By AZBEX Staff and RENTCafé
As one of the nation’s fastest growing apartment markets, Phoenix has also experienced massive growth in self-storage development. RENTCafé’s most recent self-storage report shows the local market has expanded by 35 percent in the past 10 years.
Among RENTCafé’s core findings:
- Metro Phoenix built 8.7MSF of self-storage over 108 facilities in the past decade, surpassing Atlanta, Miami and Denver.
- The area now offers 6.8SF per capita, slightly below the national average of 7SF per capita.
- Phoenix also added more than 58,000 multifamily units in the same period of time – surpassing Boston, Charlotte and San Antonio. However, the newly added apartments lost a considerable amount of space, which fueled demand for self-storage.
- The self-storage and apartment inventories were not the only ones to grow in Metro Phoenix in the past 10 years: The average salary also went up 22 percent over the decade, and now ranges around $54,870/year. (Source)