Self-Storage Services Industry Profile

Companies in this industry rent or lease locations for self-storage, providing secure space (such as rooms, compartments, lockers, containers, or outdoor space) where clients can store and retrieve their goods. Major companies include REITs such as CubeSmart, Extra Space Storage, Life Storage, and Public Storage (all based in the US), along with Dymon Storage (Canada), Safestore (UK), and Shurgard (Belgium).

The global self-storage market size was valued at $60 billion in 2023 and is expected to reach more than $70 billion by 2028, according to Statista. The US remains one of the most established self-storage markets, followed by the EU with growing demand due to increased urbanization.

The US self-storage services industry consists of about 22,000 establishments (single-location companies and units of multi-location companies) with about $15 billion in annual revenue.

COMPETITIVE LANDSCAPE

Demand for self-storage services is driven by population growth and consumer spending. The profitability of individual companies depends on marketing and pricing. Large companies enjoy economies of scale in administration, marketing, and purchasing and are often better able to finance acquisitions. Small companies can compete by specializing in local markets or by offering niche services. the US industry is concentrated: the 50 largest companies generate about 60% of revenue.

PRODUCTS, OPERATIONS & TECHNOLOGY

Major services consist of providing units of varying sizes for storage of customers' personal or business belongings (97% of industry revenue). A growing number of storage units are climate-controlled. Many companies provide ...