Moving, housing affordability and economic shifts continue to fuel sustained demand within the self-storage market. Internet searches for self-storage have nearly doubled since 2020, reaching a record 25 million annual searches in 2024, according to a StorageCafe report.
The national self-storage inventory now exceeds two billion square feet, with 58.5 million square feet of rental space delivered last year, according to the report.
StorageCafe said there are six primary factors driving demand including dislocation, divorce, death, downsizing, distribution and decluttering – which it refers to as the Six Ds. The firm used these factors to analyze which metro areas have the strongest mix of demand factors and where it is most concentrated to support strong market performance.
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The analysis found that the West leads the nation in self-storage interest, with 59 metros ranking among the top 100 hotspots, followed by the South with 26 metros in the top 100. The Midwest has 13 in the top 100, with the Northeast owning three.
Demand in the West is led by limited home space, business optimization and student storage needs, according to StorageCafe. Carson City, Nevada, claimed the No. 1 market for self-storage interest, with online searches related to downsizing as well as a high divorce rate. The city has 19 square feet of storage space per capita, said the report.
Self-storage strength in the South is due to migration and an economic boom, which drives high disposable incomes and a constant flow of goods. In addition, fluctuating temperatures may prompt people to use climate-controlled storage even if they have garages or storage spaces at home, said the report.
In Texas, business storage is on the rise, reflecting the state’s entrepreneurial growth. Waco ranked 20th overall and Abilene came in at 22nd on StorageCafe’s ranking. The South also leads the nation in building permits, which solidifies the region as a development and expansion hub fueling surging self-storage demand.
In the Midwest, moving activity remains strong and college students and businesses are driving self-storage demand in the region. The highest ranked Midwest market on StorageCafe’s list is Rapid City, South Dakota, which has a high concentration of building permits and strong demand for storage by small businesses.
Small living spaces are a primary driver for self-storage demand in the Northeast. In addition, the region’s older population and long-established family ties contribute to storage needs related to real estate transitions and inherited belongings.
The five largest metros in the United States with strong self-storage demand potential as ranked by StorageCafe are Tucson, Arizona with nearly nine square feet of space per capita and rents averaging $111 per month; Oklahoma City with 8.65 square feet per capita and low average rents of $86; Grand Rapids, Michigan, with seven square feet of self-storage space per capita and average rent of $110; Salt Lake City with 8.7 square feet of space per capita and average rent of $128 per month; and Jacksonville, Florida with more than 10 square feet of space per capita, with prices of $134.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
