US Self-Storage Market Growth, Demand and Forecast | 2030
[Research Report] The US self-storage market size is projected to reach US$ 67.02 million by 2030 from US$ 44.20 million in 2022; it is expected to register a CAGR of 5.3% during 2022–2030.
Analyst Perspective:
The ecosystem analysis of the US self-storage market encompasses a diverse range of stakeholders, such as facility operators, technology providers, industry associations and regulatory bodies, and end users, collectively contributing to the planning, designing, manufacturing, distribution, and utilization of self-storage. The end users of the US self-storage market can be classified as individual consumers and business consumers. The primary consumers of self-storage services are individuals seeking temporary or long-term storage solutions. This includes people undergoing relocation, downsizing, or those in need of extra space for personal belongings. The business sector, including e-commerce, retail, and small enterprises, relies on self-storage for inventory management, document storage, and other business-related needs.
Market Overview:
The US self-storage market analysis is performed by identifying and evaluating self-storage units of various sizes utilized across the country for diverse applications. Self-storage units are typically secure, private, and available in different sizes to accommodate distinct needs. Customers rent these storage spaces on a short-term or long-term basis, depending on their requirements to store personal belongings, household goods, or business-related items.
Many self-storage facilities have integrated technology into their operations, offering online platforms for reservations, payments, and account management. Some facilities may also use smart technology for security and access control. One of the key characteristics of a self-storage facility is its commitment to security. Storage facilities employ measures such as surveillance cameras, electronic access controls, and on-site management to ensure the safety of stored belongings. This focus on security aims to instill confidence in customers entrusting their possessions to these facilities. Flexibility is another distinguishing feature of self-storage facilities. Customers can choose the size of their storage unit and the duration of their rental, allowing for adjustments based on changing needs. Accessibility is also prioritized, with many facilities offering extended hours or even 24/7 access to accommodate varying schedules.
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US Self-Storage Market: Strategic Insights
Market Size Value in US$ 44.20 million in 2022 Market Size Value by US$ 67.02 million by 2030 Growth rate CAGR of 5.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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US Self-Storage Market: Strategic Insights
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Market Size Value in | US$ 44.20 million in 2022 |
Market Size Value by | US$ 67.02 million by 2030 |
Growth rate | CAGR of 5.3% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
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Market Driver:
Increase in Demand for Self-Storage Rental Services Drives US Self-Storage Market Growth
Renting allows companies to secure storage facilities for the duration of the project without the burden of long-term ownership commitments. Renting self-storage offers businesses a cost-efficient alternative to purchasing, particularly for those with intermittent or project-specific needs. This approach allows companies to allocate capital to other critical areas while still gaining access to advanced and specialized self-storage models. Relatively small and expensive residential units and preferences for renting over buying in some markets also underline the need for third-party storage facilities. Owing to all such benefits, rental services are gaining traction, which is contributing to the US self-storage market. As a result, various key market players are expanding their rentable self-storage space. According to the US self-storage industry statistics and data published in 2021, there are over 2.8 billion sq. ft of rentable self-storage space in the US. In the US, Idaho has one of the largest rentable square footage per person at 11.41 sq. ft. A robust rental market encourages competition among suppliers, leading to improved services and competitive pricing, further fueling the US self-storage market size.
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Segmental Analysis:
Based on storage unit size, the US self-storage market is segmented into small storage units (5'×5', 5'×10', and 5'×15'), medium storage units (10'×10' and 10'×15'), and large storage units (10'×20', 10'×25', and 10'×30'). Among these, the medium storage unit (10'×10' and 10'×15') segment held the largest US self-storage market share in 2022. This is primarily owing to the increasing adoption of self-storage by small- and medium-sized businesses across the US. According to The Insight Partners' estimates, around 73.0% of all the US self-storage facilities are owned by small- and medium-sized businesses, 18.0% by public companies and real estate investment trusts, and 9.0% by 100 operators. There are around 51,206 self-storage facilities in the US, with 2.04 billion sq. ft of rentable storage space, 6.1 sq. ft of storage space per person, and 11.1% of households renting storage units. Also, large storage units are likely to register the highest CAGR from 2022 to 2030. This is primarily owing to rising investment in warehouse establishments by key market players. For instance, in January 2024, Etude Capital Austin-based and San Felipe finance firms launched a joint venture, Etude Storage Partners. The joint venture invested around US$ 250 million in self-storage assets across North American countries such as the US and Canada. San Felipe planned to invest US$ 250 million as an equity commitment, and the partnership invested around US$ 500 million. This investment was made to enhance the companies' self-storage capabilities. Such growing investments to expand self-storage capacities drive the US self-storage market growth.
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Country Analysis:
The self-storage industry in the US boasts impressive figures and dynamics that underscore its significance in meeting the diverse storage needs of individuals and businesses. Robust financials, ownership landscape, and facility management metrics of the self-storage industry collectively convey its market outlook in the US. As of 2019, the US self-storage industry's annual revenue reached a staggering US$ 39.5 billion, marking a 3.6% increase from the previous year and an impressive 49.4% surge over the decade, i.e., from 2010 to 2019. This growth showcases the industry’s resilience and adaptability in catering to the evolving demands of a dynamic market. Ownership of self-storage facilities is notably diverse. According to the US self-storage industry statistics and data published in 2021, a significant majority (i.e., 73%) of facilities are owned by small operators, reflecting the entrepreneurial spirit within the industry. Public operators and real estate investment trusts (REITs) together account for 18% of facility ownership, while the remaining 9% is held by the top 100 operators, excluding public entities.
With impressive revenue figures, diverse ownership landscape, financial resilience of major operators, and robust facility management metrics in the US self-storage market, a conclusive premise can be derived about the thriving and adaptive self-storage industry. Further, as the storage needs of individuals and businesses are met with efficiency and innovation, the US self-storage market will continue to flourish.
Key Player Analysis:
Besides growth prospects and their foreseeable impact, the US self-storage market report emphasizes dominant players’ developments. CubeSmart, Prime Storage, Public Storage, StorageMart, USA Storage Centers, Self-Storage USA, Storage Asset Management, Metro Storage LLC, Self-Storage Plus, and Clutter, Inc. are among the key players covered in the US self-storage market report.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the US self-storage market. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The market players present mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings. A few recent developments by key players in the US self-storage market are listed below:
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December-2023 | Prime Group Holdings LLC bought its first Canadian property in the Edmonton neighborhood of Sherwood Park, Alberta. The acquisition was undertaken by the firm's third flagship fund, Prime Storage Fund III, LP. |
December -2022 | Public Storage developed a cutting-edge self-storage facility in Silicon Valley's Cupertino area. The company expanded an old plant from 51,000 to 195,000 sq. ft. The property, which formerly contained 585 first-generation storage units, has now been enlarged to include 2,593 climate-controlled units. |
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Storage Unit Size, Application, and Country
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
This text is related
to country scope.
Frequently Asked Questions
CubeSmart, Prime Storage, Public Storage, StorageMart, USA Storage Centers, Self-Storage USA, Storage Asset Management, Metro Storage LLC, Self-Storage Plus, and Clutter, Inc. are the key market players operating in the global US self-storage market.
The adoption of sustainable practices in the US self-storage market helps align with evolving consumer expectations, regulatory considerations, and broader societal demands. As environmentally conscious choices are largely preferred, self-storage facilities that embrace sustainability not only capture the attention of an expanding customer base but also contribute positively to the environment while securing their position as industry leaders in an increasingly green-conscious market to foster growth and long-term success.
Implementing security systems is a crucial step toward ensuring the safety and protection of stored belongings. Enhanced surveillance cameras, biometric access controls, and smart alarm systems create a secure environment, not only deterring potential theft or unauthorized access but also instilling confidence in customers. A highly secure facility attracts a broader customer base. This, in turn, contributes to increased occupancy rates and customer loyalty. As a result, various self-storage market players are integrating advanced technologies such as Wi-Fi, surveillance cameras, biometric access controls, smart alarm systems, and the Internet of Things (IoT) to attract a new clientele base.
Renting allows companies to secure storage facilities for the duration of the project without the burden of long-term ownership commitments. Renting self-storage offers businesses a cost-efficient alternative to purchasing, particularly for those with intermittent or project-specific needs. This approach allows companies to allocate capital to other critical areas while still gaining access to advanced and specialized self-storage models.
1. Introduction
1.1 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Self-Storage Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Small Operators:
4.3.2 Public Companies and REITs:
4.3.3 Technology Providers:
4.3.4 Industry Associations and Regulatory Bodies:
4.3.5 End users:
4.3.6 List of Suppliers
5. Self-Storage Market - Key Industry Dynamics
5.1 Self-Storage Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increase in Demand for Self-Storage Rental Services
5.2.2 High Investments in Self Storage Construction
5.2.3 Growth of Small Businesses and E-commerce Industry
5.3 Market Restraints
5.3.1 High Capital Requirement for the Self-Storage Establishments
5.4 Market Opportunities
5.4.1 Rising Integration of Advanced Technologies
5.4.2 Rising Adoption of Specialized Storage Solutions
5.5 Future Trends
5.5.1 Increasing Adoption of Sustainable Carbon Emission Free Self-Storages
5.6 Impact of Drivers and Restraints:
6. Self-Storage Market - US Market Analysis
6.1 Self-Storage Market Revenue (US$ Billion), 2022 – 2030
6.2 Self-Storage Market Forecast and Analysis
7. Self-Storage Market Analysis – Storage Unit Size
7.1.1 Self-Storage Market, By Storage Unit Size (2022 and 2030)
7.2 Small Storage Unit (5'x5' 5'x10' 5'x15')
7.2.1 Overview
7.2.2 Small Storage Unit (5'x5' 5'x10' 5'x15') Market, Revenue and Forecast to 2030 (US$ Billion)
7.3 Medium Storage Unit (10'x10' 10'x15')
7.3.1 Overview
7.3.2 Medium Storage Unit (10'x10' 10'x15') Market, Revenue and Forecast to 2030 (US$ Billion)
7.4 Large Storage Unit (10’x20’ 10’x25’ 10’x30’)
7.4.1 Overview
7.4.2 Large Storage Unit (10’x20’ 10’x25’ 10’x30’) Market, Revenue and Forecast to 2030 (US$ Billion)
8. Self-Storage Market Analysis – Application
8.1.1 Self-Storage Market, By Application (2022 and 2030)
8.2 Household and Personal Storage
8.2.1 Overview
8.2.2 Household and Personal Storage Market, Revenue and Forecast to 2030 (US$ Billion)
8.3 Business Storage
8.3.1 Overview
8.3.2 Business Storage Market, Revenue and Forecast to 2030 (US$ Billion)
8.4 Vehicle and Car Storage
8.4.1 Overview
8.4.2 Vehicle and Car Storage Market, Revenue and Forecast to 2030 (US$ Billion)
9. Self-Storage Market – Impact of COVID-19 Pandemic
9.1 Pre & Post Covid-19 Impact
10. Competitive Landscape
10.1 Heat Map Analysis
10.2 Company Positioning & Concentration
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 CubeSmart
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Prime Group Holdings LLC
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Public Storage
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 StorageMart
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Self Storage USA LLC
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 USA Storage Centers
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Storage Asset Management LLC
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Metro Storage LLC
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Self Storage Plus Management LLC
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Extra Space Storage Inc
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 Word Index
13.2 About The Insight Partners
List of Tables
Table 1. List of Suppliers in the Value Chain
Table 2. Self-Storage Market Revenue and Forecasts To 2030 (US$ Billion)
Table 3. Self-Storage Market Revenue and Forecasts To 2030 (US$ Million) – Storage Unit Size
Table 4. Self-Storage Market Revenue and Forecasts To 2030 (US$ Billion) – Application
Table 5. Heat Map Analysis by Key Players
Table 6. List of Abbreviation
List of Figures
Figure 1. Self-Storage Market Segmentation, By Geography
Figure 2. PEST Analysis
Figure 3. Ecosystem: Self-Storage Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Self-Storage Market Breakdown by Country, 2022 and 2030 (%)
Figure 6. Key Findings
Figure 7. Self-Storage Market Revenue (US$ Billion), 2022 – 2030
Figure 8. Self-Storage Market Share (%) – Storage Unit Size, 2022 and 2030
Figure 9. Small Storage Unit (5'x5' 5'x10' 5'x15') Market Revenue and Forecasts To 2030 (US$ Billion)
Figure 10. Medium Storage Unit (10'x10' 10'x15') Market Revenue and Forecasts To 2030 (US$ Billion)
Figure 11. Large Storage Unit (10’x20’ 10’x25’ 10’x30’) Market Revenue and Forecasts To 2030 (US$ Billion)
Figure 12. Self-Storage Market Share (%) – Application, 2022 and 2030
Figure 13. Household and Personal Storage Market Revenue and Forecasts To 2030 (US$ Billion)
Figure 14. Business Storage Market Revenue and Forecasts To 2030 (US$ Billion)
Figure 15. Vehicle and Car Storage Market Revenue and Forecasts To 2030 (US$ Billion)
Figure 16. Company Positioning & Concentration
The List of Companies - US Self-Storage Market
- CubeSmart
- Prime Storage
- Public Storage
- StorageMart
- USA Storage Centers
- Self-Storage USA
- Storage Asset Management
- Metro Storage LLC
- Self-Storage Plus
- Clutter, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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