The State of Florida is making waves in the Self Storage world as there is a ton of new supply being added. As of this week there is already over 5.1% new supply under construction, with another 19% in the Planning/Permitted phase.
While rates for Self Storage units were high even after demand stabilized from the ATH after COVID it will be interesting to see how many of the planned/permitted projects will get over the goal line as new supply comes online and drives down asking rates while more facilities in lease up enter the market.
Will Florida’s population and economy continue to grow and drive Self Storage demand? Or will rates begin to peter on, with supply growth following suit.
