Done Deals: StorageCafe Notes Self Storage Popularity Surging in Central Florida

Tuesday, May 9, 2023

StorageCafe Notes Self Storage Popularity Surging in Central Florida

Francis Chantree

SANTA BARBARA, CA -- The self storage industry may not be considered glamorous, but it is one whose growth and resilience is a response to people’s very practical needs for extra space, according to StorageCafe's senior editor Francis Chantree.

Recent trends like the adoption of hybrid work, apartment sizes getting smaller, as well as migration patterns from urban to suburban areas have created new needs for storage units, Chantree notes.

"Add those to other key demand drivers like baby boomers downsizing, the thriving RV market and the recent e-commerce boom and you have a self storage sector poised for more growth," he says.

To get a grasp of the latest self storage trends, who most uses storage away from home, and what drives both homeowners and renters to use self storage, "our analysts at StorageCafe asked almost 18,000 Americans about their storage preferences.

Here are the key findings from our survey:

Across America, 21% of people declared themselves to be self storage users in 2022 and an additional 15% said they intend to take advantage of the service in the future.

Top self storage users by generations: Gen-Xers make up the biggest share of storage users in the U.S (23%). They are followed closely by millennials, who have started feeling the need for extra storage space, perhaps because of growing families and increased spending power. Roughly 21% of millennials declared they are using the service.
Main reason for using self storage: Shrinking apartments created a strong need for extra space. Roughly 40% of current storage users reported lack of space at home as their primary reason for renting self storage, overtaking relocating, which was reported by 34%.
The item most common kept away from home is furniture, followed by clothing. Additionally, people also store home appliances, sporting items and hobby gear, as well as business items. Yet, tales of the strange things found in storage units are abundant.

The most interested cities: Orlando was 10th and Tampa 18th in terms of average monthly searches. Both cities had some of the largest spikes in searches from 2019 to 2022, with interest in storage jumping an astounding 244% for Orlando and 223% for Tampa.
Currently, the average cost of a 10'x10' storage unit in Orlando is $116/month, down 1.7% compared to last year, while in Tampa rents average out at about $120/month, a decrease of 3.2% compared to last year.