Self Storage Industry Trends
Highlights
- Self storage has grown to more than 1.7 billion square feet of space in 2023. Over the span of the last 5 years, 253 million square feet of storage space was built – that's equivalent to 15.3% of the total inventory.
- In 2022 alone, almost 37.6 million rentable square feet were finalized, an area that would cover either the whole of Central Park or the Grand Central Terminal. New supply in 2022 represents 2.3% of the existing inventory. Compared to 2021, new deliveries increased 2.3% in 2022.
- A third of Americans planning a change of residence or needing more space at home reported that they use self storage.
- The average self storage street rate for a 10x10 storage unit is $126/month, down 3.1% year-over-year.
US self storage industry statistics:
storage unit prices and
market trends
Self storage prices
The average storage unit price for a standard 10x10 non-climate-controlled unit is $126, while a climate-controlled 10x10 unit typically costs about $141. The national average rent per square foot for self storage space is $1.37. 10’x10’ non-climate-controlled units are the most popular unit sizes, along with 5’x5’ units.
Climate-controlled storage units – mostly used for storing items sensitive to humidity or extreme temperatures – are also widely available and they are usually more expensive than non-climate-controlled lockers.
Unit Size |
Avg. Self Storage Price |
Y-o-Y Change |
Rent / Sq. Ft. |
---|---|---|---|
5x5 | $56 | -1.8% | $2.23 |
5x10 | $79 | -2.5% | $1.59 |
10x10 | $126 | -3.1% | $1.26 |
10x15 | $165 | -2.9% | $1.10 |
10x20 | $201 | -2.9% | $1.01 |
10x30 | $265 | -2.6% | $0.88 |
Average (all sizes) |
$143 | -2.7% | $1.34 |
Average monthly street rates for non-climate-controlled units for February 2023.
Unit Size |
Avg. Self Storage Price |
Y-o-Y Change |
Rent / Sq. Ft. |
---|---|---|---|
5x5 | $57 | -5% | $2.29 |
5x10 | $88 | -3.3% | $1.76 |
10x10 | $141 | -4.1% | $1.41 |
10x15 | $189 | -3.6% | $1.26 |
10x20 | $245 | -3.5% | $1.23 |
10x30 | $342 | -2.8% | $1.14 |
Average (all sizes) |
$155 | -3.1% | $1.56 |
Average monthly street rates for climate-controlled units for February 2023.
Top 10 most expensive cities for self storage
Much like with every real estate asset, location has a strong impact on the cost of renting self storage. San Rafael, CA, is the most expensive city for self storage in the U.S., with a monthly rate of $299, followed by Honolulu, HI ($277), and Santa Barbara, CA ($275).
# | City | Self Storage Street Rate |
Y-o-Y Change |
---|---|---|---|
1 | San Rafael, CA | $299 | -1.3% |
2 | Honolulu, HI | $277 | -1.4% |
3 | Santa Barbara, CA | $275 | -1.1% |
4 | San Francisco, CA | $265 | -1.9% |
5 | Los Angeles, CA | $258 | -1.9% |
6 | Arlington, VA | $247 | 4.2% |
7 | New York City, NY | $247 | 0% |
8 | Burbank, CA | $244 | 0% |
9 | Redwood City, CA | $244 | 7% |
10 | Jupiter, FL | $232 | 14.3% |
All self storage rates are for non-climate-controlled 10x10 units. The ranking is based on the average street rates of self storage units in 652 U.S. cities for February 2023.
The 10 cheapest cities for self storage
Bardstown, KY, offers some of the cheapest storage space in the U.S. Storage units in Bardstown, KY, rent for $50 on average, followed by Claremore, OK, at $51 and West Bend, WI, at $59.
# | City | Self Storage Street Rate |
Y-o-Y Change |
---|---|---|---|
1 | Bardstown, KY | $50 | 0% |
2 | Claremore, OK | $51 | 6.3% |
3 | West Bend, WI | $59 | 0% |
4 | Cabot, AR | $62 | 3.3% |
5 | Chesterton, IN | $63 | 0% |
6 | Alamogordo, NM | $64 | 10.3% |
7 | Edmond, OK | $67 | -1.5% |
8 | Lawton, OK | $68 | 3% |
9 | Cartersville, GA | $69 | 0% |
10 | Denham Springs, LA | $71 | -2.7% |
All self storage rates are for non-climate-controlled 10x10 units. The ranking is based on the average street rates of self storage units in 652 U.S. cities for February 2023.
Top 20 Fastest-Growing Cities by Street Rate
Self storage prices fluctuate year-over-year as a result of the inventory and demand dynamics. In places where demand exceeds existing inventory capabilities, prices tend to go up. As it happens, in Ormond Beach, FL rent is $176/month, up by 39.7%, the largest percentage price increase among large U.S. cities, based on data from research firm Yardi Matrix.
Covington, GA follows, with a 37.5% price increase, which translates to $121/month. Moreover, in Clayton, NC, self storage rates went up by 34.1%, and locals pay $114/month here for the service.
Caldwell, ID, rounds out the top-20 fastest-growing cities list with a 11.7% increase year-over-year.
# | City | Self Storage Street Rate |
Y-o-Y Change |
---|---|---|---|
1 | Ormond Beach, FL | $176 | 39.7% |
2 | Covington, GA | $121 | 37.5% |
3 | Clayton, NC | $114 | 34.1% |
4 | Muncie, IN | $91 | 30% |
5 | Shelby, NC | $110 | 23.6% |
6 | Dayton, OH | $100 | 23.5% |
7 | Logan, UT | $76 | 22.6% |
8 | Dalton, GA | $75 | 17.2% |
9 | Stillwater, OK | $76 | 16.9% |
10 | Anderson, SC | $99 | 16.5% |
# | City | Self Storage Street Rate |
Y-o-Y Change |
---|---|---|---|
11 | Seneca, SC | $101 | 14.8% |
12 | Lake Wales, FL | $110 | 14.6% |
13 | Jupiter, FL | $232 | 14.3% |
14 | Aledo, TX | $104 | 13% |
15 | Danbury, CT | $175 | 12.9% |
16 | Greenville, TX | $89 | 12.7% |
17 | Galveston, TX | $199 | 12.4% |
18 | Cleburne, TX | $82 | 12.3% |
19 | Visalia, CA | $104 | 11.8% |
20 | Caldwell, ID | $86 | 11.7% |
All self storage rates are for non-climate-controlled 10x10 units. The ranking is based on the average street rates of self storage units in 652 U.S. cities for February 2023.
Compare 2023 average storage prices in US cities
All self storage rates are for non-climate-controlled 10x10 units.
Self storage inventory
Existing self storage inventory
The U.S. boasts a total inventory of over 1.7 billion square feet of self storage space. Dallas-Fort Worth-Arlington, TX, currently has the largest inventory of self storage space, and Reno, NV, has the most self storage square footage per capita as per February, 2023 data.
# | Metropolitan Area | Inventory (sq. ft.) |
Y-o-Y Change |
Sq. Ft. / Capita |
---|---|---|---|---|
1 | Dallas-Fort Worth-Arlington, TX | 73.2M | 1.7% | 10.3 |
2 | Houston-The Woodlands-Sugar Land, TX | 71.6M | 0.7% | 10.7 |
3 | New York-Newark-Jersey City, NY-NJ-PA | 68.8M | 5.2% | 3.7 |
4 | Los Angeles-Long Beach-Anaheim, CA | 62.4M | 1.9% | 4.7 |
5 | Chicago-Naperville-Elgin, IL-IN-WI | 49.8M | 2.4% | 5.4 |
6 | Atlanta-Sandy Springs-Alpharetta, GA | 41.2M | 2.9% | 8.7 |
7 | Miami-Fort Lauderdale-Pompano Beach, FL | 41M | 1.3% | 6.9 |
8 | Phoenix-Mesa-Chandler, AZ | 37.6M | 5.4% | 8.2 |
9 | Riverside-San Bernardino-Ontario, CA | 34M | 0.6% | 7.7 |
10 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 31.3M | 2.9% | 5.6 |
The ranking is of 150 U.S. metropolitan areas, based on self storage data from Yardi Matrix.
# | Metropolitan Area | Sq. Ft. / Capita |
---|---|---|
1 | Reno, NV | 17.0 |
2 | Crestview-Fort Walton Beach-Destin, FL | 16.1 |
3 | Boise City, ID | 15.9 |
4 | Lubbock, TX | 15.1 |
5 | Myrtle Beach-Conway-North Myrtle Beach, SC-NC | 13.1 |
6 | San Luis Obispo-Paso Robles, CA | 12.6 |
7 | Wilmington, NC | 12.5 |
8 | Oklahoma City, OK | 12.5 |
9 | Killeen-Temple, TX | 12.3 |
10 | Spokane-Spokane Valley, WA | 12.2 |
The ranking is of 150 U.S. metropolitan areas, based on self storage data from Yardi Matrix.
New self storage development
Self storage has grown considerably in recent times, with some markets seeing more development activity than others. As it turns out, New York-Newark-Jersey City, NY-NJ-PA, took the crown for the most self storage construction in 2022 with 3.4M square feet completed, followed by Phoenix-Mesa-Chandler, AZ, and Atlanta-Sandy Springs-Alpharetta, GA.
# | Metropolitan Area | Completions (sq. ft.) |
---|---|---|
1 | New York-Newark-Jersey City, NY-NJ-PA | 3.4M |
2 | Phoenix-Mesa-Chandler, AZ | 1.8M |
3 | Atlanta-Sandy Springs-Alpharetta, GA | 1.2M |
4 | Dallas-Fort Worth-Arlington, TX | 1.2M |
5 | Los Angeles-Long Beach-Anaheim, CA | 1.1M |
6 | Chicago-Naperville-Elgin, IL-IN-WI | 1M |
7 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 0.8M |
8 | Tampa-St. Petersburg-Clearwater, FL | 0.8M |
9 | Miami-Fort Lauderdale-Pompano Beach, FL | 0.8M |
10 | Charlotte-Concord-Gastonia, NC-SC | 0.7M |
The ranking is of 270 U.S. metropolitan areas, based on self storage data from Yardi Matrix.
# | Property | Rentable Sq. Ft. |
---|---|---|
1 | 6099 South Federal Way, Boise, ID 83716 | 329,791 |
2 | Nuremberg Mountain Road & 1st Street, Oneida, PA 18242 | 264,844 |
3 | 204 Clear Fork Circle, Willow Park, TX 76087 | 229,539 |
4 | 2153 Richmond Terrace, Staten Island, NY 10302 | 228,807 |
5 | 130-02 South Conduit Avenue, South Ozone, NY 11430 | 222,823 |
6 | 125 Broadway, Menands, NY 12204 | 213,750 |
7 | 2965 Warner Avenue, Irvine, CA 92606 | 211,899 |
8 | 1111 118th Avenue SE, Bellevue, WA 98005 | 206,580 |
9 | 3605 FM 157, Euless, TX 76040 | 192,375 |
10 | 9025 Big Horn Blvd, Elk Grove, CA 95757 | 175,617 |
How many self storage facilities are there in the U.S.?
We know self storage has become pretty common nowadays, but how many self storage facilities are there? In the U.S. today there are more than 50,000. And how does that compare to the number of retail outlets, restaurants and pharmacies? In fact, there are more storage facilities than all the Subway, Dollar General and CVS outlets and locations combined.
Self storage customer profile
Self storage responds to various storage needs that arise from life changes and events. Whether moving, downsizing or adopting a more flexible lifestyle, people increasingly use self storage. About 1 in 3 Americans now turn to self storage when home space is not enough.
The most popular item put in self storage is furniture, followed by clothing and home appliances. About 10% of self storage users rent a unit to keep sporting items and hobby gears. Moreover, business items are the most common item placed in storage by 6% of self storage users.
More Gen Xers than any other generation turn to self storage, with 54% of them keeping their items in a storage unit compared to 40% of millennials and 25% of Gen Zers who do so. Close to half of the women (48%) and 45% of the men among our respondents rent self storage for various purposes.
The most popular storage unit size is 10'x10', followed by 5'x10'.
Self storage interest:
How customers search
for self
storage online
Interest for self storage has been growing over the last decade, as Google Trends data shows. We've looked at the most popular keywords for self storage-related searches – "storage units near me ", "storage near me" and "self storage near me" – to see the latest trends in consumer search habits. June, July and August are generally the most popular months for self storage searches.
Naturally, online interest for self storage varies based on location. New York City, NY is the most popular city for self storage searches, with an average monthly search volume of 21,570 searches, followed by San Diego, CA (9,520), and Las Vegas, NV (9,260).
High interest for self storage searches in these cities is due to their status as places with very fluid populations. Streams of newcomers continue to arrive, and self storage comes to their rescue, helping them to get settled into their new homes.
City | Searches / Month |
---|---|
New York City, NY | 21,570 |
San Diego, CA | 9,520 |
Las Vegas, NV | 9,260 |
San Antonio, TX | 7,360 |
Colorado Springs, CO | 7,320 |
Denver, CO | 6,750 |
Austin, TX | 6,520 |
Chicago, IL | 6,420 |
Tucson, AZ | 6,220 |
Los Angeles, CA | 6,060 |
Expert insights on the self storage market
The self storage industry is subject to various socio-economic factors and to the market dynamics of demand and supply. Experts weigh in on the state of the industry:

Product Specialist - Yardi Matrix

Business Intelligence Manager - Yardi Matrix

Vice President of Yardi Matrix

Sales Associate - Kislak Commercial Real Estate Services

Charles Bendit Distinguished Scholar and Professor of Real Estate in the Department of Finance, and the Chair of the Center for Real Estate and Urban Analysis (CREUA), at the George Washington University School of Business (GWSB)
Self storage market trends in cities
Where does our data come from?
All data related to self storage was compiled by StorageCafe, an online self storage search portal featuring more than 25,000 listings across the U.S.
The self storage rental statistics on this page were sourced from our sister company, Yardi Matrix, the industry's most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in the multifamily, student housing, self storage, office and industrial sectors. Yardi Matrix maintains operational profiles for over 30,000 self storage facilities across the U.S.