April 15, 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 February 2021, Fort Worth is the 12th largest self storage market in the US, with 23,816,997 net rentable square feet (NRSF) of self-storage (430 completed stores). The average facility size is 55,388 NRSF and new supply (prospective, planned and under construction NRSF) represents 9.1% of existing inventory.
Average street rates are $91.00 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 6.5% which will help fill some of that new supply.
There are currently 7 self-storage properties under construction, 18 planned and 0 that are prospective. Over the previous 2 years 21 properties have been added to the city totaling 2,204,498 NRSF.
Climate controlled 10X10 street rates have slightly underperformed the national average ending 2020 down about -1% compared to the U.S. average of about +2.6%.
The top project currently under construction is a 122,977 NRSF Forum Drive Self Storage facility with a projected completion date of early this year.
Fort Worth is a great opportunity for commercial self-storage investment. The city provides great population growth, income, and relatively low saturation. If you are interested in discussing potential opportunities, please do not hesitate to reach out to us!
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