SELF STORAGE FACT SHEET
February 6th, 2021
The self storage industry has been one of the fastest-growing sectors of the United States commercial real estate industry over the period of the last 38 years
Total self storage rentable space in the US is about 2.3 billion square feet. (That figure represents more than 78 square miles of rentable self storage space, under roof – or an area well more than 3 times the size of Manhattan Island (NY)
U.S. self storage facilities pay a total of more than $3.25 billion in property taxes to local government jurisdictions.
The distribution of U.S. self storage facilities (Q4-2013) is as follows: 32% urban, 52% suburban and 16% rural
8.96% of all American households currently rent a self storage unit (10.85 million of the 113.3 million US HHs in 2012; that has increased from 1 in 17 US HHs (6%) in 1995
The average (mean) size of a “primary” self storage facility in the US is approximately 46,500 square feet
There is a total U.S. self storage space capacity of about 21 sq.ft. per American household
About 13% of all self storage renters say they will rent for less than 3 months; 18% for 3-6 months; 18% for 7-12 months; 22% for 1-2 years; and 30% for more than 2 years
Some 68% of all self storage renters live in a single family household; 27% live in an apartment or condo
Some 65% of all self storage renters have a garage but still rent a unit; 47% have an attic in their home; and 33% have a basement
Some 47% of all self storage renters have an annual household income of less than $50,000 per year; 63% have an annual household income of less than $75,000 per year
More than 1.5 million self storage units nationwide are rented to military personnel (6% of all units); however, in communities adjacent to domestic US military bases, military occupancy can be from 20% to 95% of all rented units
It took the self storage industry more than 25 years to build its first billion square feet of space; it added the second billion square feet in just 8 years (1998-2005) 83.9% of all US counties (or 2,634 out of 3,141) have at least one “primary” self storage facility.