The global industry was worth 48.02 billion U.S. The six largest publicly traded storage operators (four REITs, and U-Haul own or operate approximately 18% of self-storage facilities. There is more than 1.9 billion square feet of available self-storage in space in U.S. Self storage today Īt year-end 2019, there were 47,539 self-storage facilities in the United States on industrial and commercial land parcels. From 2000 to 2005, over 3,000 new facilities were built every year in America. Modern storage facilities grew slowly through the '90s, at which time demand outpaced supply and caused a rush of new self-storage developments. In the industry he is widely credited with the enviable title of the "father of UK self-storage". it was Doug Hampson who gave Britain the modern self-storage industry, with its bright, clean corridors and endless rows of brightly-coloured doors. Called Abbey Self Storage, it would become the first self-storage chain in Europe. The first self-storage facility in Europe was started in the United Kingdom by Doug Hampson, and opened in central London in 1979. This was often helped by the fact that most homes in Texas do not have basements, which in other places are often used for storage. The first self-storage facility chains opened in Texas. A self-storage facility does not take possession or control of the contents of the space unless a lien is imposed for non-payment of rent, or if the unit is not locked the facility may lock the unit until the tenant provides their own lock.Īlthough there is historical evidence of publicly available storage in ancient China, modern self-storage facilities (in which the tenant has exclusive access to the storage space) did not begin to appear until the late 1960s. Unlike in a warehouse, self-storage facility employees do not have casual access to the contents of the space (and, thus, the facility is generally not liable for theft). The rented spaces are secured by the tenant's own lock and key. Most storage facilities offer insurance for purchase also, the lessor may be covered by their own insurance policy (if such policy has coverage for items stored off the premises of the insured) or may purchase insurance to cover the items (which the facility may offer as a service through a third-party carrier, and in some cases may require the lessor to purchase as a condition of rental). Some facilities offer boxes, locks, and packaging supplies for sale to assist tenants in packing and safekeeping their goods, and may also offer truck rentals (or may allow free use of a truck for a new tenant). Self-storage facilities rent space on a short-term basis (often month-to-month, though options for longer-term leases are available) to individuals (usually storing household goods nearly all jurisdictions prohibit the space from being used as a residence) or to businesses (usually storing excess inventory or archived records). When discussing why a storage space is rented, industry experts often refer to "4Ds of life" (death, divorce, delimitation, and discombobulation the latter can refer to either the renter relocating to another area and needing space to store items until they can be moved to the new location, or a subsequent marriage resulting in the couple having duplicate items). Self-storage tenants include businesses and individuals. Self storage (a shorthand for "self-service storage," and also known as "device storage") is an industry that rents storage space (such as rooms, lockers, containers, and/or outdoor space), also known as "storage units," to tenants, usually on a short-term basis (often month-to-month). Storage lockers at the Tampere Central Station in Tampere, Finland Please help update this article to reflect recent events or newly available information.
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