Self Storage Trends and Statistics: 2024 Industry Report

Self storage has experienced fascinating market trends in the 21st century, with self storage businesses getting increased customer attention. With the increasing demand for space, self storage is one of the few solutions for people who wish to declutter their homes or store goods for their e-commerce business.

Let’s take a look at some eye-popping self storage statistics and trends in this 2024 Self Storage Market Report to see how big the industry has gotten and where experts think it’ll go next.

Self Storage Industry Continues to Grow at Record Pace

The self storage industry shows no signs of slowing down. In fact, the latest statistics show unprecedented growth that is projected to continue for years to come. In the US alone, the self storage market size is currently valued at $44.37 billion and is expected to hit $49.88 billion in 2029, growing at a CAGR of 2.37%.

On a global scale, the self storage business is set to grow at an even faster pace of 4.37%. Currently valued at $58.26 billion, projections indicate the market will amount to $72.15 billion by the end of 2029.

Driving this expansion is the ever-increasing demand for extra space. As populations rise and living spaces shrink, people are accumulating more belongings than they have room for at home. But increased demand is not the only factor driving self storage growth — read on for some interesting self storage trends defining the future of this essential industry.

7 Important Self Storage Industry Trends for 2024 and Beyond

The below trends (both current and emerging) are shaping the future of the self storage industry in 2024 and beyond:

• Increased adoption of self storage websites
• More efficient budgeting via self storage software
• Heightened data security to protect customer data
• Increased use of cloud storage services
• Online leasing for self storage facility searchers
• Adoption of sustainable practices
• Enhanced customer convenience

1. Increased Adoption of Self Storage Websites

In today’s modern world, virtually all activities occur online or via digital means. Retailers with global footprints like Walmart and Amazon aren’t the only ones competing in the digital sphere. Small business entrepreneurs have also benefited greatly and are now more successful than ever.

Creating a website and establishing a presence on social media is essential to the modern success of any business. All business owners have benefited from this technology because it has increased the efficiency with which their services are used, owing to their numerous beneficial features.

Due to changing population dynamics and evolving consumer preferences, the self storage market has become indispensable. That’s why many business owners in the self storage sector are considering creating a reliable and speedy website. A well-designed website can help you address various problems and attract new customers as the future of the self storage market leans towards increased technology adoption.

With your self storage website, you can let people know where you are, what you offer, and the precautions you take to guarantee their safety. You can also provide additional information about your various storage options, dimensions, features, and associated prices.

Self storage websites are so important that we recently added the ability to create and edit your own, all from the Storeganise dashboard.

2. More Efficient Budgeting via Self Storage Software

The days of the merchant sitting at a desk with a calculator and a drawer partitioned to hold different currency denominations are long gone. In today’s fast-paced world, self storage companies are tasked with dealing with various costs — and they are adapting to this change well.

It’s unlikely that the average person could perform all the maths so quickly; this is why self storage owners are utilising computer software. A self storage software like ours allows you to compute billing and accounting tasks for your business with ease. This software can be used to compute a variety of financial metrics, including costs, taxes, profits, and so on.

If you plan on hopping onto this trend, it’s important to know the features you should look out for.

3. Heightened Data Security to Protect Customer Data

When keeping track of finances, we frequently lose either paper records or electronic information uploaded to a computer in our Excel spreadsheets. This makes it essential for self storage businesses to have a security protocol or system to keep this information safe.

As your business grows, keeping track of fresh expenditures, fluctuating market prices, tax payments, utility bills, overdue payments, payments from new customers, and overdue installations in the storage industry can become cumbersome. The most recent self storage industry statistics indicate businesses are now utilising technological options to streamline processes and protect customer data.

A wide variety of data management software for your self storage business is available to protect your data from viruses and intruders. They also keep tabs on any overdue consumer payments.

Through this method, you can rest assured that your information will never be compromised or lost. Most of the calculations are also automated, meaning human errors are virtually eliminated. Therefore, if you run a business in the self storage sector, consider joining the trend to maintain order and security in your data.

4. Increased Use of Cloud Storage Services

You can control your storage units from any location on Earth through cloud services. Self storage technology’s utilisation of the cloud system is a remarkable development, as databases are available for secure and dependable use. This trend results in more efficient and profitable self storage services.

By storing materials with cloud technology, users have more flexibility in retrieving them at their convenience. It’s a cost-effective option because it prevents the requirement for costly database crashes and restoration. Moreover, database failures are relatively unusual due to cloud services’ built-in cloud repair system.

5. Online Leasing for Self Storage Facility Searchers

Despite various self storage marketing techniques, there’s a wide range in how long it takes to go from initial inquiry to a signed lease. However, most of the work involved in selecting a self storage facility can be done online; that’s why businesses are switching to online leasing, as supported by available self storage industry statistics in 2024.

If you’re joining this trend, make sure everything the customer needs for a positive experience is available on your website. You can further enhance their booking process by opting for reliable self storage software that automates billings and sends automated invoice reminders as and when due.

6. Adoption of Sustainable Practices

The self storage industry increasingly embraces sustainable practices to reduce environmental impact. To minimise energy consumption, facilities are implementing energy-efficient technologies, such as LED lighting and smart climate control systems. Additionally, some self storage facilities are exploring renewable energy sources like solar panels to power their operations.

By adopting sustainable practices, the industry is reducing its carbon footprint and attracting environmentally conscious customers.

7. Enhanced Customer Convenience

Self storage facilities focus on improving customer convenience through various initiatives. These include the development of user-friendly websites and online platforms that allow customers to book and manage their storage units easily. Many facilities also offer contactless access options, enabling customers to enter the premises and access their belongings without physical interaction. These conveniences enhance the overall customer experience and cater to individuals’ evolving needs and preferences. In summary, these trends have been associated with the continuous growth in self storage construction, as we will consider in the next section.

Self Storage Construction Boom Shows No Signs of Slowing Down

Over the last 5 years, 263.2 million square feet of storage space was built in the US, equivalent to 14.8% of the total inventory. Self storage industry statistics in Canada and the US indicate that developers and owners are finding ways to fund construction, with deliveries totalling 35.4 million square feet on a trailing 4-quarter basis. New supply is being absorbed at a healthy pace, keeping vacancy rates stable and supporting gradual growth in rental rates. These trends are supported by the following self storage inventory statistics for the US and the UK.

Statistics on Self Storage Inventory by Region in the US

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.)
South	10.5 million
West	9.7 million
Midwest	3.9 million
North East	3.1 million
Total	27.2 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.

Self Storage Industry Statistics by Region in the UK

Statistically, 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%
East	160 million	1.6%
London	140 million	1.2%
North East	120 million	0.9%
Scotland	90 million	0.7%
Wales	70 million	0.5%
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 a self storage business owner, 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. In addition to regional considerations, investors should consider targeting millennials — self storage trends indicate this age group comprises the leading renters of outdoor space. Read on to learn more.

Self Storage Is Becoming More Popular With Millennial Renters

Self storage facilities are seeing a surge in millennial renters. Nearly 1/3 of all self storage renters today are millennials, up from just 20% a few years ago. This trend shows no signs of slowing down as we’ll observe in the following self storage statistics:

• 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 ten 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 travelling 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.

However, high demand also means high prices, especially where supply is lower. The self storage industry has experienced a new high in rental rates, and the following figures throw more light on this.

Average Self Storage Rental Rates Hit New Highs

The self storage industry shows no signs of slowing down. In fact, average storage unit costs in both the US and UK have reached new highs, according to recent surveys and reports. Here are some self storage statistics on average rent prices:

Statistics on the Average Monthly Storage Rent Prices in the US

The average price for renting a self storage unit in the US is on the increase and the following figures justify this claim:

• Rental rates have risen by 4% since 2021 and are expected to continue rising. 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, 2024 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.

Statistics on the Average Monthly Storage Rent Prices in the UK

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:

Region	Rate
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

Depending on the size and location of the facility, London’s self storage rent prices are usually higher than other regions. In 2023, the average monthly rent for a self storage unit in London ranges from £100 to £300 compared to £25 to £90 in the North East. In many areas, available land is becoming scarce and expensive. This cost is passed onto customers in the form of higher rental rates. Newer facilities with climate-controlled units and advanced security also warrant higher prices. 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.

Conclusion

The self storage trends and statistics for 2024 and beyond promise continued growth. We’ll probably see more mega-operators buying up smaller facilities, more climate-controlled units for protecting valuables, and tech improvements like digital locks and inventory tracking. Rental rates may climb, too, if demand stays high. For investors looking for a sustainable investment, the self storage industry is a good place to start. Don’t forget to implement a reliable self storage software to help streamline operations and increase customer convenience.