03 Aug 2023
The [Raleigh, NC CBSA](https://www.radiusplus.com/keyword/raleigh nc cbsa) has been gaining traction as a growing economic center, complete with a [growth rate](https://www.radiusplus.com/keyword/growth rate) of 11.1% in its metropolitan statistical area in the past 5 years; making the second fastest growing metro according to an article from wraltechwire.com. The NC has also seen notable [population growth](https://www.radiusplus.com/keyword/population growth), According to a study from [John Burns Research & Consulting](https://www.radiusplus.com/keyword/john burns research & consulting) based on the [US Census data](https://www.radiusplus.com/keyword/us census data) the state of North Carolina has seen a net international and Domestic migration into the state of 126K people YoY from July 2021- July 2022 (not including deaths and births).
In 2020 the [total supply](https://www.radiusplus.com/keyword/total supply) of the [Raleigh, NC CBSA](https://www.radiusplus.com/keyword/raleigh nc cbsa) increased by 1.4%
In 2021 it increased by .8% But in 2022 [total supply](https://www.radiusplus.com/keyword/total supply) increased by 3.8% and so far into 2023 the [total supply](https://www.radiusplus.com/keyword/total supply) has increased by .5% in the first half. After the jump in supply added in 2022, things seem to have slowed down in 2023 so far.
While the [average price per square foot](https://www.radiusplus.com/keyword/average price per square foot) for [self storage](https://www.radiusplus.com/keyword/self storage) in Raleigh in H1 of 2022 was $1.34 which dropped by 13.3% to $1.16 in H1 2023. However the [average price per square foot](https://www.radiusplus.com/keyword/average price per square foot) in H1 of 2019 was $.91 making it a 27.6%. Comparing the rate increases from precovid till now shows that demand for [self storage](https://www.radiusplus.com/keyword/self storage) has stayed strong in the [Raleigh, NC CBSA](https://www.radiusplus.com/keyword/raleigh nc cbsa).
Source - https://wraltechwire.com
