Nearly a Fifth of Americans Rent Self Storage, with Millennials in the Lead

Self-storage continues to raise a lot of interest, with new demand sources complementing the traditional needs associated with the four Ds. Amid working from home or in hybrid setups, many individuals have sought to make room for home offices. Concurrently, the growing popularity of the RV lifestyle and digital nomadism, emerging from employment flexibility, has further created a conducive environment for self-storage to flourish. Additionally, an increasing number of small businesses are turning to self-storage as a versatile and cost-effective solution for storing tools, equipment, and merchandise.

Millennials use self storage the most

According to a recent StorageCafe survey of nearly 4,000 people, a little under a fifth (18%) of respondents reported using self storage. An additional 14% said they were planning on getting a unit in the future.

In terms of generational groups, self storage is most popular among Millennials. Around 25% of the members of this generation are using the service. They are followed by Gen Xers and Baby Boomers, with 23% and 22%, respectively, of each generation resorting to self storage to solve their storage-related needs. Interestingly, about 12% of the respondents belonging to the youngest generation, Gen Zers, are also renting a unit, even if they’re way behind the older generations in terms of both possessions and income.

People rent self storage to compensate for the lack of space at home

A hefty 42% of the survey respondents said they need a self storage unit because they are confronted with space constraints at home. In fact, apartment sizes have been shrinking in the last decade – from 929 square feet on average to 917 square feet in 2022.

The second most popular reason for using self storage is moving — 25% of the respondents rented a unit in order to make the moving process easier and more manageable. Other commonly quoted reasons for using self storage include downsizing your home, changes in household size and storing for business purposes.

Furniture and clothing make up the bulk of items kept in self storage

Almost 30% of Americans renting a self storage unit are using it for their extra furniture — and the reasons might vary. Some people store it temporarily while moving to a new home or renovating their current one, while others keep extra furniture in storage long-term, generally waiting to move to a larger home and put it to good use.

Another commonly stored item is clothing — 19% of the survey respondents said they keep some of their clothes in storage. Renters and apartment dwellers are more likely to do so than homeowners: 24% versus 14%. People living in small apartments find it particularly useful to keep out-of-season clothing in self storage to avoid cluttered closets at home.

Home appliances and equipment also make their way into the storage units of about 19% of Americans, followed by sports and hobby gear. Business-related items are being stored by 7% of the survey’s respondents, while a total of 9% of them keep cars, RVs or boats in self storage.

19% of self storage renters live with at least other four people

Living in a big family naturally drives interest in using self storage — about 19% of those who rent a unit share a home with four or more people. Young families with children, for example, might find such a service particularly useful — these families usually need to stretch their incomes as much as possible, and utilizing self storage rather than buying a bigger home is a great way to do that. Also, families with children usually have excess stuff that might come in useful in the near future, including nursery furniture, toys, clothing and other baby items.

However, couples are also using this service at a slightly higher rate – 21% of those in a two-person household declared they rent a self storage unit. This can be explained by the fact that couples might be inclined to rent a studio or a one-bedroom apartment to save on living costs, so they might need some extra storage space.

In fact, those living in one-bedroom homes are the most likely to use self storage (26%). The least likely to rent a unit, on the other hand, are those living in four-bedroom dwellings.

Small to medium unit sizes are the most popular

The 10’x10’ and the 5’x10’ storage units are preferred by 22% and 21% of self storage renters due to their versatility and affordability. Both sizes can hold a variety of miscellaneous items — from boxes with books, toys or clothing, to appliances, small furniture and so on. Another popular unit is the 5’x5’ locker, with 14% of self storage users renting one.

About 10% of storage users rent 10’x30’ units, the largest standard size available in most storage facilities. This type of unit is big enough to hold all the contents of a large home or even store an RV.

More than half of the survey’s respondents are satisfied with non-climate-controlled units, which are suitable for most situations. However, 34% of self storage users prefer climate-controlled units, generally recommended when storing fragile and delicate items, including antiques, artwork, expensive apparel, electronics, collectibles and so on.

Interest in self storage grew exponentially in some of the country’s major cities

An analysis of self storage related Google searches shows that interest in this service grew significantly in many of the country’s major cities. Madison, WI, saw a 199% increase in Google-related searches from 2022 to 2023, alongside other cities such as Oklahoma City, OK, and Anchorage, AK, with increases of 194% and 184%, respectively.