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If you build it, they will come. This saying seems to ring true for Self Storage in the Dallas-Fort Worth-Arlington, TX CBSA. This market is well known for having the highest amount of square footage in Self Storage with over 72,000,000 square footage of storage, with over another 6,000,000 square footage in the development pipeline.
Despite this massive amount of supply, the average occupancy for this area is roughly 94.6% in Q1 of 2022. Which is still 1.8% higher than the national average occupancy rate of 92.8% in Q1 of 2022.
It looks like the demand for storage is keeping pace with all the new supply in the Dallas-Fort Worth-Arlington, TX CBSA. Let's see where the occupancy rates go this week when the Public REITS release their occupancy information during their Q2 Earnings.