Memphis 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. Memphis offers plenty of self storage options to cater to all needs and budgets.
How much does a storage unit cost in Memphis, TN?
Currently, the average cost of a 10x10 storage unit in Memphis is $77/month, a decrease of 11.5% compared to last year. Nationally, self storage street rates for 10×10 non-climate-controlled units saw a 4.8% year-over-year decrease, registering an average of $120 in August, 2024.
Memphis self storage prices by unit size
Besides the standard 10x10 unit, the Memphis 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 Memphis rents for $30, while a 5x10 unit would cost $44/month. Average street rates for a 10x20 unit stand at $123/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 | $30 |
| 5x10 | $44 |
| 10x10 | $77 |
| 10x15 | $105 |
| 10x20 | $123 |
| 10x30 | $170 |
| Unit Size | Avg. Street Rate |
|---|---|
| 5x5 | $34 |
| 5x10 | $55 |
| 10x10 | $103 |
| 10x15 | $142 |
| 10x20 | $173 |
| 10x30 | $247 |
* Average monthly rates for Memphis in August 2024.
Average storage unit cost in Memphis 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 Memphis storage units in Frayser, where the standard self storage unit goes for $87/mo. on average, in Fox Meadows, where renters pay $88/mo. on average, and in East Memphis Park, where the average street rates hover around $92/mo.
If you’re looking for other great deals, check out self storage listings, and their average street rates, in Parkway Village and Colonial ($96) and Whitehaven ($111).
Other neighborhoods, on the other hand, come with higher street rates. The most expensive neighborhood in Memphis is Bal - Moral with a monthly average street rate of $206, followed by Oakhaven.
| # | Neighborhood | Average Street Rate |
|---|---|---|
| 1 | Frayser | $87 |
| 2 | Fox Meadows | $88 |
| 3 | East Memphis Park | $92 |
| 4 | Parkway Village | $96 |
| 5 | Colonial | $96 |
| # | Neighborhood | Average Street Rate |
|---|---|---|
| 1 | Bal - Moral | $206 |
| 2 | Oakhaven | $164 |
| 3 | Chickasaw Gardens | $153 |
| 4 | Lenox | $136 |
| 5 | South Riverdale | $131 |
Compare average storage prices in Memphis neighborhoods
Want to find the best self storage deals? Browse listings in your preferred Memphis neighborhoods and Memphis Zip Codes for more details on what’s available and compare rent prices, unit sizes and amenities.
How Memphis, TN, Self Storage Compares With Other Cities
How self storage costs in Memphis compare to prices in other nearby cities
Check out the table below to see how self storage in Memphis compares rent-wise to other places within a 50-mile radius.
| # | City | Average Street Rate |
|---|---|---|
| 1 | Millington, TN | $257 |
| 2 | Hernando, MS | $132 |
| 3 | Olive Branch, MS | $110 |
| 4 | West Memphis, AR | $106 |
| 5 | Southaven, MS | $103 |
| 6 | Horn Lake, MS | $97 |
| 7 | Memphis, TN | $77 |
| 8 | Covington, TN | $74 |
| 9 | Bartlett, TN | $70 |
Average street rates for non-climate-controlled 10x10 units for August 2024.
How self storage costs in Memphis compare to rates in other sought-after cities in the US
Check out the table below to see how self storage rent in Memphis compares to other popular cities in the US.
| # | City | Average Street Rate |
|---|---|---|
| 1 | New York City, NY | $247 |
| 2 | Phoenix, AZ | $115 |
| 3 | Las Vegas, NV | $114 |
| 4 | Austin, TX | $113 |
| 5 | Dallas, TX | $109 |
| 6 | Tucson, AZ | $109 |
| 7 | San Antonio, TX | $101 |
| 8 | Houston, TX | $93 |
| 9 | Fort Worth, TX | $93 |
| 10 | Memphis, TN | $77 |
Average street rates for non-climate-controlled 10x10 units for August 2024.
Self storage market size in Memphis, TN
Memphis self storage market statistics
| No. of self storage units | approx. 7,231 |
| No. of self storage facilities | 97 |
| Local self storage inventory (sq. ft.) | 6,299,485 |
| Self storage sq. ft. per capita | 8.2 |
| New self storage facilities set for delivery in 2024 | 2 |
| New self storage supply set for delivery in 2024 (sq. ft.) | 149,809 |
| Average self storage rent in Memphis for a standard 10x10 unit | $77 |
Memphis self storage construction trends
The self storage sector has maintained an active development pipeline in recent years. In 2023 alone, about 306,728 square feet of self storage space came online in Memphis, representing 4.9% of the existing inventory. Compared to the year before, self storage inventory in Memphis has increased by 5.2%.
Currently, there are 97 self storage facilities and approx. 7,231 storage units in Memphis. The local inventory encompasses 6,299,485 square feet of storage space, offering 8.2 square feet per capita.
A total of 149,809 square feet of self storage space is projected for completion in 2024, a decrease of 51.2% compared to last year.
What’s driving demand for self storage?
Quick overview of the Memphis housing market
| Total no. of households | 249,554 |
| Y-o-y change in no. of households | -0.9% |
| Renter households in Memphis | 132,817 |
| Homeowner households in Memphis | 116,737 |
| Households with mortgages in Memphis | 69,225 |
| Median number of rooms (all housing units) | 5.4 |
| Average apartment size (sq. ft.) | 909 |
| Average home size (sq. ft.) | 1,432 |
| Average apartment rent | $1,085 |
| Median home value | $131,200 |
| Working from home (% of total working population) | 3.6% |
Self storage for residential clients: key facts and figures about the Memphis 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 Memphis 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.
Memphis is home to 132,817 renters and 116,737 homeowners. The average apartment size in Memphis is 909 sq. ft. and the average Memphis home size is 1,432 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 30,000 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.