Self-Storage Facility Management Statistics 2024 – Everything You Need to Know

• Multifamily = failure rate of 58 percent Office = failure rate of 63 percent Retail = failure rate of 53 percent Self storage = failure rate of 8 percent. ^[1]
• Of this 8 percent in self storage failures, a considerable number of businesses were taken back by financial institutions because they were collateral for loans on other real estate. ^[1]

Self-Storage Facility Management Latest Statistics

• 92% Number of facilities 45,547 – 60,024 Percent of households renting 9.4% Total rentable square footage 1.709 billion sq. ^[0]
• 20 year spend increase 444% 1998 vs 2018. ^[0]
• This is a 27% increase compared to 2017, a 344% 10year increase, and a 444% 20. ^[0]
• The number of storage facilities in the US ranges from 45,547 to 60,024 according to Union Realtime and IBISWorld. ^[0]
• In 2018, there was an estimated 23,404,300 individual self storage units in the United States. ^[0]
• According to IBISWorld, the most popular storage unit size is 10by. ^[0]
• The U.S. national average cost of a storage unit in 2018 is $88.85 per month, according to Sparefoot. ^[0]
• Unit sizes saw an average monthly rental rate decrease of 3.2% compared to 2017 data. ^[0]
• Orlando, FL 2.4% 2017 vs 2018. ^[0]
• Buffalo, NY 2.0% 2017 vs 2018. ^[0]
• (2.7%), Orlando, Florida ( 2.4%), and Buffalo, New York. ^[0]
• Almost 10% of households in the United States are currently renting a self storage unit. ^[0]
• Less than 3 months 17% 3 – 6 months. ^[0]
• 20% 7 – 12 months 17% 1 – 2 years 21% 3 – 5 years 15% 6 – 10 years 6%. ^[0]
• Only 17% of storage unit tenants store for less than 3 months and about 4% stores for more than 10 years. ^[0]
• 2019 1 year revenue increase 3.6% 2018 vs 2019. ^[0]
• 10 year revenue increase 49.4% 2010 vs 2019. ^[0]
• The self storage industry’s annual revenue in 2019 was a whopping $39.5 billion USD, according to IBISWorld. ^[0]
• With a 3.6% 1 year increase and a nearly 50% increase since 2010, industry revenue continues to be one of the fastest growing sectors in the US economy. ^[0]
• By Facility Count Small operators 73% Public operators 18% Top 100 operators 9%. ^[0]
• By Rentable Square Footage Small operators 52% Public operators 32% Top 100 operators 16%. ^[0]
• 73% of all U.S. self storage facilities are owned by small operators. ^[0]
• Public companies and REITS own 18% of facilities and the remaining top 100 operators own 9% of facilities. ^[0]
• Small self storage operators own 52% of rentable square footage in the U.S. Public companies and REITs own 32%, and other top operators own the remaining 16%. ^[0]
• $2,754.3 million Market share 6.8% Market cap. ^[0]
• $1,196.6 million Market share 2.9% Market cap. ^[0]
• $597.9 million Market share 1.6% Market cap. ^[0]
• Largest change Raleigh, NC – 37.8%. ^[0]
• Smallest change Riverside/San Bernardino, CA – 1.0%. ^[0]
• While most investment classes were down between 2017 and 2018, Extra Space Storage and Life Storage were up roughly 4%. ^[0]
• Self Storage Industry Profit Margins Average profit margin of storage operators 41%. ^[0]
• Average profit margin of all industries 22%. ^[0]
• While the average profit margin for all industries is 22%, the self storage industry’s profit margins are, on average, almost twice as high at 41%. ^[0]
• The national average self storage occupancy rate in 2018 was 91.7%. ^[0]
• While this roughly 1% lower than the year before, occupancy rates have continued to increase since their 75.7% low in 2010. ^[0]
• Rates have stayed above 90% since 2015 and are expected to remain above this threshold for the near feature. ^[0]
• The prior high of 89.9% was in 1994. ^[0]
• Over 150,000 Americans are employed in the self storage industry, making up almost 0.1% of the U.S. labor force. ^[0]
• This constituted a 3% 1year growth compared to 2018 and a 21% 10 year growth in employment since 2010. ^[0]
• Percentage of households that rent a selfstorage unit 10.6 percent Average monthly cost for a self. ^[4]
• There are an estimated number of 49,233 self storage facilities operating in the U.S. today. ^[4]
• Industry ownership is fragmented, with 31.2% of self storage space owned by six public companies, 16.5% owned by the next top 94 operators, and 52.3% owned by small operators. ^[4]
• 10.6% of households currently rent a self. ^[4]
• That is an estimated 13.5 million households. ^[4]
• The national average cost for all unit sizes is $89.12 per month, according to SpareFoot data. ^[4]
• Unlike other cities, Chicago hasn’t experienced a tremendous building boom in recent years, with only an 8.5% increase in overall supply over the past three, Radius reports. ^[5]
• This past winter, prices were hovering in the $137 range, according to Radius+. ^[5]
• Meanwhile, the occupancy rate for facilities owned or managed by the real estate investment trusts is hovering around 95%, the company reports. ^[5]
• Facilities under construction would only add about 1% to the area’s overall supply of 44.8 million square feet of self. ^[5]
• 7,792 Biggest companies in the Self Storage Services industry in Australia National Storage REIT Market Share x.x% Purchase this report or a membership to unlock our full summary for this industry. ^[6]
• Storing cars, boats and RVs 00.5% increase 0. ^[6]
• Public Storage’s debt to total assets ratio has grown from two percent in 2015 to about eight percent in 2020. ^[7]
• Falling rental rates will likely curb revenue growth potential Storage & Warehouse Leasing in the US industry trends. ^[8]
• 211,300 Biggest companies in the Storage & Warehouse Leasing industry in the US Public Storage Market Share x.x% Purchase this report or a membership to unlock our full summary for this industry. ^[8]
• It assumes an equity participation of 20 percent of the overall cost, with the remaining 80 percent being financed. ^[1]
• Other income is derived from late fees, retail sales, administrative fees, truck rental commissions, etc., and usually accounts for additional income of 5 percent. ^[1]
• A 10 percent adjustment to the total projected income is common because it represents normal projected vacancy and collection losses. ^[1]
• Achieving and maintaining an average occupancy of at least 90 percent should be the goal for every development and should be used to evaluate the project’s investment potential. ^[1]
• NOI should be from 60 percent to 67 percent of the effective gross income of a development. ^[1]
• Debt service for this particular financial model is based on the loan amount of $1.59 million, an interest rate of 10 percent and an amortization rate of 25 years. ^[1]
• In the financial model provided in Table 1, an investment of $397,615 has generated positive cashflow of $117,761 or a 29.6 percent “cashon cash” return on investment. ^[1]
• However, due to having a site coverage of approximately 45.91 percent, the net cost of the land per net leasable square foot is $6.82. ^[1]
• Normal site coverages range from 35 percent to 50 percent. ^[1]
• The average cost for construction, including site work/utilities, ranges from $23 to $28 per gross building square foot, or approximately 67 percent of the overall development budget. ^[1]
• The financial model provided indicates that an investment of $397,615 realizes a 29.6 percent cashon cash ROI once the development has maintained a 90 percent occupancy. ^[1]
• This particular model projects that an occupancy of 65 percent will cover all operating and debt. ^[1]
• Normal break even occupancies on debt services in self storage deals range from 60 percent to 72 percent. ^[1]
• During downswings in the economy, multifamily occupancies drop as much as 25 percent, while office and retail occupancies drop as much as 30 percent. ^[1]
• However, a typical leverage self storage property has a break even occupancy rate between 60 percent and 72 percent. ^[1]
• Compare this to leveraged multifamily, office and retail properties with a break even occupancy rate between 80 percent and 90 percent. ^[1]
• 1. 9.4% of U.S. households rent a storage unit. ^[9]
• 67% of selfstorage renters live in single family homes with a garage & 33% also have a basement. ^[9]
• 52% of self storage customers rent for a year or more. ^[9]
• 25% don’t have room to park in their garage at all. ^[9]
• 50% of people claim the garage is the most disorganized space in the home. ^[9]
• 9% of women have more than $10,000 sitting in their closet. ^[9]
• 32% of women own more than 25 pairs of shoes. ^[9]
• 73% of women update 25% of their closet every 3 months. ^[9]
• 15% of women don’t have any clothes older than 5 years in their wardrobe. ^[9]
• 80 90% of clothing donations to charities are sold to recyclers. ^[9]
• From there, 45% is exported for reuse and about 50% is recycled. ^[9]
• 80% of the items people keep are never used. ^[9]
• 54% of Americans are overwhelmed by the amount of clutter they have, but 78% have no idea what to do with it. ^[9]
• 78% of U.S. workers live paycheck to paycheck. ^[9]
• Getting rid of clutter eliminates 40% of housework in the average home. ^[9]
• Those with extremely cluttered homes are 77% more likely to be overweight. ^[9]
• 33% said a lack of space. ^[9]
• When asked about wasteful spending, the top 4 responses were 64% said because I wanted it 59% said convenience 52% said to make myself feel good. ^[9]
• 40% said because it was on sale. ^[9]
• The desire for an item wins over logic 59% to 41%. ^[9]
• NonMembers / NonParticipants $300 per report SSA Members / NonParticipants $200 per report (33% discount) SSA Member Participants $150 per report (50% discount). ^[10]
• 23% of adults pay bills lateandincur feesbecause. ^[11]
• they can’t find their bills, Harris Interactive 80% of the clutterin your home is a result of disorganization, not lack of space. ^[11]
• 80% of what we keep we rarely use, Agency Sales Magazine. ^[11]
• Wewear 20% of our clothes,80% of the time. ^[11]
• The rest hangs there U.S. Department of Energy reports that25% of people with two car garages fill it with too much. ^[11]
• 50% of homeowners rate theirgarage as the most disorganized roomin the house, yet the most frequently used by family members 96% ofoffice workers are frustratedby theircompany’s information management,. ^[11]
• According to Forbes ASAP, the typicalexecutive today wastes 150 hours a year, almost one month, searching for lost information. ^[11]
• we keep,we never use, Agency Sales Magazine Email is increasing print volumeby 40%, Document Magazine. ^[11]
• Using the correctorganizational toolscanimprove time management by 38%, Mobile Technology Product Home storage products have become a $4.36 billion industry, Newsweek 2004. ^[11]
• For an executive earning $75,000 a year, that translates to a loss of $9,221 – 12.3 percent of total earnings. ^[11]
• It costs businesses$120 in labourto track down amisplaced document or $250 in labour to re create it 80% of our medical expenditures are stress relatedas stated by The Centers for Disease Control and Prevention, Fast Company 2003. ^[11]
• 50%or more of the total effort to squeeze out the last 10% or so of quality, Jeff Olson, The Agile Manager’s Guide to Getting Organized, 1997 theNational Association of Professional Organizerssays wespend one year of our liveslooking for lost items. ^[11]
• Office workerswaste an average of 40% of their workday. ^[11]
• In a 2008 NAPO survey of 400 consumers nationwide27% said theyfeel disorganized at work, and of those, 91 percent said they would be more effective and efficient if their workspace was better. ^[11]
• organized28% said they wouldsave over an hour per day27%. ^[11]
• It’s estimated that amanager loses 1 hour/day to disorder, costing the business up to $4,000/yr if earning $35,000/yr or $8,125/yr at $65,000 280 hours per year are lost by workers seeking clarification due to poor communication. ^[11]
• According to the American Demographic Society, Americans waste more than9 million hourseach daylooking for lost and misplaced articles. ^[11]
• The averagemanager is interrupted every three minutes People whomultitask decreasetheirproductivity by 20 40%are less efficient than those who focus on one project at a time. ^[11]
• It gave them a great sense of accomplishment when they were able to cross off those tasks, Accountemps 40% of adults sayif they had more time, they wouldspend it with family, Day Runner Survey. ^[11]
• Asia Pacific Largest Market North America CAGR 7.57 % Market Overview. ^[2]
• Global spending on goods and services is expected to grow at a steady rate, of around 4%, over the next few years, which could, in turn, drive the demand for self. ^[2]
• In areas like Houston, Texas, where self storage is a historically thriving business, prices are expected to go down an average of 45%. ^[2]
• In Minnesota, prices have already dropped by more than 50% for some storage spaces in April 2020. ^[2]
• The Self storage Software Market is growing at a CAGR of 7.57% over the next 5 years. ^[2]
• These fires result in average costs of $11,000 in damages – and since only around 20% of the arsonists who set fire to storage units are ever arrested, the chances of receiving compensation from the criminals are not good. ^[12]
• FBI statistics suggest that stolen property is recovered in an average of only 3% to 12% of cases which are investigated by law enforcement. ^[12]
• The recovery rate for stolen motor vehicles is around 50%. ^[12]
• For example, offpremises home insurance typically imposes a limitation of $1,000 or 10% of the policy’s personal property limit , for insured items held in self. ^[12]
• Insurance for your self storage unit may be purchased directly through the SnapNsure™ website, allowing savings of 50% to 70% per month compared to other plans. ^[12]
• So, typically we find about 70% of our tenants come in that 3 to 5 mile radius. ^[3]
• If you look at that data specifically for selfstorage, in the last 25 years, self storage has performed at just under 17% a year, which is incredible. ^[3]
• Retail did just about 12% and office, just a little bit over 12% in that same time period. ^[3]
• The S&P 500, in that same 25 year period, did just over 7%. ^[3]
• Office was down about 8% and the S&P 500, which many of you know during that 2007, 08 and 09 period, was down negative 21%. ^[3]
• So in 2007, 08, 09, lost less than 4%. ^[3]
• Average Home Buyer’s Monthly Payment Shot Up 39%. ^[13]
• Strong ROI Selfstorage has proven to be recession resistant and is projected to have a CAGR of 134.79% between 2020 and 2025. ^[13]
• Demand is steady, with 9.4% of households currently renting self. ^[13]
• The national average cost for all unit sizes is $87.89 per month according to SpareFoot data, suggesting the opportunities for investors are endless. ^[13]
• From 2009 to 2018, self storage facilities averaged an annual ROI of 16.9%. ^[13]
• These loans allow buyers to put down as little as 10% toward their projects. ^[13]

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Reference

1. neighbor – https://www.neighbor.com/storage-blog/self-storage-industry-statistics/.
2. theparhamgroup – https://theparhamgroup.com/learn-self-storage/blog/the-big-financial-picture-self-storage-retains-its-advantages-bright-future/.
3. mordorintelligence – https://www.mordorintelligence.com/industry-reports/self-storage-software-market.
4. reliant-mgmt – https://www.reliant-mgmt.com/videos/why-self-storage.
5. sparefoot – http://www.sparefoot.com/self-storage/news/1432-self-storage-industry-statistics/.
6. insideselfstorage – https://www.insideselfstorage.com/market-conditions/self-storage-market-analysis-2021-chicago.
7. ibisworld – https://www.ibisworld.com/au/industry/self-storage-services/5494/.
8. statista – https://www.statista.com/topics/4922/self-storage-in-the-us/.
9. ibisworld – https://www.ibisworld.com/united-states/market-research-reports/storage-warehouse-leasing-industry/.
10. thesimplicityhabit – https://www.thesimplicityhabit.com/statistics-on-clutter-that-will-blow-your-mind/.
11. selfstorage – https://www.selfstorage.org/Products-Services/Research-Data.
12. simplyproductive – https://www.simplyproductive.com/2012/03/time-management-statistics/.
13. snapnsure – https://www.snapnsure.net/blog/storage-unit-insurance-why-do-i-need-it-and-where-should-i-buy-it/.
14. forbes – https://www.forbes.com/sites/forbesrealestatecouncil/2020/10/21/four-reasons-investors-are-looking-at-the-self-storage-industry-right-now/.

How Useful is Self Storage Facility Management

The convenience of self storage facilities cannot be overstated. Whether you’re moving to a new home, downsizing, or simply looking to free up some space in your current living arrangements, self storage provides a flexible and hassle-free solution. With various unit sizes available, you can choose the one that fits your needs and only pay for the space you actually use. This flexibility is particularly useful for those who may not have the space or need for a traditional storage unit.

One of the key benefits of self storage facility management is the security it offers. Most reputable facilities have robust security measures in place, such as 24-hour surveillance, secure access codes, and on-site staff to monitor the premises. This provides peace of mind for individuals storing valuable or sentimental items, knowing that their belongings are safe and secure.

Additionally, self storage facilities offer climate-controlled units to protect sensitive items such as electronics, artwork, and furniture from extreme temperatures and humidity. This is particularly useful for businesses that need to store inventory or documents that require special storage conditions. By utilizing climate-controlled storage units, businesses can ensure the longevity and quality of their goods.

Self storage facility management also provides convenience and accessibility. Many facilities offer extended access hours, allowing customers to access their units at their convenience. This is especially helpful for businesses that may need to retrieve inventory or equipment outside of regular business hours. Additionally, some facilities offer online booking, payment, and account management options, making it easy for customers to manage their storage needs from anywhere.

Finally, self storage facility management can provide a cost-effective storage solution for individuals and businesses alike. Renting a storage unit is often more affordable than leasing additional office or warehouse space, making it a practical option for those looking to save money while still meeting their storage needs. Additionally, many facilities offer discounts for long-term rentals or promotions for new customers, further reducing the cost of storage.

In conclusion, self storage facility management is a valuable and useful service that offers convenience, security, and flexibility for individuals and businesses looking to store their belongings. With various unit sizes, security measures, climate control options, and cost-effective pricing, self storage facilities provide a practical solution for a wide range of storage needs. Whether you’re looking to declutter your home, store business inventory, or simply need a place to keep your belongings safe and accessible, self storage facilities offer a reliable and efficient storage solution.

In Conclusion

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