How Public Storage Grew from Two Founders to a Nationwide Company

Public Storage grew from a partnership between Wayne Hughes and Ken Volk into the world’s largest owner and operator of self storage facilities. The two real estate professionals opened the first Public Storage location in El Cajon, California, in 1972 after recognizing strong customer demand for extra space. 

Today, Public Storage has more than 4,600 facilities serving more than two million customers across 42 states. The company’s history began with a simple observation, a shared investment, and a focus on helping people make more room during life transitions. 

Key Takeaways

• Wayne Hughes and Ken Volk founded Public Storage in 1972. 

• Both founders contributed $25,000 in seed funding to launch the business. 

• A self storage facility in Houston with full occupancy and a waiting list helped inspire the idea. 

• The first Public Storage location opened in El Cajon, California, with bright orange doors visible from a nearby highway. 

• Public Storage grew by responding to customers’ need for flexible extra space during moves, household changes, and other transitions. 

Who Founded Public Storage?

Wayne Hughes and Ken Volk founded Public Storage. They met in the 1970s while working on the sale of real estate assets in Northern California. Hughes was an executive vice president at a real estate investment company, while Volk had experience as a California home developer. 

Their experience fit together naturally. Hughes brought knowledge of real estate investment and sales, and Volk brought development experience. Both saw potential in a business that could use land efficiently while helping customers create more room in their everyday lives. 

The partnership began with each founder contributing $25,000. That early investment helped turn an emerging idea in real estate into the first Public Storage facility. 

How Did the Public Storage Idea Begin?

The Public Storage idea began when Ken Volk discovered a small self storage facility in Houston, Texas. The facility had rented all available units and had a waiting list of prospective renters. That demand suggested that people were looking for a practical way to create extra space outside the home. 

Self storage was a newer concept at the time. Hughes and Volk saw an opportunity to build locations that could serve people during a variety of changes, including moves, home updates, and shifts in household routines. 

Their early business model was straightforward: develop self storage facilities and continue building as long as customers continued to rent the available space. The idea connected a real estate opportunity with an everyday need that could arise in many communities. 

When Did the First Public Storage Location Open?

The first Public Storage location opened in El Cajon, California, in 1972. The opening included a community celebration, and the property featured bright orange doors intended to catch the attention of people traveling on the nearby highway. 

The orange doors became an important part of the Public Storage brand. They helped make each location recognizable and reflected the company’s early emphasis on visibility and convenience. 

The first customer used the facility to make more room at home. A distributor needed a place to stash product containers that had been taking up space in a driveway. The situation reflects a common reason customers seek self storage today: some everyday items may no longer fit comfortably in the spaces they use most. 

Why Did Public Storage Grow?

Public Storage grew because people’s space needs often change. Moving, combining households, updating a home, attending college, or changing routines can all create a need to pack away seasonal belongings or organize household items. 

The company’s early facilities were originally viewed as temporary uses of the land. Customer demand continued, however, and Hughes and Volk kept developing additional locations. Their approach was to keep building facilities until they stopped filling. Instead, the need for flexible storage continued to grow. 

Self storage can fit different timelines and situations. One person may use a unit while unpacking after a move, while another may use extra space to rotate seasonal décor, furniture, or household supplies. This flexibility helped the business expand from one California location into a nationwide company. 

How Has Public Storage Changed Since 1972?

Public Storage has evolved from a two-person partnership into a publicly traded S&P 500 company. While the company has expanded, customers can still choose storage based on the amount of space they need, their timeline, and available options at a nearby location. 

Today’s rental experience can include online tools that help customers compare unit sizes, review nearby locations, reserve a unit, and complete a rental online. All rentals are month to month, which can help customers choose a timeline that fits their plans. 

Available features vary by property and unit, but many locations offer: 

• Small, medium, and large units for a range of household storage needs. 

• Climate-controlled units at more than 90% of Public Storage properties. These spaces are designed to help maintain more consistent temperature or humidity levels than non-climate-controlled units. 

• Drive-up access units at more than 45% of Public Storage properties. Drive-up access can make loading and unloading boxes, furniture, and household items from a vehicle more convenient. 

• Online reservations and rentals that allow customers to compare options before visiting a location. 

• Month-to-month rentals that fit moving schedules and changing storage needs. 

Unit sizes, features, and availability vary by location and unit. Climate-controlled units do not guarantee a specific temperature or humidity range. 

What Has Stayed Consistent Throughout Public Storage’s History?

Public Storage has grown in size, technology, and available options, but its original purpose remains familiar: helping people find extra space when life changes. 

A move can create a need for room while boxes are unpacked. A home project can make it helpful to put away furniture and household items temporarily. Seasonal décor, extra linens, hobby supplies, and other everyday belongings can also make closets and living areas feel full over time. 

The company’s early insight was that extra space can help people organize and adjust during change. More than five decades later, that same idea continues to guide how Public Storage serves customers. 

Frequently Asked Questions

When Was Public Storage Founded? 

Public Storage was founded in 1972 by Wayne Hughes and Ken Volk. The company’s first location opened in El Cajon, California. 

Who Founded Public Storage? 

Wayne Hughes and Ken Volk founded Public Storage. They combined their experience in real estate investment, sales, and development to create the company. 

Where Was the First Public Storage Location? 

The first Public Storage location opened in El Cajon, California, in 1972. Its bright orange doors became a recognizable part of the brand. 

How Many Public Storage Locations Are There? 

Public Storage has more than 4,600 facilities serving more than two million customers across 42 states. 

What Types of Storage Units Does Public Storage Offer? 

Unit types vary by location, but Public Storage offers a range of storage unit sizes. More than 90% of properties offer climate-controlled units, and more than 45% offer drive-up access units. 

From a Shared Idea to a Nationwide Company

Public Storage began with two founders, an early observation about customer demand, and one location in California. The company grew by building on a simple idea: flexible extra space can help people navigate the changes that shape everyday life. 

From its first opening in 1972 to its current nationwide presence, Public Storage has continued to build on that purpose—helping customers organize, pack away, and make room for what comes next.