Industry Numbers • Section 1
management in place, these facilities do not command the high rents garnered at Class-A sites.
Least attractive to most investors are the Class-C facilities,
many of which are first-generation sites in need of rehab- bing. Built in single-story rows, they evoke the stereotypical image of self-storage. With less desirable locations and low visibility, they typically command lower rents. While not tar- geted by major operators or institutional investors, Class-C facilities can be good investments for smaller entrepreneurs, especially given that they have lower operational costs. Moreover, these facilities do serve as a viable option for those who prefer a less expensive means of storing goods.
Whether you are developing a self-storage facility for the first time,
expanding an existing facility, or looking to grow your self-storage portfolio, it is our hope that this publication will provide you with valuable information
and data to help you to make educated decisions in your endeavors.
The 2021 Industry Profile Utilizing the newest methodology explained on previous pages, Table 1.3 represents the industry profile based on four years of Almanac reporting. There are approximately 49,233 self-storage facilities in the United States, representing an industry total rentable square footage of 1,956,388,517. This number does not include those operations where the prima- ry business is something other than self-storage.
The average facility size based on current data is ap-
proximately 39,737 net square feet. This represents a slight decrease over 2017, most likely due to smaller facilities being brought on line over the last year. It is important to note that the 52,352 facility net square footage charted for 2017 is in- consistent with the numbers for 2018, 2019, and 2020 due to the fact that the former method of calculating size was based on using an industry average rather than the actual square footage.
Once again in 2020, the state with the most facilities is
Texas with 5,234 facilities. This is an increase of 108 facilities over the last 12 months. Conversely, Rhode Island and Hawaii have 90 facilities each—the fewest facilities in the United States.
The national rentable square footage per person stands
at 5.9, slightly higher than last year. This is no surprise given the new facilities that have come on line in the past year. Over the last year, the industry saw 1,098 new facility open- ings, 619 of which (55 percent) were located in the top 50 metropolitan markets.
Market conditions for 2020 are discussed at length in Sec-
tion 13 with extensive data on the top 100 CBSAs (Core Based Statistical Areas).
Whether you are developing a self-storage facility for the
first time, expanding an existing facility, or looking to grow your self-storage portfolio, it is our hope that this publica- tion will provide you with valuable information and data to help you to make educated decisions in your endeavors. Nevertheless, the need for comprehensive, market-specific research and ample due diligence is vital to the success of your projects and the industry as a whole. Therefore, it is highly recommended that you use this resource as a bench- mark and retain an unbiased, third party to conduct feasibility studies before making any costly investments.
Total Number of Facilities
Average Facility Net Square Footage 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 State with Least Rentable Square Footage per Person Source: MiniCo Publishing
49,233 39,737
1,956,388,517 5.9
Texas - 5,234 New York - 2.86
47,863 39,668
1,898,604,872 5.7
Texas - 5,126 Idaho - 10.67 Texas - 4,904 Texas - 4,136
Rhode Island - 90 Hawaii - 90 Rhode Island - 86 Rhode Island - 84 Rhode Island - 78 Idaho - 11.16
Idaho - 10.76 Wyoming - 14.56 New York - 2.75 New York - 2.52 Hawaii - 3.14 2021 Self-Storage Almanac 19
45,547 37,523
1,709,095,816 5.4
44,149 52,352
1,672,505,621 7.06
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