Self Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Self Storage Industry Trends, Overview & Statistics and the Market is segmented by User Type (Personal and Business) and Geography (North America (United States, Canada), Europe (United Kingdom, Germany, France, Spain, Italy, Benelux, Nordics, and the Rest of Europe), Asia Pacific (China, Japan, Taiwan, South Korea, Malaysia, Hong Kong, Australia, and the Rest of Asia Pacific), Latin America, Middle East & Africa). The study tracks the number and total lettable area of self-storage facilities across the world, with indications of their occupancy rate.

Self Storage Market Size

Self-storage Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 4.37 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Low

Major Players

Self Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Self Storage Market Analysis

The Self-storage Market size is estimated at USD 58.26 billion in the current year and is expected to reach USD 72.15 billion by the end of the forecast period, registering a CAGR of 4.37% during 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 was a prime example of this trend, with its population hitting a new all-time high of 8.8 million in 2021. 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 an 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.

Self Storage Market Trends

Personal Storage Segment is Expected to Hold 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. The degree of urbanization worldwide was supposed to reach 57 percent by 2022. With over four-fifths of its people living in towns and cities, North America is the world's most densely populated.
  • In the event of an impending recession triggered by coronavirus that would be partially driven by urbanization, personal storage is booming. Renters need a place to store their belongings that no longer fit when their rental space is reduced; they move home with their families or choose a more nomadic lifestyle. In view of the trend, personal-storage facilities are prospering.
  • 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. 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 - Share of urban population worldwide in percentage, by continent, 2022

North America is Expected to be 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. Some of North America's market drivers include an increased focus on reducing infrastructure expenditure, a growing need for business insights, and real-time data availability.
  • The self-storage industry has been one of the fastest-growing segments of the commercial real estate market since its debut 36 years ago. According to, the storage industry records USD 29 billion in annual industry revenue as of January 2023, and the United States has an estimated 51,206 storage facilities in service currently.
  • 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 - Growth Rate by Region

Self Storage Industry Competitive Landscape

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.

In June 2023, SecureSpace announced that Northlynn Mini Storage in the Lynnwood area of Seattle was acquired. The leasing office is to be upgraded with SecureSpace's signature modern style, while the proprietary high-security platform managed by their national security team shall be installed.

In 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 Leaders

  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

Self-storage Market Concentration
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Self Storage Market News

  • June 2023: StorageMart, which operates more than 280 self-storage facilities in Canada, the United Kingdom, and the United States, acquired I-29/I-35 Self Storage at 4121 N.E. Davidson Road in Kansas City, Missouri, and Summit Self Storage in Missouri. A portfolio of 112,296 rentable square feet in 796 apartment buildings comprises two properties.
  • June 2023: SmartStop Self Storage REIT, Inc., a self-managed and fully integrated self-storage company, announced that its affiliates, Strategic Storage Trust VI, Inc. and Strategic Growth Trust III, Inc., have acquired an eight-facility portfolio in the Greater Toronto Area (GTA) totaling approximately 7,400 units and 758,000 rentable square feet. With the acquisition of these eight facilities, SmartStop's holding or management of 33 operating self-storage properties in Canada with an overall size of about 3.0 million sq. ft.
  • May 2023: According to Cushman & Wakefield & the Self Storage Association UK (SSA UK), annual turnover in the UK self-storage industry is set to exceed GBP 1 billion in 2023 as the cost-of-living crisis fails to dampen customers' appetite for the easy-access rented space.

Self Storage Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    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 Bargaining Power of Buyers

      2. 4.3.2 Bargaining Power of Suppliers

      3. 4.3.3 Threat of New Entrants

      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. 4.5 Analysis of Key Base Indicators of the Market

      1. 4.5.1 Average Living Spaces

      2. 4.5.2 Occupancy Rates of Self-storage Facilities

      3. 4.5.3 Office Rental Prices


    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


    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

        1. United States

        2. Canada

      2. 6.2.2 Europe

        1. United Kingdom

        2. Germany

        3. France

        4. Spain

        5. Italy

        6. Benelux

        7. Nordics

        8. Rest of Europe

      3. 6.2.3 Asia-Pacific

        1. China

        2. Japan

        3. Taiwan

        4. South Korea

        5. Malaysia

        6. Hong Kong

        7. Australia

        8. Rest of Asia-Pacific

      4. 6.2.4 Latin America

      5. 6.2.5 Middle East and Africa


    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 All Storage

      14. 7.1.14 Amsdell Cos./Compass Self Storage

      15. 7.1.15 Urban Self Storage Inc.

      16. 7.1.16 Global Self Storage Inc.

    2. *List Not Exhaustive


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Self Storage Industry Segmentation

Self-storage is an industry that rents storage space, such as rooms, locker rooms, containers, and outdoor space, also known as "storage units," to tenants, usually on a short-term basis, often month to month. Self Storage is available for individuals and small and medium-sized businesses in flexible, shorter, or longer periods. Self-storage facilities are highly professional and are different from empty warehouses or attics. To ensure secure storage of goods, Self Storage Centres are fitted with all the necessary equipment. The concept of self-storage comes from the United States, but it's also spreading to Europe.

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 in USD for all the above segments.

By User Type
By Geography
North America
United States
United Kingdom
Rest of Europe
South Korea
Hong Kong
Rest of Asia-Pacific
Latin America
Middle East and Africa
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Self Storage Market Research FAQs

The Self Storage Market is projected to register a CAGR of 4.37% during the forecast period (2024-2029)

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

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Self Storage Market.

The report covers the Self Storage Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Self Storage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Key drivers in the Self-Storage Market include: a) Rise in housing costs b) Growing trend towards smaller living spaces c) Increased mobility d) Need for seasonal storage among businesses and individuals

Key challenges faced by the Self-Storage Market: a) Zoning and regulatory issues b) Rising real estate costs c) Increasing competition from new entrants and alternative storage solutions

Self Storage Industry Report

The global self-storage market is witnessing remarkable growth, fueled by rapid urbanization, lifestyle shifts, and the escalating need for extra space. Urbanization and the resultant space limitations in densely populated areas have made self-storage facilities an essential solution for individuals and businesses alike. Key life events like marriage, relocation, and downsizing, along with the surge in small businesses and e-commerce, are driving the demand for flexible and secure self-storage options. This market, segmented by storage unit size and end-use, with a significant portion dedicated to personal use, is also seeing technological advancements and innovation, enhancing customer experience and security. The competitive landscape is evolving, with companies expanding geographically. Notably, the self-storage market is booming not just in North America and Europe but is also making significant strides in emerging markets such as India, where urbanization and changing consumer lifestyles are boosting the demand for self-storage solutions. According to Mordor Intelligence™ Industry Reports, the market is experiencing a healthy growth rate, with detailed analysis and forecasts available in their comprehensive report, which includes a free PDF sample for further insights.

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Self Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)