24 Jan 2023

A New Market Enters the Discussion

James McLean

Union Realtime

The Charlotte-Concord-Gastonia, NC-SC CBSA was the third highest market for supply growth last year (within the top 25 markets). This market may not be in the discussion as much as Dallas, Miami or New York when it comes to self-storage, but the Charlotte market has had its rates grow tremendously in the past two years.

In 2022 the Charlotte-Concord-Gastonia, NC-SC CBSA had an average price per square foot of $1.44. This was a 3.5% increase YoY from the previous year which had an average price per square foot of $1.39. However this is a huge increase from 2020 which had an average price per square foot of $.92.

Charlotte has experienced a tremendous increase in demand for self-storage in the past 2 years. This combined with its growing economy and stable weather has created a city with an expanding population, driving self-storage demand.

The Charlotte-Concord-Gastonia, NC-SC CBSA should be on everyone's list for 2023!