Self Storage Industry Statistics 2026: Everything Owners Need to Know
Key Takeaways
- The U.S. self storage industry generates over $50 billion in annual revenue across more than 60,000 facilities and 2 billion+ net rentable square feet (NRSF)
- 70%+ of facilities are still independently owned, but that share is shrinking as REITs and private equity accelerate acquisitions
- National occupancy averages approximately 92% for institutional operators and ~82% overall, with significant variation by market
- Transaction volume exceeded $10 billion in 2024, with cap rates ranging from 5.0%–7.5% depending on asset quality and market
- New supply is peaking at an estimated 51.1 million NRSF in 2026, after which the construction pipeline is expected to moderate
- Self storage remains one of the highest-performing commercial real estate asset classes over the past two decades
Introduction: Why These Numbers Matter to You
If you own a self storage facility, you’re sitting on an asset in one of the most resilient sectors of commercial real estate. But how does your facility stack up? What are the industry benchmarks for occupancy, revenue, and valuation?
Whether you’re considering selling, expanding, or simply trying to understand where the industry is heading, you need data — not opinions, not guesses, but real numbers.
We’ve compiled the most comprehensive set of self storage industry statistics for 2026, covering everything from market size and growth trajectories to cap rate trends and customer demographics. This is the reference guide we wish existed when we started brokering self storage deals, and we’re sharing it because informed owners make better decisions — regardless of whether those decisions involve us.
Industry Size and Scope
The U.S. self storage industry has grown from a niche real estate category into a $50+ billion annual revenue powerhouse. Here’s the current landscape:
| Metric | Current Estimate |
|---|---|
| Total Annual Revenue | $50B–$54B |
| Total Facilities (U.S.) | ~60,000–63,000 |
| Total Net Rentable Square Feet | 2.0B–2.2B NRSF |
| Average Facility Size | ~46,000–52,000 NRSF |
| Square Feet Per Capita | ~7.2 SF per person |
| Households Using Storage | ~11%–13% of U.S. households |
| Average Monthly Rent (10x10) | $130–$165 (varies widely by market) |
To put this in perspective: the U.S. has more self storage facilities than McDonald’s, Starbucks, and Subway locations combined. And total rentable square footage is roughly three times the size of Manhattan.
Revenue Breakdown
Self storage revenue comes from several streams:
- Rental income: ~85%–90% of total revenue
- Tenant insurance/protection plans: ~5%–8%
- Late fees and administrative fees: ~2%–4%
- Retail sales (locks, boxes, moving supplies): ~1%–2%
- Truck rentals and ancillary services: ~1%–2%
Institutional operators have become increasingly sophisticated at maximizing revenue per available square foot (RevPAF), which has emerged as the key performance metric in the industry. The national average RevPAF currently sits around $14–$17 per square foot annually, though top-performing facilities in strong markets can achieve $22–$30+ per square foot.
Ownership Breakdown: Who Owns What
One of the most defining characteristics of the self storage industry is its fragmented ownership structure. Despite decades of consolidation, the vast majority of facilities remain independently owned.
| Owner Category | % of Facilities | % of NRSF | Trend |
|---|---|---|---|
| Independent / Mom-and-Pop | ~70%–72% | ~55%–60% | ↓ Declining 1-2% per year |
| REITs (Public) | ~8%–10% | ~25%–28% | ↑ Growing via acquisitions |
| Private Equity / Institutional | ~8%–10% | ~10%–12% | ↑↑ Growing rapidly |
| Regional Operators (50-200 facilities) | ~8%–12% | ~8%–10% | ↑ Growing steadily |
Top Operators by Facility Count (2025–2026)
| Rank | Operator | Facilities (Approx.) | Total NRSF | Notes |
|---|---|---|---|---|
| 1 | Public Storage (PSA) | ~3,300+ | ~185M+ SF | Largest by far; aggressive acquirer |
| 2 | Extra Space Storage (EXR) | ~3,700+ | ~175M+ SF | Merged with Life Storage in 2023 |
| 3 | CubeSmart | ~1,500+ | ~70M+ SF | Strong third-party management platform |
| 4 | National Storage Affiliates (NSA) | ~1,100+ | ~60M+ SF | PRO structure; taken private by PE |
| 5 | StorageMart | ~300+ | ~20M+ SF | Largest private operator |
Key insight for owners: The top 5 operators control roughly 25%–30% of total NRSF but only about 15% of total facility count. This means institutional operators own larger, newer, more valuable facilities on average. The remaining 70%+ of facilities — mostly smaller, older, independently operated — represent the vast bulk of the market.
This fragmentation is exactly why institutional buyers are so aggressive. There’s still an enormous pool of acquisition targets.
Growth Trajectory
Self storage has been one of the strongest-performing commercial real estate asset classes over the past two decades.
Historical Growth
| Period | Revenue CAGR | NRSF CAGR | Notes |
|---|---|---|---|
| 2010–2015 | ~5%–6% | ~2%–3% | Post-recession recovery; limited new supply |
| 2015–2020 | ~4%–5% | ~4%–5% | Construction boom begins; strong demand |
| 2020–2022 | ~12%–15% | ~3%–4% | COVID-driven demand surge; unprecedented rent growth |
| 2022–2024 | ~2%–3% | ~4%–5% | Normalization; oversupply concerns in some markets |
| 2025–2028 (projected) | ~3%–5% | ~2%–3% | Stabilization; supply pipeline moderating |
The COVID-era boom of 2020–2022 was truly exceptional — street rates in some markets increased 20%–40% in a single year. That kind of growth was unsustainable, and the correction since then has been a return to normal, not a crisis.
Future Projections
Industry analysts project the U.S. self storage market to grow at a 3%–5% annual revenue CAGR through 2030, driven by:
- Population growth and household formation
- Continued urbanization (smaller living spaces = more storage demand)
- Aging population (downsizing, estate transitions)
- E-commerce growth (small business inventory storage)
- Work-from-home persistence (converting home office space, storing displaced items)
Supply Data: New Construction Trends
After a prolonged construction boom, the self storage supply pipeline is peaking and expected to moderate.
| Year | Estimated New NRSF Delivered | % of Existing Supply |
|---|---|---|
| 2021 | ~45M NRSF | ~2.2% |
| 2022 | ~55M NRSF | ~2.7% |
| 2023 | ~60M NRSF | ~2.9% |
| 2024 | ~55M NRSF | ~2.6% |
| 2025 | ~52M NRSF | ~2.5% |
| 2026 (projected) | ~51.1M NRSF | ~2.4% |
| 2027 (projected) | ~35M–40M NRSF | ~1.7%–1.9% |
Why this matters: New supply is the biggest headwind for existing operators. Markets where new facilities have flooded in — parts of Texas, Florida, the Carolinas, and Phoenix — have seen occupancy and rate pressure. But the pipeline is contracting. Higher construction costs, tighter lending, and zoning restrictions are all working to limit new development.
The projected decline in new supply after 2026 is bullish for existing facility values, particularly in markets that have already absorbed recent construction.
Occupancy Trends
Occupancy is the lifeblood of self storage economics. Here’s where the industry stands:
| Segment | Average Physical Occupancy | Average Economic Occupancy |
|---|---|---|
| Institutional (REIT-operated) | ~91%–93% | ~85%–88% |
| National Average (all facilities) | ~82%–85% | ~75%–80% |
| Top Markets (NYC, SF, LA, Miami) | ~92%–95% | ~88%–92% |
| Oversupplied Markets | ~75%–80% | ~65%–72% |
Physical occupancy measures the percentage of units rented. Economic occupancy measures actual collected revenue as a percentage of potential revenue at full rates — it accounts for concessions, discounts, vacant units, and delinquencies.
The gap between physical and economic occupancy has widened since 2022 as operators have relied more heavily on move-in promotions (first month free, 50% off first three months, etc.) to maintain physical occupancy while street rates declined.
According to Yardi Matrix data, the national average occupancy for institutionally tracked facilities hovers around 92%, while the broader market (including smaller independents) averages closer to 82%. This 10-percentage-point gap reflects differences in marketing, pricing sophistication, and operational quality — not just location.
Revenue Per Available Square Foot (RevPAF)
RevPAF has become the industry’s most important operating metric because it captures both occupancy and rate performance in a single number.
| Segment | Average Annual RevPAF | Trend |
|---|---|---|
| Top-tier institutional | $22–$30+ | Stable to slightly growing |
| Mid-tier institutional | $16–$22 | Flat to slightly declining |
| Independent (well-operated) | $12–$16 | Varies widely |
| Independent (underperforming) | $8–$12 | Often significant upside |
National average RevPAF sits around $14–$17 per square foot annually, but the range is enormous — from under $8/SF in rural, underperforming facilities to over $35/SF in prime urban markets.
This variance is one of the main reasons institutional buyers remain so active. An independent facility generating $10/SF in RevPAF that an institutional operator can push to $15/SF represents a 50% revenue increase — and that kind of upside justifies premium acquisition pricing.
Customer Demographics: Who Rents Storage and Why
Understanding the self storage customer base helps explain why demand is so resilient:
Who Rents Storage
- Residential customers: ~75%–80% of tenants
- Commercial/business customers: ~20%–25% of tenants
- Average age of residential tenant: 35–55 years old
- Average household income: $50,000–$85,000
- Average length of stay: 13–15 months (but ~30% stay 2+ years)
- Gender split: Roughly even (slight female skew on initial inquiry)
The “6 Ds” — Primary Demand Drivers
The self storage industry has long identified six life events that drive the majority of new customer demand. Each begins with the letter “D”:
- Death — Settling an estate, storing a loved one’s belongings while decisions are made
- Divorce — One or both parties need transitional storage during separation
- Downsizing — Retirees or empty-nesters moving to smaller homes
- Dislocation (Moving) — Any residential or commercial move creates temporary or permanent storage need
- Deployment — Military personnel storing belongings during service assignments
- Disaster — Natural disasters (hurricanes, floods, fires) create sudden, intense local demand
These demand drivers are largely recession-resistant. People die, divorce, downsize, and move regardless of economic conditions. This is a fundamental reason self storage has outperformed most commercial real estate sectors during economic downturns.
Additional Demand Drivers
- Home renovation/remodeling — Temporary storage during construction
- Business inventory — E-commerce sellers, contractors, small businesses
- Vehicle/RV/boat storage — Growing segment, especially in suburban/rural markets
- College students — Seasonal demand near university markets
- Work-from-home transitions — Reconfiguring home space
Tenant Behavior Trends
Understanding how tenant behavior is evolving helps both operators and potential sellers anticipate future performance:
- Online reservations: Now account for 40%–55% of new move-ins at institutional facilities, compared to just 10%–15% at most independents. Customers increasingly expect a digital-first rental experience.
- Length of stay is increasing: The average tenant stay has crept up from ~12 months a decade ago to 13–15 months today, driven partly by inertia and partly by the “stuff accumulation” trend in American households.
- Price sensitivity varies by segment: Commercial tenants and climate-controlled renters show significantly lower price elasticity than standard drive-up residential tenants.
- Auto-pay adoption: Facilities with auto-pay enrollment rates above 60% experience 30%–40% fewer delinquencies than those relying on manual payment collection.
- Review dependency: Over 70% of new customers read Google reviews before selecting a facility, making reputation management a critical competitive factor.
These behavioral shifts favor operators who invest in technology and digital presence — and they explain part of the performance gap between institutional and independent facilities.
Transaction Volume and Deal Metrics
The self storage investment market has matured significantly over the past decade.
Annual Transaction Volume
| Year | Estimated Transaction Volume | Notable Transactions |
|---|---|---|
| 2019 | ~$6B–$7B | Steady pre-COVID market |
| 2020 | ~$4B–$5B | COVID pause in H1; rebound in H2 |
| 2021 | ~$16B–$19B | Record year; massive REIT acquisitions |
| 2022 | ~$12B–$14B | Still elevated; beginning to normalize |
| 2023 | ~$7B–$8B | Rate shock; bid-ask spread widened |
| 2024 | ~$9B–$11B | Recovery; spreads narrowing |
| 2025 (est.) | ~$10B–$13B | Continued recovery; institutional capital returning |
Average Deal Sizes
| Deal Category | Typical Price Range | Typical Buyer |
|---|---|---|
| Single small facility | $500K–$3M | Local investor, first-time buyer |
| Single mid-size facility | $3M–$10M | Regional operator, small PE fund |
| Single institutional facility | $10M–$30M | REIT, institutional PE |
| Portfolio (5-20 facilities) | $20M–$150M | REIT, national PE fund |
| Major portfolio (20+ facilities) | $150M–$1B+ | Public REIT, sovereign wealth, mega-PE |
Cap Rate Trends
Cap rates are the primary valuation metric in self storage transactions. Here’s how they’ve moved:
| Year | Class A / Institutional | Class B / Stabilized | Class C / Value-Add |
|---|---|---|---|
| 2019 | 4.5%–5.5% | 5.5%–6.5% | 7.0%–8.5% |
| 2020 | 4.0%–5.0% | 5.0%–6.0% | 6.5%–8.0% |
| 2021 | 3.5%–4.5% | 4.5%–5.5% | 5.5%–7.0% |
| 2022 | 4.0%–5.0% | 5.0%–6.0% | 6.0%–7.5% |
| 2023 | 4.5%–5.5% | 5.5%–6.5% | 6.5%–8.0% |
| 2024 | 4.5%–5.5% | 5.5%–6.5% | 6.5%–8.0% |
| 2025 | 4.5%–5.5% | 5.5%–6.5% | 6.5%–7.5% |
Key observations:
- Cap rates compressed dramatically during 2020–2021 as institutional capital flooded into the sector
- The interest rate increases of 2022–2023 pushed cap rates back up by 50–100+ basis points
- Cap rates have largely stabilized in 2024–2025 as the market has adjusted to the new rate environment
- The spread between Class A and Class C assets remains wide (200–300 bps), reflecting risk and operational upside
- Value-add cap rates (6.5%–7.5%) still offer attractive returns for institutional buyers who can optimize operations
What These Numbers Mean for Facility Owners
If you own a self storage facility, here’s what the data tells you:
-
Your asset class is strong. Self storage remains one of the best-performing sectors in commercial real estate by virtually every measure.
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Institutional demand for acquisitions is real and growing. REITs and PE firms need to buy facilities to grow. The fragmented ownership structure means independent owners are the primary acquisition targets.
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The performance gap between institutional and independent operators is your opportunity. If your facility is generating below-average RevPAF, buyers see upside — and they’re willing to pay for it.
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Supply is moderating. The construction pipeline is declining after 2026, which is bullish for existing facility values.
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Timing matters. Cap rates, interest rates, and buyer demand all affect your sale price. Understanding where these metrics stand today — and where they’re heading — should inform your decision.
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Sources: Yardi Matrix, CBRE Self Storage Report, JLL Self Storage Outlook, Green Street Advisors, Inside Self-Storage, Marcus & Millichap Self Storage Investment Forecast, public REIT filings (PSA, EXR, CUBE, NSA), Census Bureau, Self Storage Association.