35+ Self-Storage Statistics (You Must Know in 2024)
The self-storage business is growing quickly and helping millions of people who need extra space. But just how significant is its impact?
With that in mind, we’ll cover key self-storage statistics to highlight the industry’s growth and usage.
Self-Storage Statistics: Key Numbers
- There are 52,301 total self-storage facilities in the U.S.
- 14.5 million households currently utilize self-storage services.
- The self-storage market reached $44.3 billion in 2024 and is expected to reach $50 billion by 2029.
- 40% of people cited not having enough space at home as the primary reason for turning to self-storage.
- 71% of self-storage properties are managed by independent (mom & pop) operators.
- Only ~20% of the market is controlled by the top six publicly-traded self-storage companies.
Sources: (SeekingAlpha, StorageCafe, Radius+, The 2023 Self Storage Demand Study by the Self Storage Association (SSA), CRE Advisory)
How many Americans Use Self-Storage?
According to StorageCafé’s analysis, 38% of Americans use self-storage.
That is a massive number of people. Self-storage is very popular, whether people are moving, downsizing, or just need more space for their stuff. It’s a handy solution when you just have too much stuff to keep at home.
Self-storage Market Share
Most of the self-storage market is made up of properties that are not REITs, but a few big players have smaller shares. Here’s how the market breaks down:
- Non-REIT properties: 80%
- Public Storage: 5.5%.
- Extra Space Storage: 3.9%.
- U-Haul: 3.6%.
- CubeSmart: 2.5%.
Source: SeekingAlpha
Self-storage Vacancy Rate
Self-storage vacancy rates have changed a lot over the years, which shows how demand and the market have changed. Here’s a look at how these rates have changed every year:
| Year | Vacancy Rate (%) |
|---|---|
| 2015 | 9.2 |
| 2016 | 9.3 |
| 2017 | 9.6 |
| 2018 | 9.8 |
| 2019 | 9.5 |
| 2020 | 7.2 |
| 2021 | 6.6 |
| 2022 | 8.7 |
| 2023 | 9.6 |
| 2024* | 9.6 |
Source: Statista
Self Storage Use by Generations
Self-storage is used and planned for the future in different ways by each generation. Here’s a breakdown of how different age groups are engaging with self-storage:
| Generation | Currently Using (%) | Plan to Use in the Future (%) |
|---|---|---|
| Gen Zers | 14% | 18% |
| Millennials | 30% | 17% |
| Gen Xers | 44% | 21% |
| Baby Boomers | 38% | 10% |
| Silent Generation | 27% | 14% |
Source: RentCafe
Self Storage Use by Home Size
The way people use self-storage depends a lot on the size of their home, but there are some trends that show up in all of them. Here’s a breakdown of how home size influences current and future storage needs:
| Home Size | Using (%) | Plan to Use in the Future (%) |
|---|---|---|
| Under 1,000 sq. ft. | 23% | 13% |
| 1,000 to 1,499 sq. ft. | 25% | 14% |
| 1,500 to 2,499 sq. ft. | 28% | 14% |
| 2,500 to 3,500 sq. ft. | 27% | 12% |
| Over 3,500 sq. ft. | 17% | 16% |
Source: RentCafe analysis of online survey data.
Reasons to Use Self-Storage
Self-storage has become a go-to solution for everything from space issues to life changes. Here’s why more people are turning to self-storage:
| Reason | Percentage (%) |
| Not enough space at home | 40% |
| Moving (other than downsizing) | 34% |
| Downsizing your home | 8% |
| Changes in household size | 7% |
| Storing for business purposes | 5% |
| Home renovation | 3% |
| Other | 2% |
Source: StorageCafe analysis of online survey data.
Self Storage Unit Size Distributions
Self-storage units come in a wide range of sizes, with varying levels of popularity among customers. Here’s a breakdown of the most common unit sizes and their distribution:
| Unit Size | Percentage (%) |
|---|---|
| 10×10 | 23.0% |
| 10×20 | 22.3% |
| 10×15 | 15.1% |
| Other | 14.7% |
| 5×10 | 11.1% |
| 10×30 | 5.8% |
| 10×25 | 4.8% |
| 5×5 | 3.2% |
Source: Neighbor