August 2, 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 Fort Worth, and the data comes from Yardi Matrix.
As of June 2021, Fort Worth is the 12th largest self storage market in the US, with 24,561,973 net rentable square feet (NRSF) of self-storage (436 completed stores). The average facility size is 56,334 NRSF and new supply (prospective, planned and under construction NRSF) represents 7.6% of existing inventory.
Average street rates are $96.00 with net rentable square feet per capita of 10.0. This is far above the Texas average of 7 NRSF per capita. Population growth over the next 5 years is expected to be 6.1%.
There are currently 4 self-storage properties under construction, 18 planned and 1 that is prospective! Over the previous 2 years the city has added 23 properties totaling 2,390,343 NRSF.
Additionally, climate controlled 10X10 street rates have under performed the national average. Rate growth for the month of June 2021 stands at about 6% increase since June of 2019 compared to the U.S. average of about 12%.
Fort Worth is a fast growing city 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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