How many Americans use a storage unit?

One in 11 American households, according to a recent survey, owns self-storage space—an increase of some 75 percent from 1995. Most operators of self-storage facilities report 90 percent occupancy, with average stints among its renters of 15 months.

What is the demand for storage units?

The industry-wide demand remains high at average occupancy rates still above 92 percent in 2020, according to the 2021 Self Storage Almanac. The occupancy rate remains high despite the increased supply of net rentable space now totaling about 58 million square feet industry-wide.

What is the purpose of self-storage?

Self-storage is essentially an extension of your garage or shed; a clean, dry and secure space located in a storage facility used to store your belongings for as long as necessary. Most storage companies including U-Haul rent self-storage units on a month-to-month basis so you only pay for the time you need.

Is self-storage considered commercial or industrial?

The overall commercial real estate umbrella includes but is not limited to apartments, land, retail properties, churches, theme parks, schools, marinas, self-storage facilities, government real-estate, industrial properties, and office spaces.

Why do Americans use storage units?

Main reason is folks have too much junk. Some people use them to store inventory for their business. Some store deceased relatives things until they can decide what to do with them . Business owners opt for the storage unit to keep their tools, goods, and office items.

Is Self Storage considered commercial or industrial?

Who competes with Public Storage?

Public Storage competitors include Extra Space Storage, SpareFoot, Cubesmart and LifeStorage.

Who uses storage?

7 Reasons People Use a Self-Storage Unit

• Renovating Your Existing Home.
• Moving to a New Home.
• Changes in Relationship Status.
• A Safe Place for Equipment or Vehicles.
• You’re Often in Transit.
• Storing Business Inventory or Archives.
• Simply Running Out of Space.

Who invented self storage?

In the 1850s, the first warehouse specifically designed to hold personal and household items was built. The concept of self storage didn’t arrive in the United States until 1891, when brothers Martin and John Bekins founded Bekin Van Lines in Omaha, Nebraska.

What industry is self-storage in?

The self-storage industry is a sub-sector of the commercial real estate market. The growth in this industry is expected to be positive, during the forecast period, due to the trends of increased urbanization and improved economic outlook, across countries.