04 Sep 2023
The Las Vegas-Henderson-Paradise, NV CBSA has been noteworthy in the Self Storage industry. With a growing economy and population growth Las Vegas has seen a great deal of self storage demand. According to a study from John Burns Research & Consulting based on the US Census data the state of Nevada has seen a net international and Domestic migration into the state of 31K people YoY from July 2021- July 2022 (not including deaths and births).
In 2020 the total supply increase of the Raleigh, NC CBSA increased by 5.2%
In 2021 it increased by 3.5%. In 2022 total supply increased by 3.6% and so far into 2023 the total supply has increased by 3.9%. The Las Vegas CBSA has been constantly adding more supply each year.
While the average price per square foot for self storage in Las Vegas from the start of the year to the end of August in 2022 was $1.52 which dropped by 19.8% to $1.22 in H1 2023. However the average price per square foot in the same time frame in 2019 was $1.19 making it a 3.1%. Comparing the rate increases from precovid till now shows that demand for self storage has reverted back to pre-pandemic levels.
