07 May 2024
The Providence-Warwick, RI-MA CBSA has seen a massive amount of supply added in 2024 so far. What is significant is that there was another 10% of supply added in 2023 as well. With all these new deliveries we can expect asking rates to be suppressed in this market for a while as demand catches up to all the supply added.
Reading, PA a market with very little supply growth in the past two years has seen great growth in 2024 so far. This signals the economic growth within the area, as the increased demand for self storage merited more facilities coming online.
Allentown-Bethlehem-Easton, PA-NJ CBSA has been a growing market for the past 3 years running now. It will be interesting to see if the total supply added in 2024 will surpass what was added in 2023.
