The construction boom of apartment units in metro Phoenix has spurred new development of self-storage units, according to a report by RentCafe.
Self-storage unit properties total 36.6 million square feet in the Valley, with 10 million of that delivered between 2012 and 2021 — representing nearly 30% of the total self-storage inventory.
Another 1.6 million square feet of self-storage space is in the pipeline to be delivered over the next two years, according to the report.
With a strong economic performance and a growing job market, it's no wonder Phoenix keeps attracting new residents, said Emily Man, senior researcher for RentCafe.
Phoenix is one of only five metro areas in the country that built more than 10 million square feet of storage space over the last decade, Man said.
"The Phoenix metro area currently enjoys 7.4 square feet of storage space per capita, signaling a stable, well supplied market — which also helps keep rents in check," Man said. "Street rates for 10-foot by 10-foot storage units in Phoenix now hover around $127 per month, slightly below the national average."