With the new year starting up, the Radius+ team took a look back at the top 25 markets to see which ones had the highest percentage supply growth in 2022.
Phoenix-Mesa-Scottsdale, AZ CBSA had a 6% supply growth in 2022. This market's total supply is predicted to increase by another 18.8% once its current development pipeline completes. Scottsdale has recently been growing as a popular travel destination with agreeable weather all year round, and a lower barrier to entry for buying property when compared to other urban centers, creating a lot of interest in the area for people to relocate which in turn drives self storage demand.
New York-Newark-Jersey City, NY-NJ-PA had a 4.9% supply growth in 2022. Its total supply is predicted to increase by 18.64% once its development pipeline completes. With 45% renter occupied housing, densely populated and a high median household income this market is always a hot spot for supply growth.
Charlotte-Concord-Gastonia, NC-SC had a 3.4% supply growth in 2022. Its total supply is predicted to increase by 15.96% after its development pipeline completes. Being a financial services and manufacturing hub for the region, Charlotte is a growing economic center, which in turn drives demand for self storage.
These are three markets we’ll be keeping an eye on in 2023.