The Stats Behind the UK Self Storage Industry

Insights from 2024
At Green Goat Storage, we bring experience from various property-related sectors across the UK. In our view, the self-storage industry stands out as one of the few that has proactively established a self-regulated Trade Association: the Self Storage Association (SSA). Founded in 1995, the SSA plays a pivotal role in raising industry standards and compiles vital sector data, contributing annually to an insightful industry report. Below, we share some key insights from the 2024 report for those curious about the industry’s evolution.
General Industry Trends
- UK self-storage footprint: The total storage space reached 60 million square feet in 2023, tripling since 2005.
- Space per capita: UK residents currently have 0.89 sq ft of storage per person, compared to 7 sq ft in the US, revealing significant growth potential.
- Industry revenue: The self-storage market generated £1.08 billion in revenue in 2023.
- Occupancy rates: National occupancy averaged 77.5% in 2023, a 2.5% decrease from the previous year.
- Customer satisfaction: 82.5% of customers reported being satisfied with their self-storage solutions.
Customer Preferences
- Proximity is key: 73% of customers travel less than 15 minutes to their storage unit, emphasizing the importance of local facilities like Green Goat Storage.
- Residential dominance: 84% of self-storage customers are residential, underscoring the industry’s role in managing personal space.
- Perceived value: 95% of customers believe self-storage offers good value for money.
- Phone communication: 53% of customers prefer contacting their provider via phone, highlighting the value of personalized service.
Usage Patterns
- Primary reasons for use: House moves, decluttering, and downsizing remain the top motivators for residential customers.
- Business usage: Small businesses increasingly rely on self-storage for flexible inventory and logistics solutions.
- Lifestyle storage: There’s a growing trend in customers using storage for lifestyle purposes, such as seasonal items or long-term safekeeping.
Storage Features
- Automation: The industry is adopting innovations like keyless entry and mobile app integration to improve user convenience.
- Enhanced security: 96% of facilities now have perimeter CCTV, and 78% offer individual room alarms.
- AI adoption: 25% of operators use AI for pricing and customer interactions, reflecting a tech-forward market shift.
Environmental and Economic Factors
- Sustainability efforts: 25% of operators report increased business value due to sustainability initiatives.
- Compact spaces: Average store sizes have decreased to 22,173 sq ft, signaling a shift towards smaller, localized facilities.
- Mixed-use developments: There’s growing interest in integrating storage facilities with urban mixed-use projects.
Relevance to Fulham and Chelsea
- High demand in London: The capital experiences higher occupancy rates and returns per square foot, supporting premium urban storage solutions.
- Smaller unit preferences: Customers increasingly seek smaller, cost-effective units, aligning perfectly with Green Goat Storage’s offerings.
- Retention trends: London boasts one of the highest customer retention rates, an opportunity for local businesses to shine with excellent service.
Market Challenges and Opportunities
- Discounting strategies: Promotions like “50% off for the first month” are effective for attracting customers but can affect yields.
- Steady inquiries: Despite a dip in occupancy rates, demand remains strong for flexible, local storage solutions.
- Economic resilience: Despite inflation and rising interest rates, self-storage demand has stayed robust.
Predictions and Future Trends
- Drone deliveries: The future may bring automated deliveries directly to and from storage units.
- Robotics: Robotic systems could assist in moving items within facilities, enhancing the customer experience.
- Impact of housing costs: Rising housing expenses continue to drive demand for storage as people downsize.
- Awareness gap: While 43% of the public understand self-storage, 8.7% are considering it—education is essential.
Financial Insights
- Revenue stability: Average rental returns rose to £26.23 per sq ft in 2023, a 1% increase despite economic challenges.
- Cost management: Utility cost increases were kept to just 1% in 2023, supported by energy price stabilization.
Green Goat Storage: Positioned for the Future
At our Fulham & Chelsea facility, Green Goat Storage is uniquely positioned to deliver on proximity, value, and innovative service for both residential and business needs. We actively monitor trends to anticipate and adapt to our customers’ evolving needs.
We welcome your feedback—let us know how we can improve our offering, as customer satisfaction is our top priority!