
Study Period | 2019 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Historical Data Period | 2019 - 2023 |
CAGR | 4.97 % |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
North Carolina Self-Storage Market Analysis
The North Carolina Self-Storage Market is expected to register a CAGR of 4.97% during the forecast period.
The North Carolina self-storage industry is experiencing significant consolidation through strategic acquisitions and facility expansions, reflecting the sector's maturation and increasing institutional interest. According to the Self-Storage Association, the state currently hosts approximately 1,900 facilities encompassing 5.9 million square feet of storage space, demonstrating the robust infrastructure supporting this industry. This consolidation trend is exemplified by recent major transactions, such as Rosewood Property Company's acquisition of an 814-unit facility in Chapel Hill and VanWest's strategic expansion through its third fund targeting self-storage acquisitions across multiple states.
The industry is witnessing a technological transformation as operators increasingly embrace digital solutions to enhance operational efficiency and customer experience. Modern facilities are incorporating advanced features such as smart locks, automated access systems, and comprehensive security solutions. This technological evolution is particularly evident in new developments, such as the ModBox storage expansion in Mint Hill, North Carolina, approved in March 2023, which integrates modern security systems and digital management platforms across its planned 52,500 square feet facility with 200 storage units.
Real estate market dynamics continue to shape the self-storage landscape, with facilities strategically positioning themselves near high-traffic corridors and population centers. A prime example is the new storage facility development on U.S. Highway 501, which captures exposure to approximately 28,500 motorists daily, demonstrating the industry's focus on accessibility and visibility. The sector is responding to changing real estate patterns by offering flexible storage solutions that complement both residential and commercial storage requirements, particularly in urban areas where property costs are escalating.
The business model of self-storage facilities is evolving to accommodate diverse customer needs, with operators expanding their service offerings beyond traditional storage units. This evolution includes the integration of climate-controlled storage spaces, specialized business storage solutions, and enhanced security features. For instance, MV's new development in Fayetteville, North Carolina, completed in 2023, exemplifies this trend with its 105,000 square feet facility offering 808 units with various specialized storage options, reflecting the industry's adaptation to changing market demands and customer preferences.
North Carolina Self-Storage Market Trends
Increased Urbanization, Coupled with Smaller Living Spaces
The rapid urbanization trend in North Carolina's major cities is creating significant demand for self-storage facilities as residents adapt to smaller living spaces. This is particularly evident in Charlotte, which recorded a population of 2.2 million in 2022, representing a 3.38% growth from the previous year. The shift toward urban living has led to more people occupying apartments and smaller homes, with many residents seeking additional storage-unit solutions to complement their limited living spaces. The trend is further amplified by the rise in remote work, with Charlotte ranking as the sixth-best place for remote work among 100 major US cities, and 34.6% of its workforce operating remotely in 2022, necessitating home office spaces and creating additional storage-rental needs.
The increasing cost of urban real estate has made self-storage an economically viable solution for residents dealing with space constraints. This is reflected in the varying storage-unit rates across different neighborhoods, with prices ranging from $94 per month in Oakhurst to $207 per month in Rockwell Park - Hemphill Heights for standard units. The market has responded to this demand by offering diverse unit sizes, from 5x5 units at $45 per month to larger 10x20 units at $169 per month, providing flexible solutions for urban dwellers. The trend is further supported by North Carolina's robust construction activity, ranking third nationally in residential building permits issued, indicating continued urban development and the associated need for additional storage-rental solutions.
Improved Economic Outlook and Innovative Trends
North Carolina's strong and diverse economy has been steadily expanding, driving increased consumer spending and creating new opportunities in the self-storage sector. The market has embraced technological innovation, with providers implementing advanced features such as smart locks, online booking systems, and automated access controls to enhance customer experience. These technological advancements are particularly appealing to the growing younger, more diverse resident population, who have different preferences and expectations for storage-unit services. The integration of technology has made self-storage facilities more accessible and user-friendly, with features like 24-hour video surveillance, climate-controlled storage, and digital payment systems becoming standard offerings.
The market's evolution is also characterized by the introduction of value-added services and innovative storage solutions. Storage facilities are increasingly offering climate-controlled storage units, drive-through access, and enhanced security features to meet diverse customer needs. The industry has adapted to changing lifestyle trends, including the rise of digital nomadism and RV travel preferences, by providing specialized remote-storage solutions. Modern facilities now commonly feature amenities such as reception services, delivery acceptance, and flexible contract terms, making them more attractive to both personal storage and business users. These improvements in service offerings and facility features reflect the market's response to changing consumer demands and its ability to leverage economic growth for service enhancement.
Segment Analysis: By User Type
Personal Segment in North Carolina Self-Storage Market
The personal storage segment dominates the North Carolina self-storage market, commanding approximately 77% of the total market share in 2024. This significant market position is driven by the increasing demand from individuals requiring self-storage solutions for various life events such as relocating, downsizing, home renovations, and seasonal storage needs. The segment's strength is further bolstered by North Carolina's robust population growth, particularly in urban areas where living spaces are becoming more compact. The rising proportion of renters in American homes across North Carolina has also contributed to increased demand for personal storage solutions. Climate-controlled storage units and enhanced security features have become standard offerings in this segment, catering to customers storing valuable personal belongings, furniture, and household items. The segment's growth is also supported by the state's strong economic indicators, including improved employment rates and rising consumer spending power.

Business Segment in North Carolina Self-Storage Market
The business storage segment is emerging as the fastest-growing segment in the North Carolina self-storage market, projected to grow at approximately 7% during the forecast period 2024-2029. This accelerated growth is primarily attributed to North Carolina's business-friendly environment, characterized by lower tax burdens and a skilled workforce. The segment is witnessing increased adoption from small and medium-sized enterprises looking to optimize their operational costs by utilizing storage facility options instead of expanding office or retail space. Modern self-storage facilities are increasingly incorporating business storage amenities such as climate-controlled units, 24/7 access, enhanced security systems, and flexible rental terms to cater to commercial clients. The trend of businesses downsizing their physical office spaces while maintaining operations has created new opportunities for commercial storage providers, particularly in major business hubs across the state. Additionally, the integration of advanced technologies like online booking systems and automated access controls has made self-storage solutions more attractive to business customers seeking efficient and secure storage options.
North Carolina Self-Storage Industry Overview
Top Companies in North Carolina Self-Storage Market
The North Carolina self-storage market features established players like Life Storage Inc., CubeSmart LP, NC Self Storage, Compass Self Storage, and Go Store It, among other prominent operators. Companies are increasingly focusing on technological innovation through the implementation of automated systems, mobile apps, and digital payment solutions to enhance customer experience and operational efficiency. Operational agility is being achieved through contactless rental processes, smart security systems, and climate-controlled storage units that cater to diverse storage needs. Strategic moves in the market include partnerships with moving companies, real estate agencies, and universities to expand service offerings and customer reach. Market players are actively pursuing expansion through new storage facility development and acquisitions, particularly in high-growth areas like Charlotte, Raleigh, and Durham, while also incorporating sustainable practices such as energy-efficient systems and renewable energy solutions to maintain a competitive advantage.
Dynamic Market with Strong Growth Potential
The North Carolina self-storage market exhibits a mix of national operators and local specialists, with larger companies like Life Storage and CubeSmart maintaining significant market presence through their extensive facility networks and technological capabilities. The market shows moderate consolidation with ongoing merger and acquisition activities, as demonstrated by companies like Rosewood Property Company and VanWest Partners actively acquiring facilities across the state. Regional players like Morningstar Storage and NC Self Storage maintain competitive positions through their deep local market knowledge and customer relationships, while national operators leverage their economies of scale and advanced operational systems.
The market is characterized by increasing investment activity from institutional players and real estate investment trusts (REITs), who are attracted by the sector's resilience and steady cash flows. Companies are differentiating themselves through value-added services such as wine storage, business storage solutions, and specialized military and student storage options. The competitive landscape is evolving with the entry of technology-driven operators who are challenging traditional storage models through innovative solutions and enhanced customer service offerings, while established players are responding by upgrading their facilities and service capabilities.
Innovation and Adaptability Drive Market Success
Success in the North Carolina self-storage market increasingly depends on operators' ability to leverage technology, optimize pricing strategies, and deliver superior customer experience. Incumbent players are focusing on expanding their digital capabilities, implementing revenue management systems, and developing value-added services to maintain their market positions. Companies are also emphasizing sustainability initiatives and community engagement to strengthen their brand presence and appeal to environmentally conscious customers. The ability to identify and capitalize on strategic locations, particularly in growing urban areas and near universities, remains crucial for market success.
Market contenders can gain ground by focusing on underserved submarkets, developing specialized storage solutions, and building strong local partnerships. The relatively moderate threat of substitution is offset by the growing demand for storage rental solutions driven by urbanization and changing lifestyle patterns. Regulatory considerations, particularly regarding zoning and development restrictions, continue to influence market dynamics and entry barriers. Companies that can successfully navigate these challenges while maintaining operational efficiency and customer satisfaction are better positioned for long-term success in the market.
North Carolina Self-Storage Market Leaders
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Life Storage Inc.
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Cubesmart LP
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NC Self Storage
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Compass Self Storage
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Go Store It
- *Disclaimer: Major Players sorted in no particular order

North Carolina Self-Storage Market News
- March 2023 - A brand-new self-storage facility that MV is building in Fayetteville, North Carolina, is also almost finished. The building at 5234 Raeford Road, which was constructed on 9 acres, has 808 units and 105,000 gross square feet of space. The opening date was set for April 1. A development, building, and property management company with a focus on multifamily and self-storage buildings is MV. More than 1.5 million square feet of self-storage have been built by it thus far.
- August 2022 - CBRE, commercial real estate services and investment firm, announced the USD 23.6 million sales of two extra space storage facilities outside Charlotte, North Carolina. Lakeland Village acquired the portfolio from a private investor. Furthermore, the portfolio of 136,994 square feet includes extra space storage locations in Mooresville and Salisbury, North Carolina, the 66,000 square foot Salisbury facility, which can be found at 725 Jake Alexander Blvd. S. has 680 self-storage units that range in size from 5x5 feet to 10x30 feet.
Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increased Urbanization, Coupled with Smaller Living Spaces
- 5.1.2 Improved Economic Outlook and Innovative Trends
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5.2 Market Restraints
- 5.2.1 Government Regulations on Storage
6. MARKET SEGMENTATION
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6.1 By User Type
- 6.1.1 Personal
- 6.1.2 Business
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6.2 By Geography
- 6.2.1 Charlotte
- 6.2.2 Raleigh
- 6.2.3 Greensboro
- 6.2.4 Durham
- 6.2.5 Winston-Salem
- 6.2.6 Rest of North Carolina
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Life Storage Inc.
- 7.1.2 Cubesmart LP
- 7.1.3 NC Self Storage
- 7.1.4 Compass Self Storage
- 7.1.5 Go Store It
- 7.1.6 Anchor Mini Storage
- 7.1.7 A-1 Personal Storage
- 7.1.8 SecurCare Self Storage
- 7.1.9 Morningstar Storage
- 7.1.10 Storage King USA
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
North Carolina Self-Storage Industry Segmentation
North Carolina's self-storage market is defined based on the revenues generated from the services used by various user types across North Carolina. The study also analyses the overall impact of the COVID-19 pandemic on the ecosystem. The study includes qualitative coverage of the most adopted strategies and an analysis of the key base indicators in emerging markets.
The North Carolina Self-Storage Market is segmented by User Type (Personal and Business) and Geography (Charlotte, Raleigh, Greensboro, Durham, Winston-Salem, and the Rest of North Carolina). The market sizes and forecasts are provided in terms of value (USD million) for all the segments.
By User Type | Personal |
Business | |
By Geography | Charlotte |
Raleigh | |
Greensboro | |
Durham | |
Winston-Salem | |
Rest of North Carolina |
Frequently Asked Questions
What is the current North Carolina Self-Storage Market size?
The North Carolina Self-Storage Market is projected to register a CAGR of 4.97% during the forecast period (2025-2030)
Who are the key players in North Carolina Self-Storage Market?
Life Storage Inc., Cubesmart LP, NC Self Storage, Compass Self Storage and Go Store It are the major companies operating in the North Carolina Self-Storage Market.
What years does this North Carolina Self-Storage Market cover?
The report covers the North Carolina Self-Storage Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the North Carolina Self-Storage Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Our Best Selling Reports
North Carolina Self-Storage Market Research
Mordor Intelligence provides a comprehensive analysis of the self storage industry, utilizing decades of consulting expertise in the storage facility sector. Our detailed report examines North Carolina's diverse storage landscape. It covers everything from public storage operations to specialized storage rental services. The analysis includes various segments such as RV storage, boat storage, and vehicle storage. It also addresses the growing demand for climate controlled storage solutions. Our research encompasses both indoor storage and outdoor storage facilities. This provides stakeholders with crucial insights into commercial storage and residential storage trends.
The report, available as an easy-to-download PDF, offers valuable insights for operators of storage unit businesses. It covers everything from mini storage to warehouse storage enterprises. We examine emerging trends in portable storage and mobile storage solutions, along with innovative valet storage services. The analysis benefits investors, facility operators, and industry professionals by providing detailed information about business storage opportunities and moving storage dynamics. Our research covers both personal storage needs and larger-scale operations. It offers actionable intelligence for stakeholders across the entire spectrum of storage services.