Miami Self Storage Market Statistics:

Rent Prices, Local Inventory and Development Trends (June 2024)

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. Miami offers plenty of self storage options to cater to all needs and budgets.

How much does a storage unit cost in Miami, FL?

Currently, the average cost of a 10x10 storage unit in Miami is $158/month, a decrease of 7.6% compared to last year. Nationally, self storage street rates for 10×10 non-climate-controlled units saw a 5.5% year-over-year decrease, registering an average of $121 in June, 2024.

Miami self storage prices by unit size

Besides the standard 10x10 unit, the Miami 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 Miami rents for $56, while a 5x10 unit would cost $90/month. Average street rates for a 10x20 unit stand at $299/month. Non-climate-controlled units typically come with lower price tags than their climate-controlled counterparts of the same size.

Non-Climate-Controlled Units*
Unit Size Avg. Street Rate
5x5 $56
5x10 $90
10x10 $158
10x15 $224
10x20 $299
10x30 $373
Climate-Controlled Units*
Unit Size Avg. Street Rate
5x5 $65
5x10 $108
10x10 $185
10x15 $260
10x20 $371
10x30 $528

* Average monthly rates for Miami in June 2024.

Average storage unit cost in Miami 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 Miami storage units in Walnut Park, where the standard self storage unit goes for $181/mo. on average, in Kendale Lakes Center, where renters pay $191/mo. on average, and in Point West, where the average street rates hover around $192/mo.

If you’re looking for other great deals, check out self storage listings, and their average street rates, in Miller Dreams and Sandalwood Villas - Marco ($196) and Kenland Bend ($212).

Other neighborhoods, on the other hand, come with higher street rates. The most expensive neighborhood in Miami is Vanessa Ranch with a monthly average street rate of $379, followed by Miami Design District.

Cheapest Neighborhoods for Self Storage
# Neighborhood Average Street Rate
1 Walnut Park $181
2 Kendale Lakes Center $191
3 Point West $192
Most Expensive Neighborhoods for Self Storage
# Neighborhood Average Street Rate
1 Vanessa Ranch $379
2 Miami Design District $354
3 Silver Bluff $336

Compare average storage prices in Miami neighborhoods

Neighborhood prices
Whether you'd prefer a storage unit near your home, your office or somewhere else in the city, you can compare two of your preferred neighborhoods by selecting them on the left.
Miami avg. rent
Neighborhood #1
Neighborhood #2

Want to find the best self storage deals? Browse listings in your preferred Miami neighborhoods and Miami Zip Codes for more details on what’s available and compare rent prices, unit sizes and amenities.

How Miami, FL, Self Storage Compares With Other Cities

How self storage costs in Miami compare to prices in other nearby cities

Check out the table below to see how self storage in Miami compares rent-wise to other places within a 50-mile radius.

# City Average Street Rate
1 Miramar, FL $215
2 North Miami, FL $186
3 Miami Gardens, FL $169
4 Miami, FL $158
5 Hialeah, FL $154
6 Homestead, FL $151
7 Hallandale Beach, FL $151
8 Doral, FL $138
9 Aventura, FL $130
10 Opa-Locka, FL $114

Average street rates for non-climate-controlled 10x10 units for June 2024.

How self storage costs in Miami compare to rates in other sought-after cities in the US

Check out the table below to see how self storage rent in Miami compares to other popular cities in the US.

# City Average Street Rate
1 New York City, NY $251
2 Miami, FL $158
3 Phoenix, AZ $116
4 Las Vegas, NV $115
5 Austin, TX $113
6 Dallas, TX $112
7 Tucson, AZ $110
8 San Antonio, TX $103
9 Houston, TX $93
10 Indianapolis, IN $82

Average street rates for non-climate-controlled 10x10 units for June 2024.

Self storage market size in Miami, FL

Miami self storage market statistics

No. of self storage units approx. 12,806
No. of self storage facilities 119
Local self storage inventory (sq. ft.) 8,654,231
Self storage sq. ft. per capita 3.7
New self storage facilities set for delivery in 2024 4
New self storage supply set for delivery in 2024 (sq. ft.) 327,387
Average self storage rent in Miami for a standard 10x10 unit $158

Miami self storage construction trends

The self storage sector has maintained an active development pipeline in recent years. In 2023 alone, about 258,212 square feet of self storage space came online in Miami, representing 3% of the existing inventory. Compared to the year before, self storage inventory in Miami has increased by 3.1%.

Currently, there are 119 self storage facilities and approx. 12,806 storage units in Miami. The local inventory encompasses 8,654,231 square feet of storage space, offering 3.7 square feet per capita.

A total of 327,387 square feet of self storage space is projected for completion in 2024, an increase of 26.8% compared to last year.

What’s driving demand for self storage?

Quick overview of the Miami housing market

Total no. of households 181,597
Y-o-y change in no. of households 2.7%
Renter households in Miami 127,075
Homeowner households in Miami 54,522
Households with mortgages in Miami 29,999
Median number of rooms (all housing units) 3.8
Average apartment size (sq. ft.) 892
Average home size (sq. ft.) 1,550
Average apartment rent $2,538
Median home value $378,200
Working from home (% of total working population) 4.6%

Self storage for residential clients: key facts and figures about the Miami 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 Miami 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.

Miami is home to 127,075 renters and 54,522 homeowners. The average apartment size in Miami is 892 sq. ft. and the average Miami home size is 1,550 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 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 29,000 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.