Demand for Self Storage Surges in Florida Cities

Francesco Abbruzzino, The Uncensored Report, LLC

 

Amid a favorable economic context, with consumer spending surging 16% in 2023 versus the previous year, shrinking apartment sizes, and sustained enthusiasm for remote work, it’s no surprise that self storage is thriving.

 

Relocation remains a primary industry catalyst, and Florida, a top migration magnet, has seen a surge in interest in self storage across 75% of its 16 largest cities. Developers are actively working to meet this demand, even as the pandemic-induced spike begins to fade. In 2023, new storage space delivered in Florida reached a total of 6.2 million square feet, marking a significant 20% increase compared to the year before.

 

Here are other relevant takeaways from our annual survey of self storage preferences:

Nationally:

  • 1 in 5 Americans reported being self storage users, with an additional 14% expressing their intent to use the service in the future.
  • A generational snapshot: Millennials’ presence among storage users rises from a fifth to a quarter, surpassing Gen Xers in storage usage for the first time in four years.
  • Main reason for using self storage: 42% of respondents cited lack of space at home as the primary reason for turning to self-storage. While still a significant industry driver, moving has declined in popularity compared to the previous year (25% of respondents in 2023 vs. 34% in 2022), aligning with the slowdown in local moves across the US.
  • The item most commonly kept away from home: About one-third of Americans say they put furniture in self storage. That is followed by clothing, home appliances, sporting items and hobby gear. Seven percent of survey respondents cited business purposes as their main motivation for renting self storage, marking an increase from the previous year.

Top-line Florida:

    • On average, monthly pricing for non-climate-controlled 10-foot-square self storage units in Florida is $120, a 6% year-over-year decrease. Pensacola ($85), Brandon ($98) and Port St. Lucie ($102) are the cheapest. Fort Lauderdale (down 17.0%), Orlando (down 14.8%) and Miami (down 12.7%) had 2023’s most significant price reductions.
    • Miami ($158), Cape Coral ($153) and West Palm Beach ($132) are home to the most expensive storage units.

Please find all the survey results here: https://www.storagecafe.com/blog/self-storage-demand-and-trends/.

If you think your readers would find this data interesting, please feel free to use the findings or visuals in one of your upcoming stories.

 

Aura Michelle Mogosanu

Communications Specialist | StorageCafe

 

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