Why does the US have so many storage units?
Table of Contents
- 1 Why does the US have so many storage units?
- 2 How many self-storage facilities are there in the US?
- 3 Are storage units an American thing?
- 4 Why are there so many storage facilities in Texas?
- 5 Why are there so many storage facilities in Florida?
- 6 Is storage space in demand?
- 7 How many self-storage facilities are there in the United States?
- 8 Why are self storage facilities on the rise?
Why does the US have so many storage units?
Millennials moving into increasingly crowded, high-demand downtowns require extra space. A wave of downsizing baby boomers needs a place to put a lifetime of accumulated memories. Small businesses want room to store excess inventory. The confluence of these trends has created a building spree.
Why are so many storage facilities being built?
Ease of Use and Security. For customers, these developments provide much more than good looks. Today’s consumer demands a great move-in experience, easy access and premium spaces. Keypad entry, camera surveillance, and climate-controlled units are all key elements that are included in today’s new build.
How many self-storage facilities are there in the US?
In 2019, there were 47,863 self-storage facilities in the United States, up from 45,547 facilities in the previous year.
Why is the self-storage industry growing?
The growth in this industry is expected to be positive during the forecast period, owing to the trends of increased urbanization and improved economic outlook across the regions. These factors have led to the growth of new businesses. COVID-19, in addition, has led multiple business owners to opt for self-storage.
Are storage units an American thing?
Americans are storing more stuff than ever. One in 11 American households, according to a recent survey, owns self-storage space—an increase of some 75 percent from 1995. Most operators of self-storage facilities report 90 percent occupancy, with average stints among its renters of 15 months.
What percent of Americans rent storage space?
Self-storage sector snapshot
| U.S. self-storage sector snapshot | Data |
|---|---|
| Number of storage facilities (range) | 49,000+ |
| Total rentable self-storage space | 1.9 billion square feet |
| Self-storage space per person | 5.9 square feet |
| Percentage of households that rent a self-storage unit | 10.6 percent |
Why are there so many storage facilities in Texas?
It’s simple: They’re relatively easy to build, they don’t need much staff to operate and they’re ideal for flipping as property values rise.
Is self-storage classed as retail?
When it comes to self storage, most people think of the basic service: providing units for people to store their extra belongings. In self storage, that means storage supplies you sell in your main office. In other words, the retail side of your business.
Why are there so many storage facilities in Florida?
Marriages, divorces, death and relocations drive the bulk of the self-storage industry. “The industry is event-driven,” said Bret. In South Florida, homes usually have small attics and few have basements, which forces many people to turn to storage facilities to help with clutter.
Who is the largest self-storage company?
The Top 10 Self-Storage Companies in the U.S.
- Public Storage. As the largest owner of self-storage facilities in the United States, Public Storage has more than 2,400 locations throughout North America and Europe.
- ExtraSpace Storage.
- U-Haul.
- CubeSmart.
- Life Storage.
- National Storage Affiliates.
- StorageMart.
- Prime Storage Group.
Is storage space in demand?
Self storage space seems to always be in demand as new demand drivers evolve over time. As for new players, the self storage industry is highly fragmented. In fact, according to the 2021 Self-Storage Almanac, only about 20 percent of the market is controlled by the top six publicly traded self storage companies.
Why is it called Self Storage?
Self-storage is short for “self-service storage” Then, you move your own stuff to the unit. Because you’re responsible for taking care of this step, this method of storage is known as “self-service storage,” hence the shortened term “self-storage.”
How many self-storage facilities are there in the United States?
Figures are not adjusted for inflation. There are an estimated number of 49,233 self-storage facilities operating in the U.S. today. (Self-Storage Almanac, 2021)
Who owns self-storage space?
Industry ownership is fragmented, with 31.2\% of self-storage space (by rentable square footage) owned by six public companies, 16.5\% owned by the next top 94 operators, and 52.3\% owned by small operators. (Self-Storage Almanac, 2021)
Why are self storage facilities on the rise?
The exteriors of these facilities are equally remarkable. With multi-story facilities on the rise, it gives developers the chance to implement eye-grabbing finishes that rival the aesthetics of hotels or shopping centers. For more buildings to gaze at, check out Inside Self Storage’s Darlings of Design Gallery (2015).
What are the different uses for a self-storage unit?
Whether it’s a prized vinyl record collection or unwanted hand-me-down furniture, there are an endless number of uses for a self-storage unit. Over the last several years, the supply of new self-storage space in the United States has substantially increased to reach almost 60 million square feet in 2020.