10 Jan 2023

A Top Market for Population Growth According to U-Haul, is there Self-Storage Potential?

James McLean

Union Realtime

In an ABC 15 news article, U-Haul listed the Myrtle Beach-North Myrtle Beach, SC area as the No. 7 U.S. Growth City of 2022. It listed that one-way U-Haul trucks increased by 1% over 2021 while departures fell 1% according to a study made by U-Haul.

The Myrtle Beach-Conway-North Myrtle Beach, SC-NC CBSA currently has a small development pipeline with its total supply expected to increase by 3.67% once its development pipeline completes. This would raise its square footage per capita to 11.41.

However, the rates in this CBSA show that there is still strong interest in self storage. From January 1st 2021 to December 31st, 2021 the average price per square foot was $1.20, whereas from January 1st 2022 to December 31st 2022 it was $1.31 an increase of 8.6%, which is more than double the national average percentage increase of 4.2% in around the same time frame.

This market's population growth combined with its favorable rate trends, makes it a market to watch out for when discussing up and coming markets for Self Storage.

Article referenced - https://wpde.com/newsletter-daily/myrtle-beach-top-10-growing-cities-u-haul-study-south-carolina-development-population-housing-1-4-23