- The self-storage industry over the past 35 years has been one of the most profitable and fastest growing business opportunities in the United States.
- The self-storage industry in the United States grossed approximately 24 billion dollars in fiscal year 2013 and is projected to grow approximately 30 billion by year 2019. This is a projected increase in growth of one billion dollars per year for the next five years.
- Self-Storage new construction is booming throughout the United States, with over $580M spent in 2014.
- Key drivers impacting the explosive performance in self-storage include the facts that there is little need for tenant improvements or paying lease commissions, which results in a higher net rental income than other commercial alternatives. Low maintenance requirements also contribute to an increased bottom line in performance. Self-storage has a low level of revenue volatility meaning self-storage is generally consistent regardless of economic conditions.
- There are over 50,000 self-storage facilities today in the US. Compared this to 1984 when there were 6,601 facilities. Owners who own just one facility comprise over 30,000 of the 50,000 plus self-storages in the U.S. today.
- Increasing population, mobility and rising household formations, together with a limited pipeline, will keep self-storage conditions exceptionally tight.
- Americans continue to store more stuff year after year. Approximately 9% of all American households currently rent a self-storage unit.
- There are currently more self-storage facilities in the United States than there are McDonalds and Subways combined.
- Some 68% of all self-storage renters live in a single-family household; 27% live in an apartment or condo.
- Some 65% of all self-storage renters have a garage but still rent a unit; 47% have an attic in their home; and 33% have a basement.
- The approximate self-storage demographic distribution of U.S. households are as follows: 32% urban, 52% suburban and 16% rural
- The average revenue per square foot varies from facility to facility; however, here is the data for Q3 2014: $1.20 PSF for non-climate controlled 10' x 10' unit and $1.53 PSF for 10' x 10' climate controlled unit.
- Some 47 percent of all self storage renters have an annual household income of less than $50,000 per year; 63% have an annual household income of less than $75,000 per year.
- As the U.S. economy continues to build momentum, demand for self-storage facilities will continue to rise.
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