Since 1973, we’ve been in the business of providing self storage insurance and speciality publications to the industry, so of course we keep on top of trends in self-storage! As it turns out, this is a great time to be in the self-storage business, as the most recent numbers from the Self Storage Association demonstrate.
So, with the year wrapping up, let’s take a quick look at some of the highlights of 2013 for the self-storage industry!
Ten Important Facts About Self-Storage In 2013 From The SSA
- For the last 38 years, the self-storage industry has constantly been one of the fastest-growing sectors of American business, leading the industry to be dubbed “recession-resistant” by Federal economists.
- More than 50,000 self-storage facilities are in the US today.
- Self-storage rental is growing globally as well, with around 10,000 additional facilities globally.
- There is now so much storage space – 2.3 billion square feet – that every American citizen could stand at once within nothing but storage units.
- Well, except that with 87% occupancy rates, there’s just not room with all the other stuff already being stored, making for plenty of self storage insurance customers.
- Self-storage generated more than $3.25 billion dollars in property taxes for local governments in 2013 alone.
- Just under 9% of Americans rent self-storage space, up from 6% in 1995.
- More than 1.5 million units are rented to members of the American military services alone. In fact, storage companies often offer incentives and discounts to members of the military.
- The average non-climate controlled 10’x10′ unit rents for $115 per month. If it’s climate-controlled, that’s $146 per month.
- The top five companies in the industry control about 12% of the overall market, so there’s still plenty of room for independents.
Right now is a great time to be involved in the self-storage industry, and there are ever-more people out there with collections and property needing to be insured off-site. To everyone in the business, we wish you the best of luck in 2014 and hope next year is as good as this one!