The Tampa-St. Petersburg-Clearwater, FL CBSA is a burgeoning economic center in Florida, a state that has seen a ton of development for Self Storage. According to an article from Redfin Tampa was ranked as the third highest market within the US for homebuyers that were searching for homes during the first two months of 2022. With this in mind, the Radius+ team decided to take a closer look at Tampa-St. Petersburg-Clearwater, FL CBSA.
In 2020 the total supply of the Tampa-St. Petersburg-Clearwater, FL CBSA increased by 5.6%
In 2021 it increased by 4.9%, in 2022 total supply increased by 2.4% and so far into 2023 the total supply has increased by 1.1% from the start of the year till now. Supply growth in this market seems to have large jumps in 2020, and 2021 but has since begun to slow down. This slow down in development is looking to be staying consistent in 2023 as well.
The average price per square foot for storage units in Denver in Q1 2022 was $1.67 which dropped by 13% to $1.45 in Q1 2023.
However, once the current development pipeline in the market completes we can expect to see a massive increase in supply of 20.2%.
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.