Self Storage Services NAICS 531130

        Self Storage Services

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Purchase Report

Industry Summary

The 8,800 self storage service providers in the US rent or lease secure space, such as rooms, compartments, lockers, containers, or outdoor space, for clients to store and retrieve goods. Storage properties include one story buildings, multi-story buildings, climate controlled units, and parking areas for boats and motor vehicles. Sources of revenue include rent, sales of storage items (boxes, packing materials), insurance, late fees, administrative charges, and truck rentals. Large companies may offer management services.

Demand Dependent On Local Demographics

Because the majority of demand for self storage comes from customers within a one to three mile radius, a company’s business health is related to local population demographics and density.

Oversaturation Drives Down Occupancy

Some markets suffer from excess supply due to oversaturation.


Recent Developments

Aug 19, 2025 - Renters Drive Household Formations
  • Renters were the sole driver of the rise in household formations in the second quarter of 2025, according to the Census Bureau’s most recent Housing Vacancy Survey (HVS) and the National Association of Home Builders (NAHB). In Q2 2025, the total number of US households increased to 132.5 million, up by 1.2 million compared to 131.3 million in the second quarter of 2024. The increase in new households was entirely driven by renters, amid the lowest homeownership rate since 2019. US homeownership fell to 65% of total households in Q2 2025 and was 4.2 percentage points below the 25-year average of 66.3%. High home prices, elevated mortgage rates, and low inventories have pushed housing affordability to the lowest level in decades. Home sales and homeownership are demand drivers for self-storage services.
  • Some of the top US-based self-storage real estate investment trusts (REITs) saw net operating income and occupancy soften in the second quarter of 2025. CubeSmart’s same-store net operating income (NOI) fell 1.1% year-over-year in Q2 2025, and occupancy dropped to 91.1% from Q2 2024’s 91.5%. Extra Space Storage’s same-store NOI was down 3.1% from the first quarter of 2024, but occupancy rose to 94.6% from 94% over the same period. Public Storage’s same-store NOI declined 0.6% year-over-year in the first quarter, and occupancy fell from 93% in Q2 2024 to 92.6%. National Storage Affiliates Trust’s NOI dropped 6.1% in Q2 2025, and occupancy fell to 84.2% from 86.6% in Q2 2024. In speaking to second-quarter results, the President and CEO of CubeSmart said, “The rental season saw modestly better seasonal performance compared to last year, as key operating metrics maintained their positive momentum throughout the second quarter and into July. Fundamentals have continued to stabilize, supported by a lessening impact of new supply, better seasonal pricing to new customers and the continued health of the existing customer.”
  • The number of building permits issued for single-family, privately-owned housing units increased 0.5% month-over-month but fell 7.9% year-over-year in July 2025. Single-family housing starts grew by 2.8% month-over-month and increased 7.8% year-over- year in July. Homebuilding and planning activity improved in July despite continued high interest rates and economic uncertainty, according to Reuters. The Federal Reserve has held back on interest rate cuts amid concerns that the Trump administration’s tariff policies could reignite inflation. However, recent signals of emerging softness in the labor market have many investors anticipating that the Fed will announce a quarter percentage point cut to interest rates at its meeting in September, which helped ease mortgage rates in August. Housing starts and building permits are indicators of future self-storage demand.
  • The average metro rate for medium (10x10 & 10x15) climate-controlled self-storage units increased by 0.7% year-over-year in June 2025, according to Yardi Matrix. Average metro rates for medium (10x10 & 10x15) non-climate-controlled units dropped 0.2% year-over-year. Average annualized same-store street rates – storage rent rates quoted to new customers – for non-climate-controlled units fell 0.4% in June compared to a year earlier; street rates for climate-controlled units also declined by 0.4%. Street rates continued to be pressured by soft demand that primarily stems from the weakness of the US housing market.

Industry Revenue

Self Storage Services


Industry Structure

Industry size & Structure

The average self storage company operates a single location, employs 7 workers, and generates about $2 million annually.

    • The self storage service industry consists of about 8,800 companies that employ 60,600 workers and generate $19.6 billion annually.
    • The industry is fragmented; the top 50 firms account for about 64% of total revenue.
    • Just over half of self storage facilities are located in suburban areas; about 36% in urban; and 12% in rural.
    • About 10% of US households and 12% of US businesses rent self storage units.
    • Large companies include Public Storage, Extra Space Storage, CubeSmart, and National Storage Affiliates.

                                  Industry Forecast

                                  Industry Forecast
                                  Self Storage Services Industry Growth
                                  Source: Vertical IQ and Inforum

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