January 16, 2023
In this newsletter we take a look at the current and most recent (2022) year for the self storage markets of San Antonio and Houston.
In 2022 Houston storage facilities saw their average price per square foot fall about 18% from $1.34 PSF in January of 2022 to $1.10 PSF in January of 2023.
Similarly the drop for San Antonio from January of 2022 to January of 2023 was about 23%. Rates adjusted from $1.56 in January of 2022 to $1.21 in January of 2023.
Occupancy for REITS was a mixed bag. Cubesmart and Extra space reported increases in occupancy for both San Antonio and Houston markets from Q1 to Q3 in 2022 while Public Storage and Life Storage reported slight decreases.
Houston currently has 1,113 completed facilities totaling 65,642,013 square feet with a square foot per capita of 8.91. There are 63 properties in the development pipeline totaling a net-rentable square footage of 4,221,039 which if completed would bring the square foot per capita to 9.48.
San Antonio currently has 448 completed facilities totaling 22,512,383 square feet with a square foot per capita of 8.97. There are 38 properties in the development pipeline totaling a net-rentable square footage of 2,364,470 which if completed would bring the square foot per capita to 9.91.
We hope you found this brief self storage market update useful. Contact us today if there is anything we can do for you!
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