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The 2024 Self-Storage Industry Snapshot: Growth, Trends, and Insights

In the 1980s, self-storage emerged as a niche industry, but over the decades, it has grown into a major player in the U.S. real estate landscape. By 2024, the self-storage market has skyrocketed to an impressive $44.3 billion in value, with projections suggesting it could approach $50 billion by 2029. This steady expansion translates to a compound annual growth rate (CAGR) of 2.37%.

Expanding Market Reach

The 2023 Self Storage Demand Study by the Self Storage Association (SSA) reveals significant insights into the market's penetration. Out of 130 million households across the U.S., nearly 14.5 million currently utilize self-storage services. This translates to a market penetration rate of 11.10%, a noteworthy increase of 2.15% since 2005. This surge equates to approximately 4.4 million additional households opting for self-storage compared to 2005. Since 2020 alone, the industry has welcomed an additional 970,051 households, reflecting its growing relevance.

Urbanization and Self-Storage Demand

Life events such as moving, divorce, or bereavement have traditionally driven the demand for self-storage. However, increasing urbanization has become a significant factor in recent years. The U.S. Census data indicates that as of 2020, more than 82% of Americans lived in urban areas—a figure expected to rise to over 89% by 2050. The trend towards urban living often results in smaller living spaces, prompting a greater need for storage solutions. Consequently, self-storage developers are strategically focusing on urban areas to cater to this demand.

State-Wise Self-Storage Insights

The latest data from Radius+ highlights that the U.S. was home to approximately 52,301 self-storage facilities in 2023, up by 1,082 from 2022. This count excludes facilities where self-storage is not the primary business focus. While the exact numbers might be higher, limited data sharing among owner-operators means we rely on the best available information for these estimates.

The total rentable square footage in the industry has grown from 2,036,826,096 square feet in 2022 to 2,099,327,709 square feet in 2023, marking a gain of over 62 million square feet. The average size of these facilities is roughly 40,139 square feet, a slight decrease from 2022.

State Leaders in Self-Storage

Texas leads the nation with 5,564 self-storage facilities, adding 134 new facilities in the past year alone—nearly double the number added two years ago. In contrast, Hawaii has the fewest facilities, maintaining its count at 94.

Idaho continues to dominate in terms of rentable square footage per capita, boasting 12.45 square feet per resident. Meanwhile, Hawaii has recently overtaken New York for the least rentable square footage per capita, now holding 3.18 square feet per resident.

Data-Driven Future

Accurate data collection remains a cornerstone of the annual Self-Storage Almanac. We urge all self-storage operators to contribute to industry data, as this collaborative approach benefits the entire sector. The more comprehensive our data, the better we can understand and serve this dynamic industry.

As the self-storage industry continues to evolve and expand, staying informed with the latest data and trends is crucial. This ensures that we not only keep pace with current market conditions but also anticipate future needs and opportunities.


The self-storage industry’s growth trajectory shows no signs of slowing down. With increasing urbanization and shifting living patterns, the demand for storage solutions is set to continue its upward climb. By maintaining a robust data-sharing culture and adapting to market changes, the industry can look forward to sustained growth and innovation in the years ahead.


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