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We realize that you may have questions, so we have compiled a list of the most frequently asked questions regarding self-storage and the answers that will help better acquaint you with the self-storage industry.
What kind of revenue does the self-storage industry average?
It is estimated by the National Storage Association that in 2008 the industry had total sales in excess of $20 billion (USD). The national average income is $390,244 per facility.
The total market capitalization value of the entire U.S. self-storage industry is well in excess of $220 billion.
Who owns the most self-storage facilities?
According to Self-Storage Almanac 2008, 82.9 percent of the industry ownership is in the hands of small mom and pop operators. These operators have little or no branding or company image. About 10.3 percent are owned by the top five operators: Public Storage, Extra Space Storage, U-Store-It, Sovran Self Storage and U-Haul. The other 17.1 percent is made up of the top 100 operators, which own or manage from 7 to 247 facilities.
Who rents self-storage units and for how long?
Understanding who your customers will be and how long they may lease can help you decide if your location can work for you.
- Commercial tenants 18.9% 25.2 months
- Residential tenants 74.8% 13.4 months
- Military 3.2% 12.7 months
- Students 3.2% 4.6 months
How many people really use self-storage and is the number increasing or decreasing?
In 2007, nearly 1 in 10 U.S. households were actively renting a self-storage unit. That is an increase from 1 in 17 U.S. households in 1995, or an increase of approximately 65% in the last 12 years.
Is self-storage a stable and growing industry?
The self-storage industry has been the fastest-growing sector of the United States commercial real estate industry over the last 30 years, and it continues to grow at a steady pace.
How many self-storage facilities are there in the U.S.?
According to the U.S. Census Bureau, as of year-end 2007, there were 51,500 "primary" self-storage facilities in the United States. "Primary" means that self-storage is the company's main source of business revenue.
In addition to the 51,500 "primary" self storage facilities in the U.S., there are another 8,434 small business "secondary" mini-storage facilities.
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Only a limited number of franchises are available. Getting started is easy. All you have to do is complete a simple questionnaire.
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