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

US Self-Storage Market

• Market Size 2022
  US$ 44.20 Million
• Market Size 2030
  US$ 67.02 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• United State

Market Segmentation

Storage Unit Size [Small Storage Unit, Medium Storage Unit, Large Storage Unit)

Application

• Household and Personal Storage
• Business Storage
• Vehicle and Car Storage

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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.

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:  

US Self-Storage Report Scope