Industry Snapshot 2023
background-blob background-blob background-blob background-blob background-blob background-blob

Industry Snapshot 2023

Fundamentals in Focus:
The SSAA Industry Snapshot 2023 explores the strong performance of the self storage sector.

Explore below

Market Metrics

The self storage sector growth story continues
Resilient revenue growth has underpinned strong operating performance across Australia and New Zealand in 2023. Macro trends are now set to take the stage as leading indicators point to stabilised growth ahead.
Occupancy (by area)
Weighted Avg. Storage Fee Rate ($/sqm)
Storage facilities in Australia
Storage facilities in New Zealand
Supply Rate (sqm per capita)
2.29 sq ft per capita
Annual industry turnover

SSAA Storage Industry Gauge

Consistent year-on-year outperformance, supported by the movement of people in 2023.
Select drop down to explore other options
A gauge labelled 'weak' to 'strong'


The Storage Industry Gauge measures the strength of the self storage market at a point in time.
The gauge monitors the performance of self storage across East Coast Australian cities, linking changes in revenue performance to various demand drivers. The condition of the economy and strength of demand drivers creates a self storage market score.
Download the full report to explore the 2023 outlook and learn more about the Industry Gauge.
A gauge labelled 'weak' to 'strong'

Population Growth

The stronger 2023 result can be attributed to a higher score in population growth and 'movement of people', driven by strong levels of Net Overseas Migration which have increased 37% in the three cities during the 12 months to March 2023. The movement of people is set to be a key demand driver for the sector in the coming years.
The population growth demand driver adopts the actual population growth rate.
A gauge labelled 'weak' to 'strong'


Storage demand is driven by change of life events, and this demand driver captures disruption in all its forms. The disruption demand driver measures major events which impact day-to-day life, examples of which include natural disasters, economic crisis and black swan events (including a pandemic). The disruption score has remained consistent year-on-year.
The disruption demand driver adopts a score based on the level of disruption, calculated using a range of inputs.
A gauge labelled 'weak' to 'strong'

Discretionary Inflation

Discretionary spend has been constrained by inflation. The macroeconomic climate remains somewhat uncertain and customers are facing higher costs of living and more challenging business environments.
Previously measured as average household income, the discretionary inflation demand driver now adopts the change in discretionary spend index.
A gauge labelled 'weak' to 'strong'

Residential Sales

Slower residential sales volumes has contained the 2023 result, despite the positive impacts of movement of people.
The residential sales demand driver adopts the annual change in housing turnover/sales and is based on the most recent ABS metrics.
A gauge labelled 'weak' to 'strong'

New Apartments

A rebound in new apartment completions has seen this demand driver strengthen across 2023. The Build to Rent sector is expected to contribute further in future years.
The new apartments demand driver adopts the annual change in apartment completions.
A gauge labelled 'weak' to 'strong'


2024 is set to see the highest increase in new self storage supply if all developments are completed as scheduled. This is likely to impact the 2024 result.
The self storage supply demand driver adopts the annual new supply rate as a percentage of existing stock.

Market Activity

Industry consolidation and structural changes continue to shape the sector
A quieter year for transactions with fewer acquisition opportunities and strong revenue growth aiding asset retention. Industry consolidation is slowing as the development pipeline grows, with activity shifting from the acquisition of operating self storage facilities to development sites, particularly in major cities.
Quantum value of acquisitions

New supply

Supply levels continue to surge across major metro markets

More than 140 new self storage facilities are forecast to come online over the next two to three years, if all projects proceed.

Well established, existing self storage developers continue to grow and develop a high proportion of new supply.

The chart below is a forecast for 2023 supply

More than 140 new self storage facilities are forecast to come online over the next two to three years, if all projects proceed.

Well established, existing self storage developers continue to grow and develop a high proportion of new supply.

Explore the key themes driving growth and innovation across the sector
Industry Insights

Artificial Intelligence

Embracing AI should improve operational efficiency and enhance the customer experience


The impacts of the challenging insurance landscape have been felt across the industry

Build to Rent

BTR opportunities are set to build future demand for self storage
Industry Snapshot Snapshot 2023
Explore the
full report

Send an enquiry