2024 Facts and Statistics About Self-Storage Economics
The self-storage industry has emerged as one of the standout sectors in the British economy. While other parts of the UK’s industrial sector have seen limited growth, self-storage continues to expand, offering valuable solutions for both businesses and private citizens. As people and companies face space constraints, self-storage has become an integral service, providing flexibility and security during various life stages.
In this article, we’ll explore key facts and statistics about the self-storage industry in 2024, covering its growth, the number of facilities, turnover, and the factors driving demand.
There Are 2,231 Storage Sites In The UK
The UK’s self-storage market is highly competitive, featuring a mix of regional and national operators. In 2023, the largest provider operated 133 sites, while around 30% of facilities were run by large operators managing 10 or more sites. Altogether, there are 2,231 self-storage sites across the country, providing over 55.5 million square feet of space.
The Industry Achieved an Annual Turnover of £1.08bn
In 2023, the self-storage industry hit a significant milestone, with annual turnover surpassing £1.08 billion. This impressive growth underscores the essential role self-storage plays for both households and businesses in the UK.
Despite rising living costs and fewer inquiries, demand for flexible, secure storage solutions remains strong. New facilities continue to open, supported by tech innovations like AI-powered security, which further boost efficiency.
Self-Storage Usage Has More Than Doubled Between 2018 and 2024
Self-storage usage in the UK has more than doubled in the past six years. In 2018, only 1.29% of the population used self-storage services, but by 2024, that figure had risen to 3%. Additionally, 9% of people are considering using self-storage in the near future, highlighting the industry’s rapid growth and expected continuation in the years ahead.
70 Percent Of UK Self-Storage Sites Are Run By Small Operators
The self-storage market is known for its competition and fragmentation. Unlike other sectors dominated by a few major players, 70% of UK self-storage sites are run by small operators managing fewer than 10 facilities. This market structure encourages healthy competition, offering customers more options and better services tailored to their needs.
The Average Facility Is 25,366 sq ft
To put it in perspective, a large family home in the UK is around 3,000 square feet. The average self-storage facility, however, is about eight times that size at 25,366 square feet. With nearly 60 million square feet of storage space nationwide, the industry meets both short-term personal storage needs and long-term business solutions.
The Housing Crisis and E-commerce Are Boosting Demand
As housing costs in the UK continue to rise, many people are opting for smaller homes, making self-storage essential. With 280 new stores planned by 2026, this trend shows no sign of slowing. Two-thirds of customers keep their units for around two years, and 16% for more than five years.
E-commerce is also driving demand, with small businesses turning to self-storage for cost-effective inventory solutions. Traditional warehouse spaces are becoming scarce and expensive, making self-storage an affordable alternative for businesses looking to manage stock and streamline deliveries.
Life Events and Changing Demands Are Increasing Self-Storage Usage
Significant life events are a major reason for self-storage use in the UK. According to the latest SSA industry report, 12% of users obtain storage space due to life events such as moving, downsizing, or managing an inheritance.
Additionally, relationship breakdowns are a key driver, with usage doubling among newly divorced or separated households, as reported by Storeganise. Self-storage offers practical solutions for managing possessions during these transitions.
Technological Advancements Are Driving Efficiency
As of 2023, 25% of UK self-storage operators have integrated AI to enhance security and operational efficiency. AI provides real-time monitoring, digital bookings, and smarter facility management, helping businesses make better use of their space and predict future demand. For customers, this means improved security and convenient online access to units at any time.
As technology continues to evolve, self-storage facilities are becoming even more user-friendly.
Storage Consumers Have More Options
The UK self-storage industry offers two main types of storage: internal storage and container-based storage.
Internal storage, which makes up 84% of facilities, is typically located within buildings and offers enhanced security and climate control—ideal for household items, business inventory, or sensitive materials.
Container-based storage, making up the remaining 16%, is often more affordable and offers drive-up access, providing a convenient option for quick and easy access to goods.
London Has Significantly More Self Storage Capacity Per Capita Compared To The UK
It should come as no surprise that London has the highest amount of self-storage capacity per capita of any region in the UK. This is partly due to their higher population density, commercial businesses, and expensive housing prices.
However, space in London comes at a premium, which means self-storage facilities have had to get creative in finding affordable locations for their facilities.
Sustainability Initiatives Are Increasing Business Value
Sustainability has become a key focus for self-storage operators. In fact, 95% of SSA UK members report that implementing sustainability improvements has increased their business value—a 17% rise from the previous year. This growth is driven by a mix of appeal to eco-conscious customers and cost savings from energy-efficient measures.
As the industry moves towards greener solutions, operators are adopting energy-efficient technologies, reducing waste, and using eco-friendly building materials to enhance both environmental and financial performance.
Future Investments in Self-Storage
The future of the UK self-storage industry looks promising, with 44% of operators planning to invest in new sites. Interest in mixed-use developments—where self-storage is combined with residential or commercial spaces—has also risen by 5%. This trend shows how the industry is adapting to meet changing customer needs.
Self-storage businesses are also investing in technology to improve customer experience and operational efficiency. Automated systems, online booking platforms, and other digital tools are helping streamline operations, making storage solutions more accessible and convenient.
Conclusion
The UK self-storage industry is thriving, with continuous growth driven by increasing demand, technological advancements, and sustainability initiatives. As competition rises, both operators and consumers benefit from a diverse range of services, enhanced security, and more flexible storage solutions. Whether you’re in the market for a storage unit or running a self-storage business, staying on top of these trends will ensure you meet the evolving needs of the market.
If you’re looking for secure, convenient, and affordable storage solutions, Henfield Storage offers units across London and Sussex. Contact us today to find out how we can help with your storage needs.
