May 11, 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 Lubbock, and the data comes from Yardi Matrix.
As of March 2021, Lubbock is the 118th largest self storage market in the US, with 3,263,610 net rentable square feet (NRSF) of self-storage (46 completed stores). The average facility size is 70,948 NRSF and new supply (prospective, planned and under construction NRSF) represents 9.1% of existing inventory.
Average street rates are $84.00 with net rentable square feet per capita of 11.7. This is far above the Texas average of 7 NRSF per capita. Population growth over the next 5 years is expected to be 2.9%.
There is currently 1 self-storage properties under construction, 2 planned and 0 that are prospective. Over the previous 2 years the city has added 1 properties totaling 58,679 NRSF.
Additionally, climate controlled 10X10 street rates have out performed the national average. As a result, rates ended 2020 up about an astounding +40% compared to the U.S. average of about +2.5%.
Discount Self Storage is the top project currently under construction with 132,422 NRSF located on 3511 Avenue Q. The projected completion date of this project was April of this year (2021).
Lubbock 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!
« Previous Next »