August 25, 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 West Houston, and the data comes from Yardi Matrix.
As of June 2021, West Houston is the 1st largest self storage market in the US, with 41,362,207 net rentable square feet (NRSF) of self-storage (604 completed stores). The average facility size is 68,480 NRSF and new supply (prospective, planned and under construction NRSF) represents 2.8% of existing inventory.
Average street rates are $92.00 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 4.8%.
There are currently 4 self-storage properties under construction, 9 planned and 4 that are prospective! Over the previous 2 years the city has added 15 properties totaling 1,254,757 NRSF.
Additionally, climate controlled 10X10 street rates have out performed the national average. Rate growth for the month of June 2021 stands at about 17% increase since June of 2019 compared to the U.S. average of about 12%.
West Houston 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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