Self storage operators who participated in an SSA Industry Confidence Survey last month conveyed optimism for the rest of the year, despite tepid reports of move-in activity thus far in 2024. The survey of 400 self storage operators of all sizes throughout the country found that most storage companies are seeing similar performance to last year, although a quarter of participants described a more challenging new business environment.

Slightly more than half of self storage operators (53.6%) reported move-ins have stayed about the same year-over-year (YoY), and that only 18% of operators reported a higher move-in percentage so far in 2024, compared to 2023.

 “The survey was consistent with the public disclosure reports from the industry’s REITs earlier in the year, which suggested a 'normalization' following a couple of years of extreme revenue growth,” said SSA President & CEO Tim Dietz.

Nonetheless, the survey participants were optimistic about the remainder of 2024, with 33.4% expecting move-in activity to be higher, while only 6% expected move-ins to decrease compared to the early part of the year. Again more than half, 56%, expect similar patterns as were experienced at the beginning of 2024.

The study also indicated that self storage companies with larger portfolios have been able to attract new customers at a higher pace. Owners of more than 10 properties reported a higher percentage of move-ins YoY, 27.5%, compared to only 16% of owners of 10 or fewer facilities.

For more information on SSA data & survey's, please contact Mike Blackett at mblackett@selfstorage.org.