The American Religion of Self-Storage Facilities

Self-storage facilities are businesses that rent lockable spaces to people who own excess possessions they cannot store at home. In 2022, a survey found that over a third of residential garages were too full for parking cars. The industry began in the 1970s, primarily as small, mom-and-pop operations, but grew into an institutional asset class.

The United States leads globally, with around ninety percent of global capacity, followed by Texas and Hawaii. Cities like New York, Dallas-Fort Worth, and Houston have many facilities, while smaller towns are comparably served. Reno, Nevada, is known for storage and transportation of equipment for Burning Man attendees. Facilities range from small to spacious, similar to office buildings, and some are owned by national chains like Public Storage and CubeSmart.

The industry is valued at over forty billion dollars annually, more than the combined locations of major retail chains. People often store items due to death, displacement, divorce, downsizing, or the belief that children will want inherited belongings. Recently, some suggest opening self-storage facilities near fulfillment centers, enabling direct deliveries from online purchases.

A self-storage facility in Underwood, North Dakota, holds 145 units, with prices from eighty to three hundred dollars per month, catering to individuals and local businesses.