The self storage industry has come a long way from its humble beginnings and is now a mainstream service used by 1 in 5 Americans. It helps people during life transitions and supports those navigating the challenges of living in smaller homes or working remotely. Thanks to its versatility, self storage has experienced impressive growth alongside more established real estate sectors. According to a recent report from our sister division StorageCafe on real estate development over the past 50 years, self storage has seen the most significant inventory growth among major real estate sectors, with roughly 91% of its current inventory built during this period.

The current decade has pushed self storage even further into the spotlight, with demand peaking during the pandemic years. Annual deliveries in the 2020s (2020-2023) have exceeded 64 million square feet of rentable space, surpassing the 55 million annual average in the 2000s.

Of course, regional variations exist. Zooming in on the 30 best-performing cities for new construction, both the West and South are tied for self storage deliveries in the 2020s, with 13 cities representing each region. However, the top spot is occupied by New York City, where developers are working to make up for years of underbuilding.

New York City Reigns Supreme for Self Storage Deliveries in the mid-2020s

New York City tops the charts for self storage development, averaging over 1.2 million square feet of new storage space from 2020 to 2023. The city’s high delivery volumes are driven by several factors. First, New York leads the nation in multifamily permits for the decade, and since self storage demand often grows in tandem with residential growth, the sector has seen a significant boost. Additionally, the city’s self storage market remains critically undersupplied, with just 2.4 square feet per capita, well below the national benchmark of 7 square feet per person.

Looking ahead, New York is set for further growth, with approximately 175,000 square feet of self storage scheduled for delivery in 2024.On the pricing front, a New York City storage unit rents for $227/month on average.

Outside of NYC, Philadelphia is the only other Northeastern city to stand out among the most active markets for self storage. From 2020 to 2023, the city has added an average of 439,000 square feet of new space annually. Like New York, Philadelphia also faces an undersupply, with only 3.3 square feet of storage space per person. To keep pace with rising demand, approximately 424,000 square feet of self storage are projected to be added in 2024.

The South Scores Impressive Self Storage Construction Levels

The South has been a powerhouse of economic development over the past decade, driving growth across all real estate sectors, including self storage. A couple of Texas cities with already sizable self storage inventories are standing out for new development activity in the mid-2020s. Construction has continued to thrive in these areas, thanks in part to impressive multifamily growth that has boosted the self storage sector.

In both San Antonio and Houston, deliveries in the 2020s have averaged over 500,000 square feet annually. During the same period, Houston saw over 9,000 apartments delivered, while San Antonio added nearly 6,000 multifamily units, based on permitting activity. Similarly, Fort Worth (491,000 sq. ft.) and Austin (260,000 sq. ft.) have also been particularly active in self storage development mid-decade, echoing the growth of the multifamily sector.

In Florida, several cities have seen a rise in new construction, with Miami registering an average of 442,000 square feet of self storage deliveries since 2020. The city remains undersupplied, with just 3.8 square feet of storage per capita. Meanwhile, cities like Orlando and Cape Coral have experienced spectacular population growth, which has helped sustain high demand. From 2017 to 2022, the local population in both cities increased by over 14%, prompting new construction to meet future demand. Orlando has delivered an average of 374,000 square feet of self storage in the 2020s so far, while Cape Coral has added around 169,000 square feet.

PHX Comes in Second for Self Storage Construction in the mid-2020s

Out West, cities across Arizona, Nevada, Oregon, and California have made notable strides in self storage deliveries in the mid-2020s. In Arizona, Phoenix takes second place for self storage growth, averaging over 599,000 square feet of new construction during this period. The city has also been a top performer in apartment construction, with over 8,600 units added — a 197% increase compared to the 2010s, based on permitting activity.

Neighboring Scottsdale and Mesa also saw growth in both multifamily housing and self storage. Scottsdale delivered an average of 241,000 square feet of self storage, while Mesa added over 181,000 square feet on average during the mid-2020s.

Las Vegas, NV, Scores the Bronze Medal for Self Storage Development

Las Vegas ranks third for self storage construction, with an average of over 588,000 square feet delivered between 2020 and 2023 — a 587% increase compared to the 2010s. The city’s population grew by 3.7% from 2017 to 2022, driving demand for storage. Neighboring cities in Nevada, such as Henderson, North Las Vegas, and Reno, also experienced significant growth, with Henderson averaging about 254,000 square feet of self storage delivered in the mid-2020s.

West Coast High Performers: Portland and California Cities

On the West Coast, Portland more than doubled its self storage deliveries, averaging about 328,000 square feet from 2020 to 2023. This growth comes as a welcome addition, as the city remains undersupplied with only 4.3 square feet of self storage per capita.

In California, low inventory relative to population has spurred growth in the self storage sector. Los Angeles, where storage supply sits at a mere 1.8 square feet per resident, led with an average of 274,000 square feet delivered in the mid-2020s. Irvine and Sacramento followed, with Irvine adding an average of 236,000 square feet and Sacramento delivering over 200,000 square feet. Both cities have about 5 square feet of storage per capita.

The recent self storage boom is closely tied to overall urbanization and economic growth, particularly in key cities like Phoenix, Houston, and Las Vegas, where developers are responding to strong demand for both multifamily housing and storage space. The surge in new supply underscores the growing importance of self storage as more Americans downsize or seek flexible living arrangements.