One in 11 Americans pays for space to store the material overflow of the American dream Despite recessions and demographic shifts, few building types have boomed like self-storage lockers. In fact, they?ve proven to be one of the surest bets in real estate over the last half century, while malls, starter homes, and even luxury commercial space in big cities, once safe and steady investments, have struggled. Behind the combination locks and roll-up doors lies a $38 billion industry.
One in 11 Americans pays an average of $91.14 per month to use self-storage, finding a place for the material overflow of the American dream. According to SpareFoot, a company that tracks the self-storage industry, the United States boasts more than 50,000 facilities and roughly 2.311 billion square feet of rentable space. In other words, the volume of self-storage units in the country could fill the Hoover Dam with old clothing, skis, and keepsakes more than 26 times. Though the adage ?sex sells? is hard to dispute, the decidedly unsexy self-storage industry made $32.7 billion in 2016, according to Bloomberg, nearly three times Hollywood?s box office gross. Self-storage has seen 7.7 percent annual growth since 2012, according to analysts at IBISWorld, and now employs 144,000 nationwide.
The volume of self-storage units in the country could fill the Hoover Dam with old clothing, skis, and keepsakes more than 26 times.
The industry?s boom over the last few decades mirrors larger demographi...