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U.S. Self-storage - statistics & facts

Whether it’s a prized vinyl record collection or unwanted hand-me-down furniture, there are an endless number of uses for a self-storage unit. Over the last several years, the supply of new self-storage space in the United States has substantially increased to reach almost 60 million square feet in 2020. The vacancy rates have remained somewhat steady with a slight decline in 2020, showing that demand stays strong even during the coronavirus (COVID-19) pandemic. Furthermore, the average asking rent per square foot of storage space has risen from 1.14 U.S. dollars in 2019 to 1.18 dollars in 2020.

The leading self-storage company in the United States is Public Storage, which generated over 2.4 billion U.S. dollars in revenue in 2020, over one billion U.S. dollars more than the second largest company, Extra Space Storage. Public Storage boasts over 180 million square feet of rental space across the United States. However, neither company operates in every state in the union; a distinction that goes to U-Haul, Inc.

Although its revenue has grown steadily in the last couple years, Public Storage has seen market capitalization value dip between 2015 and 2018. In addition, the company’s debt has skyrocketed from 391 million dollars in 2016 to over 2.5 billion dollars in 2020. Public Storage’s debt to total assets ratio has grown from two percent in 2015 to about eight percent in 2020.

Founded in 1977 in Billings, Montana, Extra Space Storage is now the second largest self-storage company in the United States. In contrast to Public Storage, Extra Space Storage has seen a relatively stable market capitalization value over the last several years. However, the company’s debt had ballooned to nearly 6.5 billion dollars as of 2020.


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