U-Haul
Interested in selling your U-Haul NNN property or U-Haul ground lease property and wondering what you can get for it in today’s changing market?
Contact us for a complimentary broker opinion of value for your off-market U-Haul NNN property for sale or U-Haul ground lease property for investment, specifically tailored to support your 1031 exchange requirements. This valuable assessment will provide you with the clarity needed to make informed decisions regarding the sale of your U-Haul NNN property or the inclusion of a U-Haul ground lease property in your investment portfolio. As specialists in working with 1031 exchange buyers seeking off-market U-Haul properties, we are dedicated to delivering competitive offers with reduced fees to help you maximize your investment returns.
Number of locations
As of 2024–2025, U-Haul operates over 21,000 locations across the United States and Canada, including company-operated locations, authorized dealers, and affiliated independent operators. The brand also maintains a fleet of more than 180,000 trucks, trailers, and towing devices for residential and commercial moving and storage.
Core markets include:
All 50 U.S. states, Canada, and select international locations. U-Haul has a particularly strong presence in suburban and urban areas with high moving demand, including California, Texas, Florida, New York, and Illinois.
Revenue and income
U-Haul is a division of AMERCO (NASDAQ: UHAL), a publicly traded company, so financials are publicly disclosed.
Key financial highlights (approximate, recent years):
Total assets: ~$9–10 billion
Annual revenue: ~$3–4 billion
Net income: Typically ~$200–300 million annually (varies with moving trends and economic cycles)
U-Haul generates revenue from:
Truck and trailer rentals
Self-storage units (through U-Haul Storage)
Moving and packing supplies
Equipment sales (towing devices, hitches, rental accessories)
Propane sales at retail locations
U-Haul consistently ranks among the largest moving and self-storage providers in North America, serving millions of individual and business customers annually.
Future plans
U-Haul continues to focus on technology, expansion, and operational efficiency:
Fleet modernization and service enhancements
Upgrading truck and trailer fleets for reliability and fuel efficiency
Integrating GPS, telematics, and online reservation technology
Expanding roadside assistance and delivery options
Selective market expansion
Adding new locations in high-growth metropolitan and suburban markets
Strengthening presence in regions with high moving activity and self-storage demand
Digital and mobile innovations
Online reservations and mobile app for rental management
Contactless rentals and keyless access to storage units
Enhanced customer engagement and loyalty programs
Self-storage growth
Expansion of U-Haul Storage facilities in high-demand locations
Incorporating advanced security and climate-controlled units
Cross-selling storage and moving solutions for consumer convenience
Sustainability and community initiatives
Investment in environmentally friendly fleet solutions and operational efficiency
Programs to support local communities, including donation of moving trucks and storage for disaster relief
Corporate vs. franchise
U-Haul operates a hybrid model:
Many locations are company-operated, but a significant portion are independently owned and authorized dealers
Standardized pricing, equipment quality, and branding are centrally managed
Dealer agreements and support programs ensure consistency across locations
Additional information about U-Haul properties
Founded: 1945 by Leonard Shoen in Ridgefield, Washington
Headquarters: Phoenix, Arizona, USA
Public company: AMERCO (NASDAQ: UHAL)
Typical U-Haul locations offer:
Truck and trailer rentals
Moving supplies and packing materials
Self-storage units
Towing equipment sales and rentals
Propane refill and exchange services
U-Haul serves millions of consumers, families, and small businesses annually, supported by tens of thousands of employees and independent dealer partners across North America.
U-Haul History
U-Haul was founded in 1945 by Leonard Shoen in Ridgefield, Washington. Shoen started the company with a simple idea: providing affordable, do-it-yourself moving trucks for families and small businesses, using a network of independent dealers to expand nationwide.
During the 1950s and 1960s, U-Haul grew rapidly by franchising authorized dealers and acquiring competitors, establishing a robust coast-to-coast presence. The company pioneered innovations in rental trucks, trailers, towing equipment, and self-storage, helping it become a household name in moving and storage services.
In the 1980s and 1990s, U-Haul expanded into self-storage with U-Haul Storage facilities and enhanced its rental fleet with larger, more reliable trucks, trailers, and towing products. Technology investments included online reservations, fleet tracking, and logistics systems to improve efficiency and customer service.
Today, U-Haul operates over 21,000 locations across the U.S. and Canada, with a fleet of more than 180,000 vehicles and thousands of self-storage facilities. It is a subsidiary of AMERCO (NASDAQ: UHAL), headquartered in Phoenix, Arizona. U-Haul continues to invest in fleet modernization, technology, and self-storage expansion while maintaining its reputation as the largest and most recognized moving and storage brand in North America.
Why Invest in Ground Lease and NNN Lease of U-Haul?
Investing in U-Haul ground lease or triple net (NNN) lease properties offers strong advantages due to the company’s market dominance, essential-service business model, and nationwide presence. U-Haul locations are attractive NNN assets because of stable income, long-term customer demand, and prime real estate positioning.
1) U-Haul NNN Property Investment: Stable Income
U-Haul generates consistent revenue from moving truck and trailer rentals, self-storage units, moving supplies, towing equipment, and propane sales. This recurring and diversified income stream supports reliable long-term rent payments, making U-Haul a stable NNN tenant.
2) U-Haul NNN Property Investment: Established Tenant
Founded in 1945, U-Haul operates over 21,000 locations across the U.S. and Canada, including company-operated sites and independent dealer locations. As a subsidiary of AMERCO (NASDAQ: UHAL), a publicly traded and financially strong company, U-Haul offers strong tenant credit and reduced vacancy risk.
3) U-Haul NNN Property Investment: Low Management Responsibility
U-Haul NNN leases typically require the tenant to cover:
Property taxes
Insurance
Maintenance and repairs
This structure provides passive ownership and minimal landlord responsibilities, appealing to 1031 exchange and long-term income investors.
4) U-Haul NNN Property Investment: Favorable Lease Terms
U-Haul commonly signs long-term leases (often 10–20 years) with renewal options and scheduled rent escalations. These terms help deliver predictable income growth and long-term tenant stability.
5) U-Haul NNN Property Investment: Real Estate Value
U-Haul locations are strategically situated near highways, major intersections, and dense residential or commercial areas. Many sites include ample parking, storage facilities, and convenient access for trucks and trailers. These attributes preserve long-term property value and support future re-tenanting or redevelopment potential.
Pros and Cons of U-Haul Ground Lease and NNN Lease Investment
Pros:
Stable income supported by U-Haul’s long operating history and diversified revenue from moving rentals, self-storage, towing, and moving supplies.
Creditworthy tenant backed by AMERCO (NASDAQ: UHAL), a publicly traded and financially strong parent company.
Minimal landlord responsibilities under typical NNN and ground lease structures, with U-Haul responsible for property taxes, insurance, and maintenance.
Long-term lease agreements, commonly 10–20 years with renewal options and scheduled rent escalations, providing predictable cash flow.
Strong real estate locations near highways, major intersections, and residential or commercial corridors, often with ample parking and storage access.
Cons:
Lease renewal risk if U-Haul adjusts dealer locations or corporate-operated sites based on market optimization.
Limited landlord control due to standard NNN or ground lease structures and tenant-specific operational requirements.
Sensitivity to economic cycles, moving trends, and fuel costs, which may affect U-Haul’s profitability and expansion plans.
Specialized site design for truck rentals and storage may require reconfiguration costs if the property is re-tenanted for non-U-Haul use.
Competition from alternative moving and storage solutions could impact demand at certain locations.
As with any NNN investment, evaluating site demographics, lease terms, tenant credit strength, local moving and storage demand, and long-term market trends is essential when considering a U-Haul property. Working with experienced NNN real estate professionals ensures alignment with investment goals and risk tolerance.