Memphis Self Storage Market Statistics:

Rent Prices, Local Inventory and Development Trends (January 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. 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 $84/month, a decrease of 5.6% compared to last year. Nationally, self storage street rates for 10×10 non-climate-controlled units saw a 3.2% year-over-year decrease, registering an average of $122 in January, 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 $33, while a 5x10 unit would cost $48/month. Average street rates for a 10x20 unit stand at $127/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 $33
5x10 $48
10x10 $84
10x15 $112
10x20 $127
10x30 $174
Climate-Controlled Units*
Unit Size Avg. Street Rate
5x5 $38
5x10 $61
10x10 $109
10x15 $150
10x20 $188
10x30 $260

* Average monthly rates for Memphis in January 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 East Memphis Park, where the standard self storage unit goes for $75/mo. on average, in Frayser, where renters pay $87/mo. on average, and in Fox Meadows, where the average street rates hover around $93/mo.

If you’re looking for other great deals, check out self storage listings, and their average street rates, in Parkway Village ($98) and Colonial ($104).

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 $215, followed by Oakhaven.

Cheapest Neighborhoods for Self Storage
# Neighborhood Average Street Rate
1 East Memphis Park $75
2 Frayser $87
3 Fox Meadows $93
4 Parkway Village $98
5 Colonial $104
Most Expensive Neighborhoods for Self Storage
# Neighborhood Average Street Rate
1 Bal - Moral $215
2 Oakhaven $164
3 Chickasaw Gardens $150
4 Lenox $143
5 Raleigh $136

Compare average storage prices in Memphis 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.
Memphis avg. rent
Neighborhood #1
Neighborhood #2

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 $144
3 West Memphis, AR $128
4 Olive Branch, MS $119
5 Southaven, MS $108
6 Horn Lake, MS $104
7 Covington, TN $89
8 Memphis, TN $84
9 Bartlett, TN $75

Average street rates for non-climate-controlled 10x10 units for January 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 $246
2 Las Vegas, NV $117
3 Phoenix, AZ $117
4 Austin, TX $113
5 Dallas, TX $111
6 Tucson, AZ $110
7 San Antonio, TX $107
8 Houston, TX $93
9 Memphis, TN $84
10 Indianapolis, IN $83

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

Self storage market size in Memphis, TN

Memphis self storage market statistics

No. of self storage units approx. 6,313
No. of self storage facilities 95
Local self storage inventory (sq. ft.) 6,164,974
Self storage sq. ft. per capita 8.0
New self storage facilities set for delivery in 2024 2
New self storage supply set for delivery in 2024 (sq. ft.) 140,457
Average self storage rent in Memphis for a standard 10x10 unit $84

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 5% of the existing inventory. Compared to the year before, self storage inventory in Memphis has increased by 5.2%.

Currently, there are 95 self storage facilities and approx. 6,313 storage units in Memphis. The local inventory encompasses 6,164,974 square feet of storage space, offering 8.0 square feet per capita.

A total of 140,457 square feet of self storage space is projected for completion in 2024, a decrease of 54.2% 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.) 910
Average home size (sq. ft.) 1,432
Average apartment rent $1,082
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 910 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 more than 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.