January 7, 2022
For this September 2021 Self Storage Market Update I wanted to focus on a specific city in Texas. For this blog, that specific city is Fort Worth, and the data comes from Yardi Matrix.
As of September 2021, Fort Worth is the 12th largest self storage market in the US, with 24,936,902 net rentable square feet (NRSF) of self-storage (441 completed stores). The average facility size is 56,546 NRSF and new supply (prospective, planned and under construction NRSF) represents 8.8% of existing inventory.
Average street rates are $96.00 with net rentable square feet per capita of 10.1. This is slightly above the Texas average of 7 NRSF per capita. Population growth over the next 5 years is expected to be 6.0%.
There are currently 6 self-storage property under construction, 20 planned and 1 that is prospective! Over the previous 2 years the city has added 22 properties totaling 2,420,978 NRSF.
Additionally, climate controlled 10X10 street rates have under performed the national average. Rate growth for the month of September 2021 stands at about 5% increase since September of 2019 compared to the U.S. average of about 11%.
Fort Worth is a rapidly growing city, however new self storage development is beginning to compress the rates owners are able to capture. The development of new storage supply will have to slow down in order to bring back balance to the demand/supply equation.
Please do not hesitate to reach out to us if you are interested in discussing potential opportunities!
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