The 2023 report looks at investor appetite, growth performance, public awareness, and the impact of the current cost of living crisis on the sector, analysing a range of data points from operator, customer, and public surveys.
- Industry annual turnover reached £990 million and is predicted to hit £1 billion in 2023;
- Occupancy rates remain stable at 83.3%;
- Rental returns are up 4% to £27.19 per sq ft;
- Churn increased from 76% in 2021 to 81% in 2022;
- Over 2 million sq ft of additional space has been occupied compared to last year;
- UK storage space per head of population is 0.82 sq ft
- The residential market contributes the largest number of customers, totaling 36%;
- 78% of operators are making sustainability improvements to their businesses;
- 17% of customers say their needs for self storage have changed due to the cost of living crisis.
Download the report to find out more about the self storage sector. If you would like to discuss any aspect of the report findings, please contact a member of the team.