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Self-Storage Market

The self-storage landscape in the U.S. is changing as many households store excess items in storage facilities.  Over the past 40 years, the self-storage industry has proven to be one of the sectors with the most rapid growth in the U.S. commercial real estate industry.  The unprecedented growth of the industry has been attributed to self-storage consumers including renters, homeowners, students, businesses and transitional populations who are constantly demanding rental storage.  Self-storage units are growing so fast that in 2016 there were more than 58,000 self-storage facilities in the U.S. with a total of 32 million storage units covering over 2.3 billion square feet of storage space.  As the U.S. population has increased their rental storage by more than 10% within the last 20 years, the self-storage industry has also grossed over $30 billion in revenue.  A demand study reported that the number of renters who used storage facilities in 2007, almost doubled by 2013, and 2 million out of 17 million renters reported that they would most likely rent in the future.  According to the IBS World, self-storage revenue will grow at an annual rate of 2.9% through 2020.  Based on IBIS World’s forecast, self-storage facilities will have a growth rate of 14% by 2020.  To keep you informed of the market conditions we have outlined below the average price of a storage unit and the average price per square foot for Cincinnati, Cleveland, Columbus, Dayton and Toledo for the years of 2014, 2015, 2016 and 2017.  For 2017 Cincinnati had the highest price per unit while Cleveland had the highest price per square foot.  On the low end for 2017 Toledo had the lowest price per unit while Columbus and Dayton were tied for the lowest price per square foot.

 

Average Price Of A Storage Unit

Cincinnati – 2014:  70.95     2015:  76.35     2016:  74.59     2017:  74.25

Cleveland – 2014:  71.37     2015:  61.10     2016:  68.36     2017:  70.25

Columbus- 2014:  70.42     2015:  67.25     2016:  68.91     2017:  69.79

Dayton – 2014:  66.54     2015:  58.91     2016:  62.23     2017:  64.65

Toledo – 2014:  57.38     2015:  62.34     2016:  68.69     2017:  63.38

Average Price Per Square Foot

Cincinnati – 2014:  $0.74     2015:  $0.85     2016:  $0.92     2017:  $0.87

Cleveland – 2014:  $0.80     2015:  $0.87     2016:  $0.82     2017:  $0.90

Columbus – 2014:  $0.74     2015:  $0.72     2016:  $0.76     2017:  $0.76

Dayton – 2014:  $0.71     2015:  $0.69     2016:  $0.71     2017:  $0.76

Toledo – 2014:  $0.77     2015:  $0.86     2016:  $0.90     2017:  $0.93