16 Biggest Self Storage Companies in the US

Meerub Anjum

Thu, Apr 4, 2024, 5:47 AM9 min read

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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 the 5 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.

Now that we have discussed some of the top companies providing storage solutions in the United States, let's have a look at the 16 biggest self storage companies in the US. You can also check out the biggest trucking companies in the US and the biggest logistics companies in the world.

16 Biggest Self Storage Companies in the US

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.