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7 Apr, 2026
Analysis | Latest
Richmond VA Storage Market: Controlled Supply Fuels Rate Growth
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Written by James McLean

James McLean is the Head of Business Development at Radius+. James helps maintain external relationships with clients and assisting internally with the sales process. He also, manages internal data processes working alongside the operations team to ensure we are supporting high level data quality.

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This week the Radius+ team took a look at the Richmond VA CBSA.

Historical Supply Growth in Richmond VA:

  • 2022: 1%
  • 2023: 1%
  • 2024: 2.4%
  • 2025: 1%

Richmond has experienced slow to measured supply growth since 2022, enabling rental rates to trend upward. The region saw strong economic growth from 2019 to 2023, particularly within the healthcare and logistics sectors. These industries contributed to job creation, population expansion, and new housing development, all of which have supported storage demand. With supply growth remaining controlled, the market should continue to see healthy rental rate momentum