This week the Radius+ team took a look at the state of Colorado to identify the top 3 markets with the most supply added by percentage relative to total supply from 2022-2024.
First we have Colorado Springs, CO an MSA that’s added 9.7% new supply from 2022 till now! Colorado Springs has seen tremendous population growth due to the strong military personnel presence, robust local economy and growing tourism. Furthermore- Colorado Springs is abundant in land, allowing for affordable homes on large lots- making it an appealing place for people to move to and in turn creating Self Storage demand!
Second we have Fort Collins, CO one of the fastest growing cities in America according to k99.com. Fort Collins, CO home to Colorado State University has seen tons of economic and population growth alongside the university. This market has added 3.8% new supply from 2022 till now.
Finally Denver, CO has added 2.6% new supply from 2022 till now. According to Axios.com, Denver was the 6th fastest growing city in 2022. The Mile High City has grown into a tech hotspot with young professionals in the Software and Financial Services industry that is appealing to people moving to the area, but also retains many of its young talent. Per the Axios.com article “About 70% of millennials who lived in Denver at age 16 decided to stay or return by age 26”.