Self-storage stats ruled by millennials
The self-storage industry is being championed by millennials right now.
Storage usage has skyrocketed for them since 2019 — from a fifth to a quarter of millennials now utilizing units — and our partner, Yardi, did some digging to find out why.
Nearly 3,900 Americans were surveyed for Yardi’s study — conducted in 2023 — which explores the reasons millennials use self storage, the items they commonly store, what types of units they prefer, and more. Yardi also honed in on 142 key US cities, to see where popularity is increasing most. And for Updater, that’s some seriously relevant information to help us make moving easier.
Study takeaways
- 1 in every 5 Americans are using some form of self storage right now.
- Millennials currently make up for a quarter of storage renters.
- The major factor in choosing to self-store is shortage of home spaces (42% of unit renters).
- 49 million square feet of storage space was added in the industry since 2023 (15.6% increase since 2022).
- The most commonly-stored item is: furniture!
- Of the country’s 138 cities polled, self storage interest increased 77%, and online searches almost tripled in Madison, WI.
- Online storage searches are heaviest in FL and TX.
A quarter of millennials are currently using some form of self-storage
Reasons for self-storing
- 42 % lack of home storage space
- 25% moving
- 9% unspecified
- 7% downsizing homes
- 7% changes in size of household
- 7% storage needed for business purposes
- 4% home renovations
27% of Updater movers look for a self-storage unit when moving
Types of units rented
- 55% non-climate controlled34% climate-controlled
- 5% vehicle
- 3% RV
- 3% other
- 1% boat
How to store your belongings when moving
The surge in millennial self storage is proof that changing lifestyles and housing trends are shifting the landscape. As homes become smaller and moving becomes more frequent, Yardi’s study shows how this generation is reshaping the self storage industry, driving demand for more space and options. With nearly a quarter of millennials now turning to self storage, it’s clear that this trend isn’t slowing down anytime soon.
And for property and community management companies, there’s an opportunity to leverage this market surge. If you’ve got unused space in your community, you can turn it into extra storage and drive revenue from it. Everyone wins!
Whether you’re looking for storage or utilizing potential spaces, keep an eye on the self-storage trend — because growth has only just begun.
More Industry Insights
Enhancing the move-in experience with automation
15 November 2024
Bozzuto leasing manager sees move-ins simplified post-Updater
13 November 2024
