Industry Profile • Section 1 In
1992, the First Annual Self-Storage Almanac was published, giving the industry its first glimpse of col- lected data. At the time, the goal was to identify each
and every facility in the United States as a means of showing the industry’s growth. Since that time, the Almanac has con- tinued to evolve, expand, and improve the scope of the data and knowledge presented.
As we reported in the 2017 Almanac, along with the evolu- tion of the asset class came a profound question: Given the industry’s focus, what is the real criteria for a self-storage fa- cility in terms of data collection that can be used by owners, operators, investors, and developers?
Over the past year, we have
continued to micro-define the supply side of the market, thereby focusing on the approximately 80 percent of the supply across the country ...
The Progression Of Self-Storage Data The sharing of information within the self-storage indus- try has evolved significantly with the maturation of the industry, especially over the past 10 years. Data scraping and data collection have improved significantly, making it easier to benchmark segments of the industry such as rental rates, costs for ancillary services, etc. Moreover, as with any product or service, tightly defined supply/demand vari- ables become more and more critical as the product or
Total Number of Facilities
Average Number of Units per Facility Average Facility Net Square Footage Total Number of Units
Total Rentable Square Footage Average Rentable Square Footage per Person
State with Most Facilities State with Fewest Facilities
State with Most Rentable Square Footage per Person
Metro Area with Most Facilities
service transitions, on both sides, from exponential growth to incremental growth.
As the self-storage industry progresses, MiniCo and its
partner, NKF Capital Markets, continue to study the underly- ing supply base across the U.S. As was done with all previous years, the supply base is looked at as both a total across all 50 states as well as across the nation’s top 100 MSAs. In addition, this year we have added the first data from Union Realtime.
Over the past year, we have continued to micro-define
the supply side of the market, thereby focusing on the ap- proximately 80 percent of the supply across the country that is not operated from locations with a primary business that is something other than self-storage. Our ongoing research indicates that these non-core storage business operations are highly fragmented relative to proximity to the core of the markets in which they are located. Most importantly, the non-core storage operations are being out-positioned by purpose-built storage facilities, making the non-core storage businesses less and less relevant as the rental rates and other operating metrics are less representative of the self-storage market.
For the 2017 Almanac, the nationwide property list has
once again been compiled to reflect only the core self-storage assets in each of the 50 states—only those properties identi- fied as having self-storage operated as the core business at the address. We have continued to identify and exclude those duplicates that can appear as the result of sales, acquisitions, and consolidation, as well as those self-storage locations that are identified as not being of significant enough square footage to impact the market or sub-market in which they are located.
41,443 484
52,000 20 million
2,155,036,000 6.77
Texas - 4,136 Hawaii - 86 Texas
State with Least Rentable Square Footage per Person Rhode Island
41,879 482
52,352 20.2 million
2,192,449,408 6.82
Texas - 4,266
Rhode Island - 73 Texas Hawaii
44,149 484
52,352 21.3 million
2,311,288,448 7.06
Texas - 4,136
Rhode Island - 78 Texas
Rhode Island
Metro Area with Most Rentable Square Footage per Person New York-Newark-Jersey City, NY-NJ-PA New York-Newark-Jersey City, NY-NJ-PA New York-Newark-Jersey City, NY-NJ-PA Metro Area with Most Square Feet Per Capita
New York-Newark-Jersey City, NY-NJ-PA New York-Newark-Jersey City, NY-NJ-PA New York-Newark-Jersey City, NY-NJ-PA Little Rock-North Little Rock-Conway, AR Little Rock-North Little Rock-Conway, AR
Tulsa, OK * Data not available Source: MiniCo Publishing and NKF 2018 Self-Storage Almanac 29
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