Phoenix Self-Storage Market Report
Market Overview
As the capital of Arizona and the fifth-largest city in the U.S., Phoenix carries a population of more than 1.6 million people. From its thriving arts and culture scene to its world-class golf courses, sports venues, and outdoor recreational activities, there is something for everyone in Phoenix. The city is also renowned for its flourishing economy, with industries such as healthcare, technology, tourism, and manufacturing driving its growth.
The self-storage sector in Phoenix plays a vital role in serving the diverse residential customer base of the market. With a population comprising both renters and homeowners, self-storage facilities act as valuable extensions of people’s homes when living spaces cannot adequately accommodate all their possessions. In Phoenix, there are about 254,818 renters and 325,058 homeowners, reflecting a mix of housing preferences. The average apartment size in the city is 805 square feet, while the average home size stands at 1,581 square feet. This highlights the need for additional storage solutions as individuals and families seek convenient, secure spaces to store their possessions.
The self-storage industry has experienced consistent growth in recent years, with a steady stream of new developments. In 2022, approximately 437,812 square feet of self-storage space was added in Phoenix, accounting for 4.1% of the existing inventory. A total of 309,481 square feet of self-storage space is projected for completion in 2023. (Source: StorageCafe)
Currently, the average cost of a 10×10 storage unit in Phoenix is $126 per month, a decrease of 3.1% compared to last year. Nationally, self-storage street rates for 10×10 non-climate-controlled units saw a 3.8% year-over-year decrease, registering an average of $128 in June 2023. (Source: StorageCafe)
Of the 147 cities that StorageCafe examined in 2022, Phoenix has the ninth-highest number of average monthly searches for self-storage at 8,290.
Key Insights
Source: StorageCafe
- # of Self-Storage Facilities: 161
- # of Self-Storage Units: 11,519
- Total SF of Inventory: 10,793,632 square feet
- Average Rent for a Standard 10×10 Unit: $126
- Average Apartment Size: 805 square feet
- Median Home Price: $288,200
- Average Rent per Month: $1,553
