Phoenix Self-Storage Market Report

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. Phoenix continues to outperform in job growth, with an addition of 43,200 jobs in 2023, bringing the total to 166,000 more jobs than pre-pandemic levels, marking the sixth-largest gain in the nation. Phoenix’s diverse economy and relative affordability continue to attract people from dense, expensive cities, fostering population growth and strengthening its value proposition as a business-friendly environment.

 

Phoenix boasts relatively affordable self-storage rates compared to other sought-after cities in the US, even amidst consistent growth. The self-storage sector plays a crucial role in serving the needs of both renters and homeowners. With a population of approximately 254,818 renters and 325,058 homeowners, self-storage facilities act as valuable extensions of people’s homes when living spaces cannot adequately accommodate all their possessions.

 

The average cost of a 10×10 storage unit is currently $116 per month, a 7.2% decrease from the previous year (Source: Storage Cafe). The cost of self-storage can fluctuate based on the area, with certain neighborhoods providing more economical rates compared to others.

 

The self-storage industry has experienced consistent growth in recent years, with a steady stream of new developments. In 2023, approximately 238,573 square feet of self-storage space came online, with a projected 108,454 square feet set for completion in 2024. – Source: Storage Cafe

 

How Self-Storage Costs in Phoenix Compare to Rates in Other Sought-After Markets in The U.S.

Source: Storage Cafe

 

Key Insights As of Q1 2024

• # Of Self-Storage Facilities: 162
• # Of Self-Storage Units: Approx. 14,645
• Total SF Of Inventory: 10,864,525 SF
• Average Rent for A Standard 10×10 Unit: $116
• Average Apartment Size: 808 SF
• Median Home Price: $288,200
• Average Apartment Rent Per Month: $1,534

 

To read a previous Phoenix self-storage market report, click here.