Vacancy rate of self-storage space in the U.S. 2015-2023 with a forecast for 2024
In 2023, 9.9 percent of self-storage space in the United States was vacant. Private businesses are one of the main groups which rely on self-storage facilities to store excess inventory or archived files. Private individuals also use these facilities to store household goods and any belongings which don’t fit in their home.
The popularity of self-storage in the U.S.
Self-storage is especially popular in the United States, and as of 2018, 90 percent of all facilities globally were located in the country. The volume of self-storage space completed was rising until 2020, but fell in 2021 and 2022. This trend in conjunction with the rising vacancy rate suggests that supply has begun to outstrip demand.
Future growth of the sector
The global self-storage market is forecast to be worth close to 65 billion U.S. dollars by 2026, up from 48 billion U.S. dollars in 2020. Industry experts predict that Asia Pacific will be the fastest growing market and may even in time overtake the United States.
