Demand for self-storage facilities is growing in the U.S. and the cities that are underserved and where there is most opportunity are often smaller metro areas of less than two million in New England, the west and Midwest.
Deliveries of self-storage facilities in the U.S. are expected to rise in 2024 to their highest level since 2020, a new report from RentCafe predicted. That would add 54 million SF of rentable space, compared to the 53 million added in 2023.
Several factors are driving demand. To the usual four Ds: death, divorce, dislocation and downsizing, have been added decluttering and distribution. Working from home and smaller houses have driven some people to move items for which there is no longer any room to rented storage facilities. One-fifth of Americans rely on storage away from home to maximize space, the report stated.
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