Storage Monitor: The Most Resilient Self-Storage Markets of 2023
Amidst a challenging year for the storage industry, marked by declining rates and slowed demand, the self-storage market reveals a nuanced landscape.
Self-storage, known for its recession-resilient nature, faces a complex operating environment despite the absence of a U.S. economic recession. Over the past 12 months, the average monthly rental rate of a self-storage unit fell 13.4%, standing at an average of $86.71 in November 2023.
In the following analysis, we delve into the most resilient self-storage markets of 2023. Resiliency in this context indicates a market’s ability to adapt and maintain stability amidst adverse conditions.
What does it mean to be a resilient self-storage operator?
A resilient market showcases stable or increasing storage rates and consistent or growing reservations, emphasizing robust demand for storage units despite economic fluctuations. Self-storage operators demonstrating resilience often maintain a diverse customer base, strategic pricing structures, effective marketing strategies, and facilities positioned in areas with growing populations or unique demand drivers. Additionally, adaptability to changing market conditions and innovative customer-focused solutions contribute significantly to a storage operator’s resilience.
To compile our list, we looked at the 200 most popular markets and compared the average self-storage rate from December 2022 to the rate from November 2023 to show the percent change over the last 12 months. Then we compared total reservations year-to-date in 2023 to the same period last year. Finally we combined the rankings for these two lists to come up with our most resilient markets.
1. Fresno, California
As the overall population of California is declining, the San Joaquin Valley is growing. Fresno is known for its rich agricultural heritage, producing crops like grapes and almonds. The city hosts California State University and Fresno State, which contributes to its educational landscape. Over the past few years, Fresno has experienced steady population growth, with an approximate increase of 9.6% from 2010 to 2020, according to the U.S. Census Bureau. One reason for the growing population is its relatively low cost of living compared to the state’s higher-priced metropolises.
- Average rate December 2022: $98.56
- Average rate November 2023: $115.81
- 12-month change in prices: 17.5%
- Change in reservations (2022 to 2023): 62.4%
2. Carrollton, Texas
Carrollton is a vibrant city located in the heart of North Texas, situated within the Dallas-Fort Worth metropolitan area. With an estimated population of approximately 139,248 residents as of 2020, Carrollton offers a blend of residential neighborhoods, commercial centers, and a diverse economy. Major employers in Carrollton include companies such as Halliburton and the Baylor Scott & White Medical Center. Regarding population growth, from 2010 to 2020, Carrollton experienced an approximate 12% increase in population, showcasing its steady growth as a suburban hub in the region, based on data from the U.S. Census Bureau.
- Average rate December 2022: $96.90
- Average rate November 2023: $115.17
- 12-month change in prices: 18.9%
- Change in reservations (2022 to 2023): 23.5%
3. Spring Valley, California
Spring Valley is a charming suburban community situated in San Diego County, California, boasting a population of approximately 28,205 as of the most recent data. Known for its proximity to San Diego and captivating natural landscapes, Spring Valley offers a mix of residential areas. According to the U.S. Census Bureau, the community has experienced significant growth, with its population increasing by approximately 9.9% from 2010 to 2020, showcasing a steady rise in its populace over the past decade.
- Average rate December 2022: $120.55
- Average rate November 2023: $141.18
- 12-month change in prices: 17.1%
- Change in reservations (2022 to 2023): 19.3%
4. Gainesville, Florida
Gainesville, situated in Alachua County, Florida, is best known as the home of the University of Florida, contributing significantly to the city’s vibrant cultural and intellectual atmosphere. With an estimated population of around 134,827 residents as of the latest available data, Gainesville offers a blend of youthful energy, academic opportunities, and natural beauty. Major employers in Gainesville include the University of Florida, UF Health Shands Hospital, and various technology and manufacturing companies. Over recent years, Gainesville has showcased steady growth, with its population increasing by approximately 13.5% from 2010 to 2020, based on data provided by the U.S. Census Bureau, solidifying its status as a bustling city anchored by education, healthcare, and innovation.
- Average rate December 2022: $80.17
- Average rate November 2023: $83.17
- 12-month change in prices: 3.7%
- Change in reservations (2022 to 2023): 76.5%
5. Del Rey Oaks, California
Del Rey Oaks is a tranquil city nestled in Monterey County, California, with approximately 1,700 residents. Situated near the Monterey Bay coast, this community offers easy access to larger neighboring cities like Monterey and Seaside. Monterey, with a population of around 28,752, is a historic coastal city renowned for its cultural heritage, scenic beauty, and attractions such as the Monterey Bay Aquarium and Cannery Row. The region’s economy thrives on tourism, education, and marine research industries, with major employers including the Naval Postgraduate School and hospitality businesses. Over recent years, the area has experienced moderate population growth, with Monterey County increasing by approximately 12% from 2010 to 2020.
- Average rate December 2022: $114.17
- Average rate November 2023: $118.85
- 12-month change in prices: 4.1%
- Change in reservations (2022 to 2023): 56%
6. Chula Vista, California
Chula Vista, the second-largest city in San Diego County with a population of around 274,492, offers diverse neighborhoods, cultural richness, and proximity to coastal attractions. Major employers include Sharp Chula Vista Medical Center, contributing to its thriving economy. Over recent years, Chula Vista has seen steady population growth of approximately 12.9%, affirming its status as a vibrant community within the San Diego metropolitan area.
- Average rate December 2022: $142.06
- Average rate November 2023: $152.76
- 12-month change in prices: 7.5%
- Change in reservations (2022 to 2023): 13.1%
7. North Highlands, California
North Highlands, a community located in Sacramento County, California, is home to an estimated population of around 46,000 residents. Positioned northeast of Sacramento, it offers a suburban setting and access to urban amenities. While not large-scale, notable employers include Aerojet Rocketdyne and McClellan Business Park. The population here grew 15.5% from 2010 to 2020.
- Average rate December 2022: $52.33
- Average rate November 2023: $54.71
- 12-month change in prices: 4.5%
- Change in reservations (2022 to 2023): 22.2%
8. Carson, California
Carson, situated in Los Angeles County, California, hosts an estimated population of around 92,000 residents. Positioned within the Los Angeles metropolitan area, Carson offers a mix of residential neighborhoods and commercial zones. Major employers include companies like Dignity Health Sports Park and California State University, Dominguez Hills.
- Average rate December 2022: $166.12
- Average rate November 2023: $170.34
- 12-month change in prices: 2.5%
- Change in reservations (2022 to 2023): 29.4%
9. Loveland, Colorado
Loveland, nestled in Larimer County, Colorado, is home to an estimated population of around 79,000 residents. Located south of Fort Collins, Loveland offers a blend of suburban living and outdoor recreational opportunities. Major employers encompass entities like McKee Medical Center and the Thompson School District.
- Average rate December 2022: $91.38
- Average rate November 2023: $102.00
- 12-month change in prices: 11.6%
- Change in reservations (2022 to 2023): 7.2%
10. Bakersfield, California
Bakersfield, situated in Kern County, California, is home to an estimated population of around 390,000 residents. Located in the southern Central Valley, Bakersfield features a diverse economy with industries like agriculture, oil production, and logistics. Major employers include entities like Aera Energy and Kern Medical.
- Average rate December 2022: $72.39
- Average rate November 2023: $82.51
- 12-month change in prices: 14%
- Change in reservations (2022 to 2023): 0.3%
11. Kalamazoo, Michigan
Kalamazoo, located in Kalamazoo County, Michigan, houses an estimated population of around 75,000 residents. Known for its educational institutions like Western Michigan University, Kalamazoo offers a mix of academia and industry. Major employers include Bronson Methodist Hospital and Pfizer Pharmaceuticals.
- Average rate December 2022: $78.35
- Average rate November 2023: $84.23
- 12-month change in prices: 7.5%
- Change in reservations (2022 to 2023): 8%
12. Little Rock, Arkansas
Little Rock, the capital of Arkansas, boasts an estimated population of around 200,000 residents. Situated along the Arkansas River, it serves as a cultural and economic hub in the state. Major employers include the healthcare sector with the University of Arkansas for Medical Sciences and various government entities.
- Average rate December 2022: $66.12
- Average rate November 2023: $67.58
- 12-month change in prices: 2.2%
- Change in reservations (2022 to 2023): 11.5%
13. New York, New York
The biggest city in America remains a relative haven for self-storage with prices showing strong growth over the last 12 months. Reservations in 2023 were only slightly lower than the previous year. New York City’s high-density living, seasonal changes, and transitional population drive the demand for self-storage, catering to residents with limited living spaces and varying needs. The city’s dynamic lifestyle, business demands, and frequent relocations create a robust market for convenient storage solutions for both personal and commercial purposes.
- Average rate December 2022: $105.09
- Average rate November 2023: $124.16
- 12-month change in prices: 18.1%
- Change in reservations (2022 to 2023): -2%
14. San Francisco, California
San Francisco, known worldwide for innovation and technology, continues to show a sturdy market for self-storage, witnessing moderate price increases over the past year. Despite a slight decline in 2023 reservations compared to the previous year, the city’s fast-paced lifestyle, limited living spaces, and diverse population continues to drive the demand for storage. The city of about 808,000 has seen its population decline 7.5 percent from 2020 to 2022, according to the U.S. Census.
- Average rate December 2022: $109.49
- Average rate November 2023: $114.81
- 12-month change in prices: 4.9%
- Change in reservations (2022 to 2023): -5.5%
15. Puyallup, Washington
Puyallup, located in Pierce County, Washington, houses approximately 43,000 residents and offers a suburban lifestyle with access to urban conveniences. As an economic center, the city features diverse sectors like healthcare, education, and manufacturing, with major employers such as MultiCare Good Samaritan Hospital and local businesses.
- Average rate December 2022: $93.65
- Average rate November 2023: $104.72
- 12-month change in prices: 11.8%
- Change in reservations (2022 to 2023): -3.3%
16. Wichita, Kansas
Wichita, situated in south-central Kansas, is home to an estimated population of around 390,000 residents, making it the largest city in the state. Known as the “Air Capital of the World,” Wichita boasts a diverse economy with a strong presence in aircraft manufacturing, healthcare, and education. Major employers include companies like Spirit AeroSystems, Wesley Healthcare, and Wichita State University.
- Average rate December 2022: $62.04
- Average rate November 2023: $65.56
- 12-month change in prices: 5.7%
- Change in reservations (2022 to 2023): -3.1%
17. Hayward, California
Hayward, located in the East Bay region of the San Francisco Bay Area, houses an estimated population of around 160,000 residents. This diverse city is known for its cultural diversity, vibrant community, and proximity to the Bay. Major employers encompass industries such as healthcare, education, and manufacturing, with institutions like Kaiser Permanente, California State University, East Bay, and various technology and industrial companies.
- Average rate December 2022: $107.16
- Average rate November 2023: $102.61
- 12-month change in prices: -4.2%
- Change in reservations (2022 to 2023): 5.9%
18. Oakland, California
Oakland, situated in the San Francisco Bay Area, hosts an estimated population of around 440,000 residents. Recognized for its cultural vibrancy and diverse communities, Oakland enjoys proximity to San Francisco and boasts a thriving arts scene. Major employers include healthcare institutions like Kaiser Permanente, educational entities such as Mills College, and various tech companies.
- Average rate December 2022: $99.36
- Average rate November 2023: $97.75
- 12-month change in prices: -1.6%
- Change in reservations (2022 to 2023): -0.8%
19. North Las Vegas, Nevada
North Las Vegas, situated in Clark County, Nevada, is home to an estimated population of around 260,000 residents. Positioned adjacent to Las Vegas, it offers a suburban atmosphere and easy access to the entertainment and amenities of the Las Vegas Strip. Major employers encompass industries like healthcare, education, and hospitality, with entities such as Amazon, the College of Southern Nevada, and several hotel and casino resorts.
- Average rate December 2022: $84.81
- Average rate November 2023: $82.31
- 12-month change in prices: -3%
- Change in reservations (2022 to 2023): -0.1%
20. Alexandria, Virginia
Alexandria, located in Northern Virginia, is home to an estimated population of around 160,000 residents. Positioned along the Potomac River and in close proximity to Washington, D.C., Alexandria boasts a rich historic heritage, vibrant neighborhoods, and a strong local economy. Major employers include the U.S. Department of Defense, Institute for Defense Analyses, and various government agencies, alongside businesses in healthcare and technology sectors.
- Average rate December 2022: $85.07
- Average rate November 2023: $103.48
- 12-month change in prices: 21.6%
- Change in reservations (2022 to 2023): -9.4%
Make your operation more resilient
While some markets currently have it better than others, making your self-storage operation more resilient to economic ups and downs should always be a top priority. See how Storable can help gird your enterprise through its award-winning stack of essential software and services.
