This week the Radius+ team took a look at the St. Louis, MO CBSA. A market with an economy driven by Strong Logistics and manufacturing due to its central location in the state – despite these strong industries in the market St. Louis is facing population decline and the market has taken steps to bolster it’s economy by implementing the STL 2030 Jobs Plan. A 10 year initiative starting in 2020 meant to boost the number of opportunities for people of all economic backgrounds through creating living-wage jobs.
These initiatives has made this market attractive for Self Storage developers.
- In 2020 4.9% new supply relative to total supply has been added
- In 2021 5.2% new supply relative to total supply has been added
- In 2022 4.1% new supply relative to total supply has been added
- In 2023 4.2% new supply relative to total supply has been added
- In 2024 3% new supply relative to total supply has been added
While in 2025 so far there has only been 1.1% new supply relative to total supply added
After new supply peaked growth peaked in 2021 It looks like rates finally have a chance to recover in this market as rates seem to be back on track with year over year growth.
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