UK SELF STORAGE INDUSTRY REPORT 2023

PRICE EXPECTATIONS Survey respondents that have not previously used self storage, believe it will be cheaper than it is. This could be one of the reasons why those considering using self storage find cheaper or free alternatives such as container storage or friend and family garages. There has been an increase in the perceived price of self storage this year. With inflation sitting at 10%, this is to be expected and the perceived cost remains well below the actual cost.

When considering the typical cost of self storage, the table below shows that across the UK only 10% of survey respondents have a correct understanding of the cost of a self storage unit and 77% thought it would be cheaper or did not know. Initial price shock is an issue the industry needs to deal with and is only partly mitigated by individual discount options such as 50% off the first 2 months. That said, there has been improvement in this data in recent years. In 2019, less than 7% of people were in range and over 32% did not know.

SELF STORAGE

ANNUAL REPORT 2023

UK

LONDON SOUTH NORTH SCOTLAND

INDICATIVE AVERAGE NET MONTHLY RENTAL RATE FOR A 90 SQ FT UNIT

PRICE EXPECTATIONS

£194 £273 £163 £131

£175

35

30

10%

7%

11%

17%

11%

IN RANGE

25

12%

9%

15%

20%

12%

OVER

20

UNDER WITHOUT DON’T KNOW

15

52%

58%

50%

38%

50%

2023 2022 2021 2020 2019

10

25%

26%

24%

26%

27%

DON’T KNOW

5

0

LESS THAN £10

£10 TO £50

£51 TO £100

£101 TO £150

£151 TO £200

£201 TO £250

MORE THAN £250

DON’T KNOW

%

P. 70

P. 71