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Market Overview of Self-Storage
The success of the self-storage industry shows that even the standard garage size is not enough storage space for the average household. Simply put, U.S. consumers own too much stuff and opt for storage units to shelter their belongings:
- In 2020, the annual revenue for self-storage was $39 billion.
- As of 2021, there were 49,233 self-storage facilities operating in the U.S.
- Over half of available self-storage space is owned by small operators.
- The average occupancy of storage facilities is 96.5 percent.
- 90 percent of worldwide self-storage inventory is in the U.S.
- The average size of a self-storage facility in the U.S. is approximately 56,900 square feet, slightly larger than a football field.
- Average storage unit costs $132 per month for a small 10’x10’ unit without climate control, and $152 with it.
- Over one-fifth of renters in the U.S. are using self-storage.
- As 44 percent of renters, Gen Xers use self-storage more than any other group.
- Over 50 percent of female renters use self-storage.
- 65 percent of all self-storage renters have a garage.
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