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Americans love having lots of “stuff”. When their houses and apartments are close to exploding, Americans love having a place to keep their stuff safely for if and when they need it. It is for reasons like this that Self Storage was named “Pandemic’s Hot Property” by The Wall Street Journal.
Each of the Four largest storage REITs reported a record breaking occupancy of over 95% in the third Quarter of 2021, an indication that there is a strong demand for storage in the U.S. Figuring out where the best place to build the supply is the burning question on the minds of many Self Storage developers and investors.
Through leveraging recent supply growth, development data and calculating square foot per capita, three markets stand out as ones that are most likely to break into the Top 10 list of markets for Self Storage.
The Philadelphia-Camden-Wilmington, CBSA has added over 2.6 million square feet of Self Storage space from the start of 2020 till now, yet still has a Square foot per capita of 4.3. This CBSA also has the 11th highest total square feet of development in the entire country.
The Tampa-St. Petersburg-Clearwater, FL CBSA, increased their square footage of storage by 1.9 million square feet in 2021 and has a square foot per capita of 7.2. The Tampa-St. Petersburg-Clearwater, FL CBSA has the 13th highest total square feet of development in the U.S.
The Seattle-Tacoma-Bellevue, WA CBSA, added almost 1.5 Million square feet of Self Storage space from 2020 till now, and has a square foot per capita of 6.3. This CBSA has the 12th highest total square feet of development in the U.S.
These three CBSA’s are Markets to be on the lookout for over the next year, and have a high chance of breaking into the top 10 market list.
The finidngs were sourced from the Radius+ platform.