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03 Aug 2023

Self Storage Market Insights: Raleigh


James McLean

Union Realtime

The Raleigh, NC CBSA has been gaining traction as a growing economic center, complete with a growth rate of 11.1% in its metropolitan statistical area in the past 5 years; making the second fastest growing metro according to an article from wraltechwire.com. The NC has also seen notable population growth, According to a study from John Burns Research & Consulting based on the US Census data the state of North Carolina has seen a net international and Domestic migration into the state of 126K people YoY from July 2021- July 2022 (not including deaths and births).

In 2020 the total supply of the Raleigh, NC CBSA increased by 1.4%

In 2021 it increased by .8% But in 2022 total supply increased by 3.8% and so far into 2023 the total supply has increased by .5% in the first half. After the jump in supply added in 2022, things seem to have slowed down in 2023 so far.

While the average price per square foot for self storage in Raleigh in H1 of 2022 was $1.34 which dropped by 13.3% to $1.16 in H1 2023. However the average price per square foot in H1 of 2019 was $.91 making it a 27.6%. Comparing the rate increases from precovid till now shows that demand for self storage has stayed strong in the Raleigh, NC CBSA.

Source - https://wraltechwire.com

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