Texas is the #1 State in the U.S. in Square Footage of storage, with 328 New development projects in 2022 and a square foot per capita of 8.6. Through analyzing Texas’s top 4 Metropolitan Markets, San Antonio, Austin, Dallas, and Houston, we noticed that the rental rates hit an annual peak in Summer 2022, with a steady decline in the subsequent months.
The Dallas-Fort Worth-Arlington, TX CBSA has continued to thrive despite the macroeconomic conditions and it being the market with the highest square footage of supply in the entire United States.
From January 1st, 2021, to December 4th, 2021, the average price per square foot of this market was $1.40, whereas from January 1st, 2022, to December 4th, 2022, the price per square foot was $1.47 this was a 4.8% increase.
With supply continuing to be added to these metropolitan Texas markets, can we expect rates to decrease in 2023?