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.
Pros and Cons of Self Storage SBA Loans vs. Traditional Loans
Decide wisely between SBA and traditional loans for your self-storage business. SBA offers lower down payments, but traditional loans provide lender reliability. Make informed investment choices for your storage facility.