Self Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Self Storage Market is segmented by User Type (Personal and Business) and by Geography. The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.

Self Storage Industry Overview

Self Storage Market Size
Study Period: 2018 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 5.76 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Self Storage Market Analysis

The self-storage market is expected to register a CAGR of 5.76% over the forecast period. The growth in this industry is expected to be positive during the forecast period, owing to increased urbanization and improved economic outlook across the regions. These factors have led to the growth of new businesses.

  • The self-storage industry is a sub-sector of the commercial real estate market. The growth in this industry is expected to be positive during the forecast period due to increased urbanization and improved economic outlook, which have led to new business growth. Although self-storage facilities are widely available in mature markets, such as the United States and western Europe, they remain a relatively new concept in Asian markets, such as China and India.
  • The increasing rate of urbanization is one of the significant factors positively driving market growth. The rising urban population means smaller and increasingly expensive living spaces in cities with more renters who move around frequently. London is a prime example of this trend, with its population hitting a new all-time high of 8.6 million in 2015. The population is projected to be more than 10 million by 2030.
  • On top of increased use by personal users, businesses have increasingly shown an interest in self-storage. Businesses are aware and concerned about their storage costs. Unlike traditional warehousing, the self-storage model offers increased diversity of options for storage space size and pricing plans.
  • Government regulations hinder the market’s growth. The storage operators have continued to receive nonspecific warnings from the Department of Homeland Security that their facilities can be used to store materials that could be unleashed in a terrorist attack.
  • COVID-19, in addition, has led multiple business owners to opt for self-storage. Having worked from home for most of 2020 drove up the demand for self-storage to cut out on rents on spaces. More companies have decided to shift toward a remote work model permanently. Hence, the need for office rentals is decreasing, especially in metropolitan Asian cities, where office space can be costly to rent. After the pandemic, offices were opened and slowly moved to a hybrid work culture. This can positively impact the self-storage market.

Self Storage Industry Segments

The self-storage industry is a sub-sector of the commercial real estate market. The growth in this industry is expected to be positive during the forecast period due to increased urbanization and improved economic outlook across countries. ​

The study analyzes competitive and market trends across the self-storage space globally. It also offers a vital analysis of the user type (personal and business).​ COVID-19 impact on the market is also covered in the study.

The self storage market is segmented by user type (personal and business) and geography.

The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.

By User Type
Personal
Business
By Geography
North America
Europe
Asia Pacific
Rest of the World

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Self Storage Market Trends

This section covers the major market trends shaping the Self Storage Market according to our research experts:

Personal Storage Segment is Expected to Hold a Major Market Share

  • The performance of self-storage properties is primarily driven by the demand for growing space for additional storage as families are growing with more material possessions. Moreover, the need for storage units is predicted to increase as baby boomers downsize.
  • The increasing urban population causes smaller and increasingly expensive living spaces in cities with more renters who move around more frequently. London is an example of this trend, with its population hitting a new all-time high of 9.3 million in 2020. The population is projected to be over 10 million by 2030.
  • Moreover, another factor that played a role in the sudden demand for the self-storage sector was the COVID-19 pandemic. Unemployment levels in the United States and worldwide rose during the COVID-19 crisis. As a result, residential landlords face the impact of jobless tenants who cannot pay rent. As these tenants move back home with their families or explore other house-sharing options, downsizing residential space creates opportunities for the self-storage sector to store items that will no longer fit into smaller homes.
  • As the millennial population occupies a more significant percentage of those using self-storage, they expect to interact with operators using technology, specifically smartphones, apps, or responsive mobile websites. Virtual tours, online booking and payment, self-service kiosks, and automated access are emerging trends in response to the technological development in the sector and the COVID-19 social distancing rules. With the decreasing competitive advantage of physical location, these online channels provide new opportunities for emerging storage innovators to build upon and disrupt the industry.
Self Storage Market

North America is Expected to Register the Largest Market

  • North America, which primarily includes the United States and Canada, is expected to lead the self-storage market. The demand for storage solutions and industrial automation drives the market. Increased focus on reducing infrastructure expenditure, growing need for business insights, and real-time data availability are some of North America's market drivers.
  • The self-storage industry has been one of the fastest-growing segments of the commercial real estate market since its debut 36 years before. According to SpareFoot.com, the storage industry records USD 39 billion in annual revenue, and about one in 10 homes rent storage units to collect junk.
  • The companies in the region are also planning and continuously building self-storage. For instance, in March 2021, Life Storage planned to build a three-story, 216-unit, climate-controlled building on the property the company owned on Transit Road to expand its business in West Seneca.
  • Demand for self-storage units is positive due to steady job creation and wage growth, bolstering household formation, and consumer spending. The faster lifestyles and relatively more memorabilia collected by younger and older generations also fortify the future need for self-storage space.
  • In July 2021, the global investment firm KKR acquired three self-storage properties in Austin, Texas, and Nashville, Tennessee, to meet the supply-demand fundamental and appealing long-term dynamics, including resiliency through economic cycles.
Self Storage Market

Self Storage Market Competitor Analysis

The self-storage market is highly competitive, with significant players like U-Haul International Inc., Life Storage Inc., CubeSmart LP, National Storage Affiliates Trust, and Safestore Holdings PLC. The key players in the market are also making partnerships, mergers, acquisitions, investments, expansions, and innovations to retain their market position.

  • October 2022 - U-Haul Moving and Storage of North Nashua, located at 476 Amherst St., announced the completion of 600 indoor climate-controlled self-storage units with high-tech security features available for rent.

Self Storage Market Top Players

  1. U-Haul International Inc.

  2. Life Storage Inc.

  3. CubeSmart LP

  4. National Storage Affiliates

  5. Safestore Holdings PLC

*Disclaimer: Major Players sorted in no particular order

U-Haul International Inc., Life Storage Inc., CubeSmart LP, National Storage Affiliates, Safestore Holdings PLC

Self Storage Market Recent Developments

  • October 2022 - SmartStop Self Storage REIT Inc., a self-managed and fully integrated self-storage storage company, announced its collaboration with the Breast Cancer Research Foundation. During Breast Cancer Awareness, SmartStop worked with the charity for the fifth year to assist with essential breast cancer research.
  • May 2022 - Barings and Canvass Capital established a self-storage joint venture worth USD 250 million. Three North Carolina properties were purchased, and the first new development in Hilton Head, South Carolina, began construction.

Self Storage Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of Impact of Covid-19 on the Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Increased Urbanization Coupled with Smaller Living Spaces

      2. 5.1.2 Changing Business Practices and COVID-19 Consumer Behavior

    2. 5.2 Market Restraints

      1. 5.2.1 Government Regulations on Storage are Hindering the Market Growth

  6. 6. MARKET SEGMENTATION

    1. 6.1 By User Type

      1. 6.1.1 Personal

      2. 6.1.2 Business

    2. 6.2 By Geography

      1. 6.2.1 North America

      2. 6.2.2 Europe

      3. 6.2.3 Asia Pacific

      4. 6.2.4 Rest of the World

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 U-Haul International Inc.

      2. 7.1.2 Life Storage Inc.

      3. 7.1.3 CubeSmart LP

      4. 7.1.4 National Storage Affiliates

      5. 7.1.5 Safestore Holdings PLC

      6. 7.1.6 Simply Self Storage Management LLC

      7. 7.1.7 StorageMart

      8. 7.1.8 Prime Storage Group

      9. 7.1.9 WP Carey Inc.

      10. 7.1.10 Metro Storage LLC

      11. 7.1.11 SmartStop Asset Management LLC

      12. 7.1.12 (Great Value Storage) World Class Capital Group LLC

      13. 7.1.13 National Storage REIT

      14. 7.1.14 All Storage

      15. 7.1.15 Amsdell Cos./Compass Self Storage

      16. 7.1.16 Urban Self Storage Inc.

      17. 7.1.17 Global Self Storage Inc.

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Self Storage Market Research FAQs

The Self Storage Market is studied from 2018 - 2028.

The Self Storage Market is growing at a CAGR of 5.76% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

U-Haul International Inc., Life Storage Inc., CubeSmart LP, National Storage Affiliates, Safestore Holdings PLC are the major companies operating in Self Storage Market.

Self Storage Industry Reports

In-depth industry statistics and market share insights of the Self Storage sector for 2020, 2021, and 2022. The Self Storage research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Self Storage report PDF.

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