In this article, we will look into the 16 biggest self storage companies in the US. If you want to skip our detailed analysis, you can go directly to the5 Biggest Self Storage Companies in the US.
US Self Storage Market
According to a report by Mordor Intelligence, the US self storage market is expected to reach $44.33 billion in 2024. The market is estimated to grow at a compound annual growth rate (CAGR) of 2.44% and reach $50.01 billion by 2029. The growth can be attributed to the increase in urbanization in the country. Populous states such as Texas, California, Florida, and New York often have smaller living spaces, leading to a high demand for self-storage solutions. The US has also observed an increase in the number of renters, which as a result is driving the demand for self storage facilities in the country. The report cites the data from the US Census Bureau, which states that the number of households living in rented homes in the US reached 43.8 million in 2023, compared to 43.1 million in 2022. Homeownership in the country saw a decline, with only 66% of households owning homes in 2023. For households in rented homes, it becomes challenging to move their belongings to their rental homes, which increases their reliance on self storage units. You can also check out the best warehouse and self storage stocks.
Companies Providing Self Storage Solutions in the US
Some of the leading companies catering to the storage needs of US residents include Public Storage (NYSE:PSA), Extra Space Storage Inc. (NYSE:EXR), StorageMart, and WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC).
Public Storage (NYSE:PSA) is a leading provider of storage services in the United States. It provides storage solutions to private and commercial customers and businesses. As of 2023, the company has over 3,000 owned properties and serves around 2 million customers. Recently on February 22, the company released its financial results for the fiscal year 2023 and reported a revenue of $3.4 billion in 2023. The company revealed its top accomplishments for the year 2023 in its Q4 2023 earnings call, including the acquisition of the top self storage company, Simply Self Storage, for $2.2 billion. With this transaction, Public Storage (NYSE:PSA) gained an additional 90,000 customers and 130 properties, marking the largest acquisition in the company's history. This acquisition, which was closed in September 2023, increased the company's high-growth non-same-store pool to 705 properties, spanning a total area of 63 million square feet and representing 30% of the company's portfolio. Here are some comments from Public Storage's (NYSE:PSA) Q4 2023 earnings call:
"Just a few of our collective accomplishments include: exceeding 3,000 owned properties and serving nearly 2 million in-place customers. Achieving an approximately 80% stabilized direct NOI margin through revenue generation and expense efficiency that only Public Storage is capable of. Acquiring and quickly integrating the $2.2 billion Simply Self Storage portfolio with approximately 90,000 customers across nearly 130 properties. This was the largest private acquisition in company history. Increasing the size of our high-growth non-same-store pool to 705 properties and 63 million square feet now comprising nearly 30% of our overall portfolio. Generating record revenues, net operating income and core funds from operations. Accelerating growth in third-party property management, adding 132 properties and reaching 324 properties in total."
Extra Space Storage Inc. (NYSE:EXR) is one of the biggest self storage companies in the US. On March 29, the company announced that it has opened 21 new facilities in the Houston metro area. The new self storage facilities will cater to the storage needs of customers in La Porte, Pasadena, Texas City, Deer Park, and Baytown. The storage units across these locations vary in size, from compact 5x5 options to large 50x45 units, catering to seasonal as well as expansive storage needs. Other storage solutions offered by the new Extra Space Storage Inc.'s (NYSE:EXR) facilities include climate-controlled storage and indoor and outdoor vehicle storage, accommodating boats, RVs, cars, and motorcycles.
StorageMart is another major company, operating in the self-storage market in the US. The company has over 300 storage facilities across the US, Canada, and the UK. On March 27, the company inaugurated four storage facilities in the US, to expand its offerings to Iowa and Virginia. The new facilities are located in Fredericksburg, Virginia, and Urbandale, Iowa, and have 466 and 393 storage units respectively. These properties will be enhanced by features such as enhanced security motion-sensitive LED lighting, and pavement repairs to add to the existing portfolio of StorageMart.
WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) is a major provider of temporary storage services in the US. On January 29, the company announced that it has acquired the leading California-based business-to-business rental services company, McGrath RentCorp. This acquisition will expand WillScot Mobile Mini Holdings Corp.'s (NASDAQ:WSC) clientele to over 85,000 customers and enhance its turnkey space solutions. Moreover, the company will provide its value-added storage products, such as FLEX, Cold Storage, and Clearspan Space to McGrath RentCorp.
A wide-angle shot of a large warehouse, filled with numerous self-storage units.
Methodology
To compile our list of the 15 biggest self storage companies in the US, we reviewed multiple industry reports and similar rankings on the internet. Our research yielded both private and public companies operating in the self storage market in the US. Then, we sourced the market cap of the public companies, as of April 3, 2024, from Yahoo Finance to rank them on our list. We also looked for the annual revenue of the private companies on our list. However, due to the unavailability of companies' financial information on their official websites, we used their number of employees to rank them and the number of storage locations to break the tie between companies with the same number of employees. Our list ranks the 15 biggest self storage companies in the US in ascending order of their respective metrics.
16 Biggest Self Storage Companies in the US
16. Merit Hill Capital
Number of Employees: 51-200
Number of Storage Locations: 346
Merit Hill Capital is ranked among the biggest self storage companies in the US. The company manages and operates an impressive portfolio of self-storage properties across the US. The company has 346 storage properties across 36 states and has more than 149,000 storage units. The total rentable storage area of the company is over 20 million square feet.
15. Self Storage Plus
Number of Employees: 200-500
Number of Storage Locations: 72
Self Storage Plus provides storage solutions in 7 locations including Washington DC, Baltimore, Florida, Pennsylvania, North Carolina, Maryland, and Virginia. It offers storage units available in sizes ranging from small closed units to 300 square feet units. It has more than 72 storage facilities across the United States.
14. Metro Storage LLC
Number of Employees: 200-500
Number of Storage Locations: 89
Metro Storage LLC is located in Chicago and has an experience of over 45 years. It specializes in the construction, management, and acquisition of self storage facilities. The company has more than 85 storage locations, providing services in 12 US states. It has a total rentable area of 6.1 million square feet. The company also provides self storage services in Central America.
13. Compass Self Storage
Number of Employees: 200-500
Number of Storage Locations: 100+
Compass Self Storage is ranked 13th on our list. The company provides self storage services in 14 US states including Texas, Massachusetts, and Michigan among others. Its offerings include business storage, home storage, RV and boat storage, and remote rental capabilities. It has over 100 storage facilities in the US. It is one of the biggest self storage companies in the US.
12. US Storage Centers
Number of Employees: 200-500
Number of Storage Locations: 170+
US Storage Centers has over 30 years of experience in the US self storage market. It boasts modern self storage facilities, located in accessible locations with features such as high security, 24-hour video recording, free move-in trucks, and climate control. It has over 170 storage facilities across the United States.
11. Prime Storage
Number of Employees: 200-500
Number of Storage Locations: 358
Prime Storage is ranked 11th on our list. Founded in 2017, the company provides commercial, vehicle, RV, boat, warehouse, and climate-controlled storage services. The company has over 358 locations across 30 US states and 2 Canadian provinces. The company has acquired assets of $5.7 billion and has a storage capacity of 25.1 million rentable square feet.
10. Clutter Inc.
Number of Employees: 500
Clutter Inc. is a leading storage and moving company, offering specialized, full-service, and smart storage solutions. The company has provided storage services to over 52,000 customers. The company has a total storage area of 2 million square feet. It is one of the biggest self storage companies in the US.
9. StorageMart
Number of Employees: 500-1,000
Number of Storage Locations: 300+
StorageMart is a market leader in the US self storage market. The company provides storage services including, climate-controlled storage, vehicle parking and storage, business storage, inventory storage, contractor storage, and warehouse space. The company has more than 300 storage facilities across the US, Canada, and the UK.
8. PODS
Number of Employees: 1,000-5,000
Number of Storage Locations: 240+
PODS is ranked 8th on our list of the biggest self storage companies in the US. It is a leading moving and storage company, offering relocation, logistics, portable storage, construction storage, seasonal storage, and on-site storage services. The company has more than 240 storage centers in the US across 45 states in the US.
National Storage Affiliates Trust (NYSE:NSA) owns, operates, manages, and acquires self storage facilities in high-growth markets. Headquartered in Colorado, the company manages 1,050 self storage properties located across 42 US states and Puerto Rico. The company has a total rentable storage area of 69.6 million square feet. As of April 3, National Storage Affiliates Trust (NYSE:NSA) has a market cap of $4.95 billion. It is ranked 7th on our list.
Americold Realty Trust, Inc. (NYSE:COLD) is a leading storage and logistics company, offering services such as supply chain management, temperature-controlled storage, transportation, and logistics. The company operates over 240 facilities in the US. It has a total storage volume of 1.5 billion cubic feet in North America, Australia, South America, Europe, and New Zealand. Americold Realty Trust, Inc. (NYSE:COLD) is valued a $6.78 billion, as of April 3.
