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Discover original reporting and exclusive stories on the self storage and industry insights combining original data and industry insight.
The 6 Ds Of Self Storage Demand: Widespread Interest Puts The West In The Lead, While The South Comes In Second For Extra Space Needs
Life events continue to drive the U.S. self storage market, with moving, housing affordability, and economic shifts fueling sustained demand. Search interest in self storage has surged 88% since 2020, reaching a record 25 million annual searches in 2024.
Amid Rising Demand, Philadelphia’s Self Storage Market Sees Record Growth Over The Past Decade
Philadelphia’s self storage market is primed for expansion. The city is currently underserved, offering roughly 6.64 million square feet of rentable storage space. This translates to about three square feet per person — less than half the national average — indicating a significant supply gap.
Florida’s Real Estate Market Revolutionized By AI
PropertyPulse.AI announces exclusive partnership with Florida’s leading real estate agency Fairlead Realty.
Greensboro Self Storage Market Still Going Strong, Experiences Street Rate Growth In The Midst Of A National Price Cool-Off
The self storage market in Greensboro, NC, is seeing price growth, albeit modest – 2% year-over-year – which translates to a current self storage rate of $94/month for a 10’x10’ non-climate-controlled unit. Greensboro joins of a group of cities that continue to see self storage price growth amidst a national slowdown.
Extra Space & Life Storage Create US’s Largest Storage Operator
On April 3, leading self storage sector players Extra Space Storage and Life Storage announced they will be combining to form the largest storage operator in the US by number of stores. In the $12.7 billion all-stock deal, the combined entity is being valued at about $36 billion. The context of this is a vibrant self storage sector, with 52.6M square feet of new storage space expected to be delivered in 2023 compared to 37.9M in 2022.
How To Attract Self Storage Customers Based On Generation
The self storage industry is experiencing a period of significant growth, both in terms of popularity and inventory. About 38% of Americans are self storage customers — meaning they currently use the service, have in the past or plan to in the near future. When looking at the sector’s inventory, the evolution is quite impressive as well: there are 1.6 billion square feet of storage space in the US at the moment, of which developers built 49 million square feet in 2021 alone and expect to add another 50 million square feet by the end of this year.
Public Storage Named 2022 Self Storage Sustainability Leader In The US
Public Storage, the largest self storage facility owner and operator in the U.S. has been named the leader in self storage sustainability according to the 2022 GRESB Real Estate Benchmark. The company’s score has increased to 80 out of a maximum of 100 points this year, gaining an “A” rating for public disclosure.
VanWest Acquires Two-Property Portfolio In Tulsa As Part Of $41M Fund III Program
VanWest Partners has acquired two properties for its Storage Fund III. The self storage acquisitions are located in Tulsa, Oklahoma, and consist of a 108,290 square foot facility located at 2141 S 92nd East Avenue in Tulsa and a 32,600 square foot facility at 8950 East Admiral Place. These two properties portfolio have a total of over 950 self storage and parking units.
Marketing Self Storage Is More Rewarding Now Than Ever Before
Because self storage provides many solutions for a wide range of challenges, the possibilities for marketing it are diverse and rather exciting. And it is a booming sector, so right now is a good time to consider new promotional ideas. If you are a self storage professional looking to market your business, you will appreciate the opportunities the industry currently offers to grow your talents.
New York City Self Storage Sees Outflux, Influx And The Nation’s Highest Growth
New York’s self storage sector satisfies local requirements in both the central and outlying areas, and was on hand during recent surges of moving activity. In terms of the space it provides per capita it lags behind other large US metros, but considerable development is underway to answer the needs of new, often younger, residents. The health of the local self storage sector is confirmed by activity in the marketplace: it saw a greater volume of transactions in 2020 than any other US city — almost half a billion dollars, most of it in Brooklyn — with street rates that, while not the nation’s fastest-rising, are steady right now.
Investing In Self Storage In The Wake Of The Pandemic
Self storage proved itself again to be a reliable sector during challenging times. With people downsizing, companies giving up physical premises and college kids not on campus, self storage adapted, widened its customer base and gained even more public appreciation. But can it profit from these advantages going forward and continue to be a good option for investors?