May 24, 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 Amarillo, and the data comes from Yardi Matrix.
As of April 2021, Amarillo is the 128th largest self storage market in the US, with 2,264,601 net rentable square feet (NRSF) of self-storage (46 completed stores). The average facility size is 56,615 NRSF and new supply (prospective, planned and under construction NRSF) represents 0.0% of existing inventory.
Average street rates are $73.00 with net rentable square feet per capita of 10.7. This is far above the Texas average of 7 NRSF per capita. Population growth over the next 5 years is expected to be 1.4%.
There are currently 0 self-storage properties under construction, 0 planned and 0 that are prospective. Over the previous 2 years the city has added 2 properties totaling 70,040 NRSF.
Additionally, climate controlled 10X10 street rates have under performed the national average. As a result, rates ended 2020 down about -10.0% compared to the U.S. average of about +2.5%.
Amarillo is a great opportunity for commercial self-storage investment. The city provides great population growth, income, and relatively low saturation. Please do not hesitate to reach out to us if you are interested in discussing potential opportunities!
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