May 10, 2022
For this blog I wanted to focus on a specific city in Texas and provide a brief update on the self-storage market within that city. For this blog, that specific city is San Antonio, and the data comes from Yardi Matrix.
As of February 2022, San Antonio is the 16th largest self storage market in the US, with 21,053,243 net rentable square feet (NRSF) of self-storage (379 completed stores). The average facility size is 55,549 NRSF and new supply (prospective, planned and under construction NRSF) represents 6.1% of existing inventory.
Average street rates are $109.00 with net rentable square feet per capita of 9.7. This is slightly above the Texas average of 7 NRSF per capita. Population growth over the next 5 years is expected to be 5.1%.
There are currently 7 self-storage properties under construction, 4 planned and 11 that are prospective! Over the previous 2 years the city has added 15 properties totaling 1,192,326 NRSF.
Additionally, climate controlled 10X10 street rates have under performed the national average. Rate growth for the month of September 2021 stands at about 10% increase since February of 2021 compared to the U.S. average of about 10%.
San Antonio is a rapidly growing city, allowing for rates to continue to climb even as new self storage development is breaking ground across the city.
Please do not hesitate to reach out to us if you are interested in discussing potential opportunities!
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