Denver Self Storage Market Statistics:
Self storage has become crucial for navigating major life events. It can be particularly useful for events such as moving, downsizing and when changes in household composition occur, as well as when engaging in home remodeling projects and organizational endeavors. Denver offers plenty of self storage options to cater to all needs and budgets.
How much does a storage unit cost in Denver, CO?
Currently, the average cost of a 10x10 storage unit in Denver is $133/month, a decrease of 3.6% compared to last year. Nationally, self storage street rates for 10×10 non-climate-controlled units saw a 4.6% year-over-year decrease, registering an average of $124 in October, 2023.
Denver self storage prices by unit size
Besides the standard 10x10 unit, the Denver self storage market includes several other types of units that can vary in terms of size and amenities, and naturally, price.
For instance, a 5x5 self storage unit in Denver rents for $51, while a 5x10 unit would cost $77/month. Average street rates for a 10x20 unit stand at $211/month. Non-climate-controlled units typically come with lower price tags than their climate-controlled counterparts of the same size.
| Unit Size | Avg. Street Rate |
|---|---|
| 5x5 | $51 |
| 5x10 | $77 |
| 10x10 | $133 |
| 10x15 | $172 |
| 10x20 | $211 |
| 10x30 | $287 |
| Unit Size | Avg. Street Rate |
|---|---|
| 5x5 | $58 |
| 5x10 | $91 |
| 10x10 | $142 |
| 10x15 | $191 |
| 10x20 | $244 |
| 10x30 | $354 |
* Average monthly rates for Denver in October 2023.
Average storage unit cost in Denver by neighborhood
Self storage prices can vary depending on location as some neighborhoods might offer more budget-friendly self storage rates than others.
You can find cheap Denver storage units in Cory - Merrill, where the standard self storage unit goes for $103/mo. on average, in Speer, where renters pay $106/mo. on average, and in Clayton, where the average street rates hover around $122/mo.
If you’re looking for other great deals, check out self storage listings, and their average street rates, in Lowry Field ($129) and Montbello ($132).
Other neighborhoods, on the other hand, come with higher street rates. The most expensive neighborhood in Denver is Capitol Hill with a monthly average street rate of $580, followed by Ruby Hill.
| # | Neighborhood | Average Street Rate |
|---|---|---|
| 1 | Cory - Merrill | $103 |
| 2 | Speer | $106 |
| 3 | Clayton | $122 |
| 4 | Lowry Field | $129 |
| 5 | Montbello | $132 |
| 6 | Baker | $134 |
| 7 | Indian Creek | $140 |
| 8 | Stapleton Denver | $146 |
| 9 | Hampden South | $149 |
| 10 | University Hills | $150 |
| # | Neighborhood | Average Street Rate |
|---|---|---|
| 1 | Capitol Hill | $580 |
| 2 | Ruby Hill | $277 |
| 3 | Park Hill Denver | $250 |
| 4 | Overland | $242 |
| 5 | Elyria Swansea | $210 |
| 6 | Rino Denver | $207 |
| 7 | Five Points | $189 |
| 8 | College View - South Platte | $182 |
| 9 | Harvey Park | $181 |
| 10 | Green Valley Ranch Denver | $174 |
Compare average storage prices in Denver neighborhoods
Want to find the best self storage deals? Browse listings in your preferred Denver neighborhoods and Denver Zip Codes for more details on what’s available and compare rent prices, unit sizes and amenities.
How Denver, CO, Self Storage Compares With Other Cities
How self storage costs in Denver compare to prices in other nearby cities
Check out the table below to see how self storage in Denver compares rent-wise to other places within a 50-mile radius.
| # | City | Average Street Rate |
|---|---|---|
| 1 | Northglenn, CO | $147 |
| 2 | Greenwood Village, CO | $143 |
| 3 | Thornton, CO | $142 |
| 4 | Wheat Ridge, CO | $137 |
| 5 | Denver, CO | $133 |
| 6 | Westminster, CO | $132 |
| 7 | Federal Heights, CO | $127 |
| 8 | Aurora, CO | $112 |
| 9 | Centennial, CO | $108 |
| 10 | Englewood, CO | $106 |
Average street rates for non-climate-controlled 10x10 units for October 2023.
How self storage costs in Denver compare to rates in other sought-after cities in the US
Check out the table below to see how self storage rent in Denver compares to other popular cities in the US.
| # | City | Average Street Rate |
|---|---|---|
| 1 | New York City, NY | $252 |
| 2 | Denver, CO | $133 |
| 3 | Las Vegas, NV | $120 |
| 4 | Phoenix, AZ | $119 |
| 5 | Austin, TX | $115 |
| 6 | Dallas, TX | $111 |
| 7 | Tucson, AZ | $111 |
| 8 | San Antonio, TX | $109 |
| 9 | Houston, TX | $94 |
| 10 | Indianapolis, IN | $84 |
Average street rates for non-climate-controlled 10x10 units for October 2023.
Self storage market size in Denver, CO
Denver self storage market statistics
| No. of self storage units | approx. 6,382 |
| No. of self storage facilities | 88 |
| Local self storage inventory (sq. ft.) | 4,960,817 |
| Self storage sq. ft. per capita | 3.4 |
| New self storage facilities set for delivery in 2023 | 1 |
| New self storage supply set for delivery in 2023 (sq. ft.) | 5,173 |
| Average self storage rent in Denver for a standard 10x10 unit | $133 |
Denver self storage construction trends
The self storage sector has maintained an active development pipeline in recent years.
Currently, there are 88 self storage facilities and approx. 6,382 storage units in Denver. The local inventory encompasses 4,960,817 square feet of storage space, offering 3.4 square feet per capita.
A total of 5,173 square feet of self storage space is projected for completion in 2023.
What’s driving demand for self storage?
Quick overview of the Denver housing market
| Total no. of households | 313,926 |
| Y-o-y change in no. of households | 4.1% |
| Renter households in Denver | 158,308 |
| Homeowner households in Denver | 155,618 |
| Households with mortgages in Denver | 116,380 |
| Median number of rooms (all housing units) | 4.6 |
| Average apartment size (sq. ft.) | 840 |
| Average home size (sq. ft.) | 1,243 |
| Average apartment rent | $2,000 |
| Median home value | $463,700 |
| Working from home (% of total working population) | 12.7% |
Self storage for residential clients: key facts and figures about the Denver housing market
Generally associated with life events, the self storage industry is equipped to respond to people with changing housing situations, whether that means moving, downsizing, welcoming a new baby, or embracing multi-generational living. Lifestyle choices are also a demand driver for self storage, including preferences for snowbirding, digital nomading and RV travelling.
Looking at the type of residential customers that the Denver self storage sector serves, it caters to both renters and homeowners, acting as extensions of their homes when living spaces are not big enough for the things people own.
Denver is home to 158,308 renters and 155,618 homeowners. The average apartment size in Denver is 840 sq. ft. and the average Denver home size is 1,243 sq. ft.
Self storage for business
Alongside the residential sector, self storage responds to needs arising from conducting business. Entrepreneurs and small business owners, including brick-and-mortar retailers, can turn to self storage to store their merchandise all while keeping it accessible.
Legal and medical professionals often turn to self storage as they are generally required to keep hard copies of their records. Realtors and interior designers also find self storage particularly useful for temporarily storing staging furniture. Moreover, blue collar businesses can benefit from storing their heavy equipment and supplies close to their work site.
Self storage interest: How customers search for Denver self storage
Interest for self storage has been growing over the last decade, as Google Trends data shows. We’ve looked at the most popular keyword used in conjunction with Denver self storage-related searches, "self storage", to see the latest trends in consumer search habits. June, July and August are generally the most popular months for self storage searches.
Expert insights on Denver's self storage market
The self storage industry in Denver, CO, is subject to various socio-economic factors and to the market dynamics of demand and supply. Ben Vestal, CEO and President of Argus Self Storage Advisors, weighs in on the state of the industry:
Ben Vestal
CEO and President
Argus Self Storage Advisors
Which factors underpin the local boom of self storage development in the past few years?
I feel that we are seeing demand for the product grow exponentially due to changing demographics, higher usership, and the US housing shortage, along with smaller houses. I also feel the business model of the month-to-month leases, no or very little ongoing capital requirements and a direct-to-customer business model is very compelling today with inflationary concerns.
It is also worth noting that we have seen more and more institutional equity entering the space — this will drive more development as the returns for self storage developments have come down meaningfully.
Where does local demand for self storage come from?
Demand is mainly driven by population growth within the submarket. Life events such as retirement, divorce, remolding, displacement, relocation, or death all create self storage demand. However, we are finding that the younger generations are using self storage at a much greater pace than previous generations. So, I believe demand is being driven by increased users of the product.
What major economic events affected the self storage industry in Denver?
Denver is no different than the rest of the country. The consensus is that the industry continues to benefit from new demand drivers due to the changes to life/work/school environments, new demographic spending habits of millennials, longer tenancy, slower than normal deliveries of new developments, and a stickier tenant base. This has led to all-time high occupancy and revenue growth, further fueling investors' appetites for self storage assets.
How do you envision the future of the local self storage industry, in the medium- and long-term?
Investors continue to look at self storage as a reliable and resilient income stream, and our business model of month-to-month leases proves to be a very compelling inflation hedge. However, one cannot ignore the recent market volatility and threat of rising interest rates. I am concerned that the self storage industry will be impacted or derailed by an outside factor, such as loan defaults in other asset classes affecting the banks' ability to continue to offer debt to the self storage sector, or a black swan event such as the pandemic — but this time it might not benefit our industry. In my 25+ year real estate career I have learned that only the paranoid survive.
Expert insights on Denver's self storage market
The self storage industry in Denver, CO, is subject to various socio-economic factors and to the market dynamics of demand and supply. Ben Vestal, CEO and President of Argus Self Storage Advisors, weighs in on the state of the industry:
Ben Vestal
CEO and President
Argus Self Storage Advisors
Which factors underpin the local boom of self storage development in the past few years?
I feel that we are seeing demand for the product grow exponentially due to changing demographics, higher usership, and the US housing shortage, along with smaller houses. I also feel the business model of the month-to-month leases, no or very little ongoing capital requirements and a direct-to-customer business model is very compelling today with inflationary concerns.
It is also worth noting that we have seen more and more institutional equity entering the space — this will drive more development as the returns for self storage developments have come down meaningfully.
Where does local demand for self storage come from?
Demand is mainly driven by population growth within the submarket. Life events such as retirement, divorce, remolding, displacement, relocation, or death all create self storage demand. However, we are finding that the younger generations are using self storage at a much greater pace than previous generations. So, I believe demand is being driven by increased users of the product.
What major economic events affected the self storage industry in Denver?
Denver is no different than the rest of the country. The consensus is that the industry continues to benefit from new demand drivers due to the changes to life/work/school environments, new demographic spending habits of millennials, longer tenancy, slower than normal deliveries of new developments, and a stickier tenant base. This has led to all-time high occupancy and revenue growth, further fueling investors' appetites for self storage assets.
How do you envision the future of the local self storage industry, in the medium- and long-term?
Investors continue to look at self storage as a reliable and resilient income stream, and our business model of month-to-month leases proves to be a very compelling inflation hedge. However, one cannot ignore the recent market volatility and threat of rising interest rates. I am concerned that the self storage industry will be impacted or derailed by an outside factor, such as loan defaults in other asset classes affecting the banks' ability to continue to offer debt to the self storage sector, or a black swan event such as the pandemic — but this time it might not benefit our industry. In my 25+ year real estate career I have learned that only the paranoid survive.
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 nearly 27,000 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.
Average home size data is from PropertyShark, while demographic data is from the latest U.S. Census Bureau release, the 2020 American Community Survey.