United States Self-Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)
The United States self-storage market is expected to register a CAGR of 2.02% over the forecast period. Despite the disruption the COVID-19 pandemic has created for various industries, certain business types still offer investors opportunities during the recession and are expected to perform well into recovery. Self-storage is one of the most resilient asset classes in the market, in part as the number of people using storage continues to rise, and the unique fundamentals of operating the business make it attractive. The industry has been growing in recent years. According to the US Census Bureau, construction spending on self-storage has increased by 584% from January 2015 to January 2020.
Further, the demand has increased owing to the pandemic and its impacts. The advantages in the self-storage market include increased household penetration, strong population growth in the United States, and the sector's resilience compared to other asset classes. The self-storage sector is returning to higher levels as states begin to scale back some of their COVID-19 restrictions.
Key HighlightsThe competitive rivalry in the United States self-storage market is high owing to the presence of some key players in the region, such as public storage, U-haul International Inc., amongst others. Their ability to continually innovate their offerings has allowed them to gain a competitive advantage over other players. Through research and development, strategic partnerships, and mergers & acquisitions, these players have been instrumental in gaining a stronger footprint in the market.
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