A Peak Inside: Self-Storage Stats & Facts for 2024
Curious about the stats and facts of the self-storage industry? The team here at Mini Mall Storage can hardly blame you! It’s a high-energy industry super-charged with big thrills and fascinating… what’s that? Oh, just us? Well, you might not share our enthusiasm, but if you share our curiosity, keep reading to discover which tasty tidbits of info from StorageCafe’s April 2024 findings we found the most delectable (and answer some of the most common self-storage questions).
Who uses the most self-storage?
StorageCafe found that 1 in 5 Americans, or about 18% of the population, currently uses self-storage to stash a wide array of personal items, with another 14% saying they’ll use it at some point in the future. The Dallas-Fort Worth-Arlington, TX area currently has the most self-storage space, with Fayetteville-Springdale-Rogers, AR, having the most self-storage space per capita.
What are the most common reasons for using storage?
The top reason for renting a storage unit is “not having enough space at home,” followed by “moving” and “downsizing.” Major life transitions and events are also common reasons for seeking out extra space to stash stuff.
The most popular items to store are furniture, 29%, followed by clothing, 19%, and appliances, 19%. The most popular self-storage sizes are 10×10 and 5×5 units.
What are the most expensive cities for self-storage?
As you’d probably expect, storage prices go up in bigger cities. Like renting an apartment, in most cases, we see that the demand and cost of extra space increases in areas where land space is limited or there is a high population. Storage Cafe looked at the average monthly costs for 10×10 units in 735 cities and found that the most expensive locations were:
- San Rafael, California, at $302
- Santa Barbara, California, at $301
- Honolulu, Hawaii, at $292
- San Francisco, California, at $270
- Los Angeles, California, at $259
It’s important to note that these figures are for non-climate-controlled units, so opting for that added protection against the elements could mean higher costs in many of these locations.
What are the most affordable cities for self-storage?
Looking at the same criteria, the average monthly cost for a 10×10 unit without climate control, the most affordable cities for self-storage tend to be in smaller communities outside urban centers. The top five most affordable locations are:
- Bardstown, Kentucky, at $50
- Claremore, Oklahoma, at $58
- Chesterton, Indiana, at $60
- Denham Springs, Louisiana, at $62
- Cabot, Arkansas, at $63
Overall, looking at prices from across the nation, the average cost of a 10×10 self-storage unit without climate control is $121/month. Interestingly, that price is down 4.7% from 2023 figures.
What are some self-storage industry trends to look out for?
Self-storage is a growing industry, so these numbers constantly change as developers aim to meet demand in growing and existing markets. There are currently 50,000 storage facilities spread across the country. That number is set to rise as new facilities are being built in storage-hungry markets like New York, New Jersey, Atlanta, Dallas, and many other major centers.
So, there you have it! A glimpse into the fascinating world of the self-storage landscape in 2024. Whether you’re decluttering for a fresh start, prepping for a move, or need some extra space, self-storage can be a lifesaver. Ready to find an affordable unit near you? Mini Mall Storage has your back. Many of our units offer climate control and additional security features so you can be sure your belongings are safe and sound. Don’t wait! Find your perfect storage solution today. Visit us online to reserve a unit today.