27.19 per square foot per year in 2022.
The self storage industry generates over $39 billion in annual revenue in the US.
The UK self storage industry has maintained a strong occupancy rate of 83.3%.
There are over 2,231 self storage sites across the UK, with 739 facilities primarily offering container storage.
The US has an astounding 2.3 billion square feet of rentable self storage space, equivalent to 7.3 square feet per person.
Around 10% of American households rent a self storage unit.
The US self storage industry provides employment opportunities for over 170,000 individuals nationwide.
The average size of a self storage unit in the US and UK is 10x10 feet.
The self storage industry statistics and [trends show self storage is still going strong] (www.storeganise.com/blog/self-storage-trends). Self storage business owners can make smart decisions to keep their businesses successful now and in the future by keeping up with vital industry statistics and forecasts.
We’ve analysed self-storage industry statistics to determine which US cities are the most expensive for a 10x10 self storage unit.
- The average monthly rent for a 10x10 storage unit in New York City is $432.
Space in the Big Apple comes at a premium, with its dense population and lack of storage space in most apartments.
- You can pay around $368 monthly for the same 10x10 storage unit in San Francisco.
The tech boom and influx of new residents in San Francisco over the past decade have driven up residential and commercial real estate prices, including self storage.
- Boston is rounding out the top 3, with an average monthly rent of $347 for a standard 10x10 storage unit.
Boston’s historic architecture and layout pose challenges for self storage development. Limited suitable buildings and land availability for conversion or new construction have led to higher prices.
These self-storage industry statistics show you where the most significant opportunities lie for growth and investment in the self storage sector. At the same time, you need to brace for self storage industry challenges like higher costs to acquire and operate facilities in these dense, competitive markets.
Those looking to rent storage units can likely find more affordable options outside city centers or in neighboring towns.
The bottom line?
Location is critical in self storage, for both businesses and renters.
Here’s a list of cities in the UK known for having relatively higher costs for a 10x10 self storage unit:
|London||£120 to £200|
|Edinburgh||£100 to £180|
|Manchester||£90 to £160|
|Birmingham||£80 to £150|
|Bristol||£80 to £140|
- The average price for a 10x10 self storage unit in London can range from £120 to £200 per month, depending on the facility and location.
As the capital city, London tends to have higher self storage costs than other UK areas.
- The average cost for a 10x10 self storage unit in Edinburgh can range from £100 to £180 monthly.
Being a famous city with a high demand for self storage, Edinburgh is known for its relatively higher prices.
The average price for a 10x10 self storage unit in Manchester can range from £90 to £160 per month.
The average cost for a 10x10 self storage unit in Birmingham can range from £80 to £150 per month.
The average price for a 10x10 self storage unit in Bristol can range from £80 to £140 per month.
Overall, self storage facility operational costs in the UK are rising, especially in the largest, most populated cities with the greatest storage needs, resulting in higher rates in these areas. If current trends continue, space in London, Birmingham, and Manchester may become even more of a premium in the coming years. For self storage businesses, these cities present an opportunity to capitalise on high demand and charge higher rates.
One factor to analyse closely is the average rental rates in cities across the US. Some cities have an oversupply of storage units, driving prices down. In contrast, other cities have higher demand and limited supply.
Several Southern and Midwestern US cities currently have the lowest average monthly rates for a standard 10x10 storage unit, as outlined below.
- The cheapest cities in the US have self storage rates that are 25–35% below the national average of $113.
These cities may signal opportunities for self storage owners and investors in 2023.
Lower living and real estate costs in these areas contribute to the lower rates. Population growth and limited storage supply are other factors that could drive rates up in the coming years.
For self storage tenants, the lower rates in these cities mean bigger savings on your storage costs. If you’re located in or near any of these cities, it may be worth comparing rates at different facilities to find the best deal. And if rates do start to rise due to increasing demand, locking in at today’s prices could save you money in the long run.
Here are the cities we see offering the lowest self storage rates for a standard 10x10 storage unit in 2023:
|Belfast||£20 to £35|
|Edinburgh||£30 to £40|
- Storage unit rents in Glasgow average around £34 per month for a 10x10 unit.
Low living costs and commercial real estate in this city allow self storage operators to charge lower prices.
- Self storage in the Welsh capital is very affordable, with average monthly rent of £38 for a standard storage unit.
Cardiff’s lower population density and demand for self storage contribute to lower prices.
- Self storage rates in Edinburgh are usually between £30 to £40 per month.
Although Edinburgh is a popular tourist destination, self storage tends to be more budget-friendly than other UK cities.
- Belfast offers very competitive self storage rates, ranging from £20 to £35 per month, according to industry studies.
Belfast’s relatively small population size results in lower demand and more available storage space.
- Swansea is one of the most affordable cities for self storage in the UK, with average monthly rents around £25.
Swansea has a lower cost of living than most UK cities, allowing self storage businesses to charge less.
If you run or plan to run a self storage business, you should aim to find ways to keep your rates affordable and competitive. Choosing cities with lower costs of living and real estate, as well as less demand for storage space, are some of the factors that allow you to do so. You can boost your occupancy and self storage revenue projections by expanding into or focusing growth in these more budget-friendly cities.
The US regional storage unit demand continues to see steady growth, though at a slightly slower pace than in previous years, as indicated by the following figures.
Self storage inventory grew by just over 2% in 2022, adding 27.2 million net rentable square feet.
The South added the most recent space with 10.5 million net rentable square feet, followed closely by the West with 9.7 million.
The Midwest and Northeast lagged with 3.9 million and 3.1 million square feet added, respectively.
|Area||2022 Increase in Inventory (Sq. Ft.)|
|North East||3.1 million|
These regional differences in growth align with broader economic and population trends in the US. Employment rates and population are increasing more rapidly in Southern and Western states. At the same time, more affordable cost of living and business-friendly policies are also attracting new residents and businesses to these areas.
The US now has over 2.5 billion square feet of rentable self storage space.
Even with the steady pace of new construction, self storage occupancy rates remain above 90% in most markets, indicating continued strong demand.
Barring any major economic downturns, the self storage industry should stay on solid footing moving into 2024 and beyond.
- Self storage inventory in the UK is expected to reach over 1.8 billion square feet in 2023, an increase of 3.2% from 2022.
- The South East and North West regions are projected to lead inventory growth, increasing 6.3% and 4.9%, respectively.
|Region||Increase in Inventory (Sq. Ft.)||Growth Rate|
|South East||570 million||6.3%|
|North West||310 million||4.9%|
|West Midlands||260 million||3.2%|
|East Midlands||220 million||2.8%|
|South West||190 million||2.1%|
|Yorkshire and The Humber||170 million||1.9%|
|North East||120 million||0.9%|
|Northern Ireland||50 million||0.3%|
Given the population and business growth in those regions, the areas poised for the most inventory growth make sense. As an operator, you should consider expansion into high-growth areas to take advantage of increased demand. You should also monitor lagging regions in case inventory growth catches up to match demand. The self storage industry is constantly changing, so staying on top of the data and trends is critical to success.
The self storage industry is booming, and monthly average rental rates for storage units are following suit, as indicated by the below statistics
According to industry reports, rental rates rose about 5% in the US from 2021 to 2022.
Increase in rental rates was predicted to continue into 2023, with average rates increasing by 3–5% nationwide .
Specific regions and cities may see even higher spikes. For example, the West Coast has the country’s highest rates.
- Major cities like Los Angeles, San Francisco, and Seattle experienced average rate hikes of around 7–10% in 2022 .
With demand still rising in these areas, 2023 is expected to bring another sizable increase.
Conversely, some Southern and Midwestern cities have remained more affordable.
- Rates in cities like Houston, Dallas, Chicago, and Atlanta grew slower, around 2–4% in 2022.
While we anticipate modest upticks again this year, these cities will likely still offer lower prices than coastal hubs.
Depending on location and amenities, you should rent the average 5x5 storage unit for $60 to $200 monthly in 2023 .
Climate-controlled units, 24-hour access, and high-security features can command $20–50 more monthly .
Of course, smaller towns and rural areas will remain on the lower end of the spectrum.
In summary, self storage rates are rising due to high demand and limited supply. Operators are expanding existing facilities and building new ones to meet demand, but it’ll take time. Renters expect to pay more for storage in 2023, especially in Western cities and metro areas. The good news is rates are still affordable overall, and this industry growth means an increased number of storage facilities worldwide.
If you’re considering renting a self storage unit in the UK, here are the average monthly rental rates across different regions of the country in 2023:
|London||£100 to £300|
|SouthEast||£80 to £250|
|East England||£60 to £200|
|South West||£50 to £180|
|North West||£40 to £150|
|West Midlands||£40 to £140|
|Yorkshire and The Humber||£30 to £120|
|East Midlands||£30 to £110|
|North East||£25 to £90|
|Scotland and Wales||£25 to £100|
- In 2023, the average monthly rent for a self storage unit in London ranges from £100 to £300 .
Depending on the size and location of the facility, London’s self storage rent prices tend to be higher than other regions.
In the SouthEast region, you can expect to pay between £80 and £250 per month for a self storage unit.
In East England, the average monthly rent for a self storage unit ranges from £60 to £200 .
In the South West region, the average monthly rent for a self storage unit ranges from around £50 to £180 per month .
In the North West region, the average monthly rent for a self storage unit ranges from £40 to £150.
In the West Midlands region, you can expect to pay between £40 and £140 per month for a self storage unit in this area .
In Yorkshire and The Humber, the average monthly rent for a self storage unit ranges from £30 to £120.
In the East Midlands region, the average monthly rent for a self storage unit ranges from £30 to £110.
In the NorthEast region, average self storage rent prices range from £25 to £90, depending on the facility and unit size .
Self storage rent prices in Scotland and Wales can vary depending on location, averaging between £25 and £100 per month .
Overall, location, unit size, and facility amenities usually determine the UK’s average monthly self storage rent prices. Additionally, prices may vary among self storage providers.
The millennial age group accounts for the largest self storage user population based on age.
Here are some figures worth noting among this age group:
In the United States, millennials account for around 35% of all self storage users .
In the UK, millennials represent a growing segment of self storage users, with an estimated 30% utilising storage facilities.
The average length of rental for millennials in the United States is approximately 10 months .
In the UK, millennials rent self storage units for an average of 8 months.
45% of millennials rent self storage due to downsizing or decluttering.
30% of millennials rent self storage due to a lack of space in current living arrangements.
15% of millennials rent self storage for temporary storage during a move .
5% of millennials rent self storage to store seasonal items.
3% of millennials rent self storage to store belongings while traveling or studying abroad.
2% of millennials rent self storage due to store hobby or recreational equipment.
The average unit size millennials rent in the United States is around 100 square feet.
In the UK, millennials typically rent units ranging from 25 to 50 square feet.
In the United States, the average monthly cost of renting a self storage unit for millennials is approximately $90.
In the UK, the average monthly cost for millennials ranges from £25 to £100, depending on location and unit size.
According to industry reports, self storage rentals have grown at an average annual rate of more than 9% over the past five years, which begs the question: what’s driving demand?
Here’s what we’ve discovered:
- Rising populations in major cities lead to more people downsizing to smaller living spaces, fueling the need for extra storage.
The US Census Bureau projects many cities will see population increases around 1% in 2023. As more people move into urban areas, the demand for self storage should rise in accordance.
- Business storage needs are also expanding.
Many small businesses use self storage for inventory, archives, and equipment. Small businesses in the US have grown by over 50% in the last 20 years, and industry groups expect continued growth in 2023. More businesses means more demand for commercial storage space.
- Household goods accumulation never seems to slow down.
The average home size in America has nearly tripled in the last 50 years, while family sizes have decreased. We have more stuff, and all that stuff must go somewhere. Self storage provides an easy solution.
- Life transitions like moving, marriage, divorce, retirement, and more create temporary storage needs.
Over 43 million Americans move yearly, and significant life events spur housing changes for many more. Self storage gives people a flexible space to store belongings during what is often a stressful transition period.
- Increased awareness and acceptance of self storage as a convenient and affordable solution should also help drive demand.
A previously known last resort is now a widely used resource for people seeking residential and commercial rental spaces. As more people discover the benefits of self storage, the industry will continue to thrive.
Overall, the self storage industry looks poised for steady growth in the future and is supported by strong demand and a robust industry outlook. We anticipate another successful year of connecting customers with their needed storage solutions. And if you’re looking to go into the storage business (or already run one), we recommend taking advantage of our self storage software solution to streamline operations.
Having explored this incredible collection of self storage industry statistics, one thing remains clear — the industry doesn’t seem to be slowing down anytime soon. Construction projects for new storage spaces aren’t ceasing, and a steadily growing population continues to drive demand.
When you stay on top of trends as a self storage owner and investor, you can position yourself to take advantage of a thriving industry. We hope this high-level overview provides a helpful snapshot of where self storage has been and where it’s heading. Overall, the future remains bright for self storage.
Frequently Asked Questions
Is the self storage industry growing?
The self storage industry is indeed growing. In 2023, a significant addition of storage space is expected in the US, with approximately 98.2 million square feet of storage entering the market. However, it’s also important to note that there might be a slowdown in new self storage development due to increasing interest rates. Despite these rising costs, the capitalisation rates for self storage have remained relatively stable.
What is the size of the self storage industry?
The overall market size of the self storage industry was predicted to reach $58.26 billion in 2023 and grow at a CAGR of 4.37% to reach $72.15 billion by 2028. In the US alone, the industry accounts for more than 1.7 billion square feet of space.
How many self storage facilities are there in the US?
There are currently over 50,000 storage facilities in the US. This translates into 6 feet of storage space per American.
What are the self storage industry trends in 2023?
In 2023, the self storage industry experienced a moderation after reaching record highs in 2022. The deceleration in rent growth and occupancy are among the factors that contributed to this. Despite these changes, the industry’s positive market fundamentals and steady demand trends continue to attract investors. Another trend to note is the increasing importance of technology in the self storage industry. More businesses in this sector are expected to adopt emerging technologies in 2023, such as our self storage software solution. Moreover, the industry might see a slowdown in new self storage development this year, mainly due to rising interest rates. However, the overall trend for the future is upwards.
What is the outlook for the storage industry?
What is the outlook for the storage industry? The outlook for the self storage industry remains positive, with forecasts to reach $72.15 billion by 2028. Despite some slowdown in the rate of growth due to increasing interest rates and other economic factors, the industry’s fundamentals are strong, and demand continues to be robust. Technology is also playing an increasing role in the industry, with more businesses adopting advanced technologies to improve their services and efficiency. That includes using mobile apps and self storage software solutions for easy access and management of storage units, automated kiosks for 24/7 customer service, and even AI and machine learning for predictive analytics and pricing strategies.