North Carolina Self-Storage Market Size (2024 - 2029)

North Carolina Self-Storage Market Analysis

The North Carolina Self-Storage Market was valued at USD 1,281.27 million the previous year and is expected to register a CAGR of 4.97%, reaching USD 1,694.99 million over the forecast period. The demand for self-storage in North Carolina has constantly been expanding. Because land is becoming increasingly scarce, denser and smaller houses are becoming more popular. As a result, many consumers are turning to self-storage as a handy solution to their space problems. Land for self-storage has gradually become a commodity due to the rising residential, retail, and industrial real estate costs in recent years.

• The trend of people regularly moving homes due to employment supports market growth. Due to the convenience of using self-storage facilities to store personal and office things conveniently, businesses are shrinking their office space to cut costs. Additionally, the self-storage sector is immune to recessions, encouraging investors to invest money there and support market expansion.
• For instance, According to the Self-Storage Association, there are over 1,900 facilities with a total of 5.9 million square feet of storage space in the North Carolina self-storage sector. Given the industry's expanding trends, this is an excellent time to invest in this asset class. Due to the high demand, low vacancy rates, significant earnings, and favorable tax treatment, investors have a special opportunity.
• Furthermore, companies used self-storage facilities to hold their furniture, tools, and papers during the pandemic since they suspended their leasing agreements with the workplaces and stopped operating on-site, which drove the market.
• North Carolina is one of the major urban centers with expensive rent for both residential and commercial buildings. Owing to the high cost of establishing infrastructure in the state, many businesses have come to the realization that keeping goods in storage facilities is less expensive than renting extra retail space, which presents a market vendor opportunity owing to rising demand.
• Government rules are impeding market expansion. The Self Storage Association is the industry's significant government relations and legislative issues champion. Over the last decade, the association has influenced dozens of relevant laws, including those requiring licenses to sell tenant insurance, modernizing required notice methods, authorizing reasonable late fees, and opposing the imposition of sales taxes on self-storage rents in North Carolina. Furthermore, the association usually works with allied state associations to achieve legislative success.
• The lockdown and social distance guidelines implemented in response to the COVID-19 pandemic presented difficulties for the market. However, the change in working conditions, such as the widespread use of working from home, has opened up market prospects due to the necessity to set up home offices and the need to conserve space.

North Carolina Self-Storage Industry Segmentation

North Carolina's self-storage market is defined based on the revenues generated from the services used by various user types across North Carolina. The study also analyses the overall impact of the COVID-19 pandemic on the ecosystem. The study includes qualitative coverage of the most adopted strategies and an analysis of the key base indicators in emerging markets.

The North Carolina Self-Storage Market is segmented by User Type (Personal and Business) and Geography (Charlotte, Raleigh, Greensboro, Durham, Winston-Salem, and the Rest of North Carolina). The market sizes and forecasts are provided in terms of value (USD million) for all the segments.