The self storage industry in the United States is massive, with nearly 2 billion square feet of rentable space. The 100 largest companies own more than half of that inventory, managing about 14,400 properties out of the nation’s 35,000 large-scale facilities.

When it comes to ownership, 70% of the total inventory is controlled by a mix of large companies and smaller operators. The remaining 30.2% belongs to four major self storage real estate investment trusts (REITs) and U-Haul Holding Company. These five companies are publicly traded on the New York Stock Exchange, structured as C-corporations, and are consistently profitable. But despite their strong presence, the market is far from being a monopoly, leaving plenty of room for smaller operators to grow and compete.

This fragmented ownership speaks volumes about the state of the self storage industry in 2024. It’s a year of stabilization, with challenges driving both big players and smaller operators to refine their strategies and strengthen their market positions.

So, who are the largest self storage owners, and what does their footprint look like?

Using data from our sister company, Yardi Matrix, we’ve analyzed the top 100 self storage companies shaping the industry. From ownership rankings to inventory levels, rent trends, and construction pipelines, the data shows how these companies are not only expanding but also playing a crucial role in easing access for people who lack space at home, giving them a convenient place for their possessions.

REITs, LLCs, and Smaller Companies Compete at the Top

Public Storage tops the charts as the biggest owner of self storage space in the U.S. Following closely are Extra Space Storage, U-Haul, National Storage Affiliates, and CubeSmart. These companies represent the biggest self storage REITs, delivering some of the most profitable stock dividends on Wall Street. (It’s worth noting that while U-Haul is publicly traded on the New York Stock Exchange, it operates primarily as a moving company and is not a REIT). Public Storage, Extra Space Storage, and National Storage Affiliates have also been recognized by The Motley Fool as the best self storage REITs to invest in. However, only Public Storage and Extra Space Storage are listed in the prestigious S&P 500.

The rest of the top 10 is made up of non-REIT companies that still own significant inventories. Together, the companies ranked 6th through 10th own nearly 5% of the national self storage stock, showcasing a range of diverse operational structures. Private equity firms SROA Capital (#6) and Prime Group Holdings (#7) operate as limited liability companies (LLCs), while Merit Hill (#8) is a limited partnership (LP). StorageMart (#9) stands out as a family-owned, privately operated self storage company, while The William Warren Group is a real estate investment and development company.

Some of these smaller players have built impressive inventories despite entering the game later than the REITs. For instance, SROA Capital, founded in 2013, now owns 25 million square feet of self storage space—half the inventory of CubeSmart, the newest REIT, which was established in 2004 under a different name.

Aside from differences in their business and operating models, one thing these companies share is a preference for specific types of locations: highly urban, migration hotspots with strong economies and growing populations. The top five companies, for example, hold the majority of their properties in Texas, California, and Florida, with Prime Group Holdings (#7), Merit Hill Capital (#8), and William Warren Group (#10) following suit.

Georgia is also making its mark as a rising self storage hotspot. While Texas and Florida dominate state-to-state moving trends, Georgia ranks fifth for new arrivals. This trend highlights the state’s economic vitality and strong consumer spending, both of which are fueling a growing demand for self storage.

The Biggest Self Storage Companies in the U.S.

Below is a roundup of the 10 largest owners of self storage in the U.S., based on current inventories. These companies have established themselves as leaders in the self storage industry, continually expanding their reach to meet the growing demand for storage solutions.

1. Public Storage

Top areas of operation: Texas, California, Florida, Illinois, Georgia

Public Storage holds the title as the largest self storage operator in the U.S., owning 11.3% of the nation’s total inventory. Following its acquisition of Simply Storage in 2023, this REIT expanded its portfolio to more than 3,000 facilities, covering a staggering 223 million square feet. Its leading position allows Public Storage to keep its prices relatively affordable, even as the market evolves.

That said, the company faces challenges from rising costs, including steep property taxes, which have slowed its pace of new construction. In 2024, new supply is expected to total 1.3 million square feet—down from the 1.8 million delivered in 2023—but still ranks as the third-largest expansion among major players.

Founded in California in 1972, Public Storage joined the New York Stock Exchange in 1995 following its merger with Storage Equities Inc. Since 2008, it has stood as one of the largest self storage REITs in the country, setting benchmarks for the industry.

2. Extra Space Storage

Top areas of operation: Texas, Florida, California, Georgia, New Jersey

Two decades after joining the New York Stock Exchange, Extra Space Storage has firmly secured its spot as the second-largest self storage operator in the U.S., with nearly 170 million rentable square feet. Its impressive portfolio spans almost 2,300 facilities, representing 8.6% of the national self storage inventory.

In 2023, the company solidified its standing through a major merger with Life Storage, a move that not only expanded its reach but also helped Life Storage fend off a takeover bid from Public Storage.

On the construction side, Extra Space Storage continues to grow its footprint. The company is set to deliver nearly 815,000 square feet of new rentable space in 2024, with an additional 218,000 square feet planned for 2025.

3. U-Haul Holding Company

Top areas of operation: Texas, Florida, California, Illinois, Ohio

U-Haul, established in the 1940s, began its journey by renting trailers and has since evolved into a significant player in the self storage industry. Although it entered the self storage market in 1993, U-Haul has rapidly expanded its footprint.

Today, as a publicly traded company on the New York Stock Exchange, U-Haul boasts 89 million square feet of rentable self storage space, securing its position as the third-largest owner in the U.S. with 4.5% of the national inventory. Notably, U-Haul leads the industry in new construction projects, underscoring its commitment to growth and meeting customer needs.

4. National Storage Affiliates

Top areas of operation: Texas, California, Florida, Georgia, Oregon

National Storage Affiliates holds the 4th spot in self storage inventory, managing 64 million square feet of space across its facilities. On average, the company’s rents are 13% below the national rate. In California alone, where it operates 91 facilities, National Storage Affiliates keeps rents 33% below the state’s average.

Like other major players, National Storage Affiliates benefits from larger facilities and access to significant capital, allowing them to maintain competitive rates while catering to a wide range of customers.

5. CubeSmart

Top areas of operation: Texas, Florida, California, New York, Illinois

CubeSmart owns nearly 51 million square feet of self storage space, representing 2.6% of the national inventory. The company focuses on operating in high-demand areas, which enables it to maintain rental prices above the national average.

As a REIT, CubeSmart has also seen its stock benefit from lower interest rates, further solidifying its position as a key player in the self storage market.

6. SROA Capital

Top areas of operation: Michigan, Ohio, Indiana, South Carolina, Florida

SROA Capital ranks as the 6th largest self storage owner, managing over 24 million rentable square feet across approximately 485 facilities. Among the top 10 companies, SROA Capital stands out for offering the most affordable rates—nearly 25% below the national average. In fact, it ranks 11th for lowest rates among the top 100 companies overall.

This affordability can be attributed in part to SROA’s focus on the Midwest and Southern markets rather than higher-priced coastal areas. A significant 43% of its inventory is located in the Midwest, with key hubs in Michigan, Ohio, and Indiana.

7. Prime Group Holdings

Top areas of operation: New York, Florida, California, Massachusetts, North Carolina

Prime Group Holdings ranks as the 7th largest self storage owner in the U.S., managing 21 million square feet of space. However, the company is dialing back its construction efforts, with around 627,000 square feet expected to be added in 2024—a 5% drop compared to 2023. Looking ahead, no new construction is currently planned for 2025.

Despite scaling back on expansion, Prime Group Holdings is maintaining its pricing strategy, with rates currently 20% above the national average.

8. Merit Hill Capital

Top areas of operation: Texas, Florida, California, New York, Massachusetts

Merit Hill Capital, led by CEO Liz Raun Schlesinger, currently holds 18.6 million square feet of self storage space, placing it among the top 10 operators in the U.S.

In response to the challenging economic landscape, particularly the high-interest rate environment, Schlesinger has indicated plans to adjust the company's portfolio. This strategy involves selling properties that have reached peak value and reinvesting in new projects with growth potential, aligning with Merit Hill's business model of optimizing asset performance.

9. StorageMart

Top areas of operation: Missouri, New York, Iowa, Kansas, Nebraska

In 2024, StorageMart has been actively expanding its portfolio. Over the past month, the company acquired or entered contracts to acquire 14 self storage facilities, adding approximately 1.2 million rentable square feet to its holdings. This brings StorageMart's total inventory to over 15 million rentable square feet, positioning it as the ninth-largest self storage operator in the U.S. Additionally, the company plans to deliver around 150,000 square feet of new storage space by the end of the year.

10. William Warren Group

Top areas of operation: California, Texas, Florida, Colorado, Arizona

The William Warren Group (WWG), established in 1994, ranks as the 10th largest self storage operator in the U.S., managing over 13 million rentable square feet. The company is on track to expand its inventory by more than 622,000 square feet by the end of this year, marking the 11th highest level of new supply in the nation. WWG operates under the StorQuest Self Storage brand, focusing on delivering high-quality storage solutions backed by exceptional service.

Self Storage Industry Sees Record-Breaking Growth in 2024

While major players like Public Storage and Extra Space Storage hold significant market shares, there's ample opportunity for growth, particularly in underserved secondary and tertiary markets. As interest rates stabilize, borrowing costs decrease, making it easier for self storage owners to finance new projects.

Industry giants, smaller players, and emerging companies are all making impressive strides in expanding their self storage inventories. The expansion plans point to a steady upward trajectory in new facility construction. Between completed projects and those set to be delivered by the end of the year, 2024 is shaping up to outperform 2023.

The 100 largest companies alone are projected to add 22 million square feet of new storage space this year, representing 1.1% of the total U.S. inventory, which now stands at approximately 2 billion square feet.

Current storage industry stats show that the self storage sector is on track to deliver approximately 61.1 million square feet of new inventory nationwide by the end of 2024—a 6.6% increase compared to the supply added in 2023.

Who’s Building the Most Self Storage in 2024?

This year’s top contributors to new inventory showcase a strikingly diverse lineup. U-Haul leads the pack with nearly 4 million square feet of new rentable storage space—a 21% increase from its 2023 numbers, when it also held the top spot.

InSite surprises with the second spot. Currently ranked as the 26th largest self storage company in the U.S., InSite is set to deliver 1.4 million square feet by year’s end, overtaking Public Storage, which has scaled back its new construction to 1.3 million square feet—a nearly 27% drop from 2023.

Even more unexpected is SAFStor in fourth place. Ranked 93rd in overall ownership, SAFStor is on track to deliver 1.2 million square feet of rentable space in 2024. If the company achieves its planned completions, it would mark an incredible 122.3% increase from its 2023 output.

Madison Capital Group rounds out the top 5, delivering nearly 900,000 square feet of new storage space—a 95% increase from last year. As the 16th largest self storage operator, Madison continues to solidify its reputation for aggressive growth.

REITs Show Mixed Performance in New Self Storage Construction

Extra Space Storage, ranked 6th for new constructions in 2024, has significantly reduced its development pace, with a 32% drop compared to last year when it ranked third. Other REITs have also slowed their growth: CubeSmart has cut back on new constructions by 172% (#28 in new deliveries in 2024), and National Storage Affiliates has shown little focus on new builds in either 2023 or 2024.

Market Diversity Keeps Self Storage Prices Affordable: Rates Average $135 in 2024

The self storage market remains a highly fragmented industry, with nearly 14,000 owners sharing the national stock. Among them, 11,000 are small self storage providers managing less than 100,000 square feet. This diversity, combined with stabilized demand following the pandemic-driven peak and oversupply in some markets, creates a competitive environment that helps keep self storage services largely affordable for consumers.

As of October 2024, the average street rate for a storage unit is $135, reflecting a 3.6% decrease year-over-year from October 2023.

The 100 Largest Self Storage Companies, Ranked

Here’s our list of the top 100 self storage companies with the largest inventories across the country.

Two years after the pandemic boom, the self storage industry is still growing steadily. While REITs play a dominant role in shaping the future of the industry, smaller companies (including LLCs, LPs, and others), are making strides and undertaking new constructions. While companies like Public Storage and Extra Space Storage are poised to further solidify their positions as industry leaders, the expanding inventories of their competitors set the stage for a dynamic market in 2025.

Expert Opinion

For a deeper understanding of the self storage market and its various players, we reached out to a leading expert on the subject.

Doug Ressler, Business Intelligence Manager, Yardi Matrix

What is the mix of public and private self storage ownership in the total inventory?

Ownership in the U.S. self storage industry is notably varied: 70% of the total inventory is held by a combination of large companies and smaller operators, while the remaining 30% is owned by four major self storage real estate investment trusts (REITs) and U-Haul Holding Company. This distribution emphasizes the substantial roles played by both large public corporations and a multitude of smaller private operators in the market.

How is the total available self storage market controlled by a mix of large companies and smaller operators, and is it changing?

The self storage market in the U.S. is indeed controlled by a mix of large companies and smaller operators, and this dynamic is evolving:
Large Companies and REITs: The top 100 self storage companies own about 51% of the market. This includes major players like Public Storage, Extra Space Storage, and U-Haul, which are among the largest owners. These companies, along with other large operators, control a significant portion of the market and are continuously expanding their reach. Smaller operators, including many family-owned businesses, control the remaining 49% of the market. These operators often own single facilities or small chains and are crucial in providing localized storage solutions.

The market is experiencing changes due to several factors. First of all, there is a trend towards consolidation, with larger companies acquiring smaller operators to expand their portfolios. This is partly driven by the need for economies of scale and the ability to offer more competitive pricing and services. Second of all, companies like U-Haul are leading in new construction projects, adding significant new supply to the market. This expansion helps meet the growing demand for storage space, especially in urban areas with limited living space.

What's more, innovations such as remote access and online management platforms are becoming more common, making it easier for both large and small operators to attract and retain customers. And despite the presence of large players, the market remains fragmented, allowing smaller operators to thrive by focusing on niche markets and personalized customer service.

Overall, while large companies are increasing their market share through acquisitions and new developments, smaller operators continue to play a vital role in the industry. This balance ensures a diverse and competitive market landscape.

Methodology

This analysis was conducted by RentCafe Self Storage, an online platform offering nationwide apartment and storage unit listings.

The article is based on our research into self-storage data from our sister division, Yardi Matrix, a business development and asset management tool widely used by brokers, sponsors, banks, and equity sources for underwriting investments in the multifamily, office, industrial, and self-storage sectors.

For the ranking, we analyzed the total rentable square footage within Yardi Matrix’s coverage area, calculating each company’s inventory as a percentage of the nation’s total inventory or each state’s inventory, depending on the scope. The data is accurate as of November 2024.

Please note that data and coverage areas may evolve, and actual figures are subject to change.

Fair use and distribution

This study is intended as a resource for the general public on topics of common interest and should not be considered investment advice. The data presented is accurate to the best of our knowledge, based on thorough and good-faith research, but it may change due to external factors.

We permit the distribution of this content, provided that proper attribution is given to "RentCafe Self Storage" with a link back to the research study.