September 1, 2021
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 Corpus Christi, and the data comes from Yardi Matrix.
As of July 2021, Corpus Christi is the 106th largest self storage market in the US, with 4,377,907 net rentable square feet (NRSF) of self-storage (105 completed stores). The average facility size is 41,694 NRSF and new supply (prospective, planned and under construction NRSF) represents 1.7% of existing inventory.
Average street rates are $93.00 with net rentable square feet per capita of 10.0. This is slightly above the Texas average of 7 NRSF per capita. Population growth over the next 5 years is expected to be .3%.
There is currently 1 self-storage property under construction, 0 planned and 0 that are prospective! Over the previous 2 years the city has added 1 property totaling 69,066 NRSF.
Additionally, climate controlled 10X10 street rates have under performed the national average. Rate growth for the month of July 2021 stands at about 6% increase since July of 2019 compared to the U.S. average of about 12%.
Corpus Christi is a fast growing area of a major MSA and amazing opportunity for commercial self-storage investment. The city provides great population growth and income. Please do not hesitate to reach out to us if you are interested in discussing potential opportunities!
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