26 Aug 2024
The Sunbelt region in the United States holds almost 50% of the country's population. Self Storage demand, while being multifaceted closely follows population and job growth. This being said, it comes to no surprise that there has been a ton of supply added in the past few years in the Sunbelt region of the US.
Among the Top 10 CBSA’s with the most supply in the Sunbelt region- three markets stand out:
The Atlanta-Sandy Springs-Roswell, GA CBSA has added over 8.2% of new supply since the start of 2023 till now. Furthermore, this market has another 16.27% of supply in its development pipeline.
The Charlotte-Concord-Gastonia, NC-SC CBSA has seen over 7.6% of new supply added since the start of 2023 till now. There is another 15.11% of potential supply already in the pipeline in this market!
The Memphis TN-MS-AR CBSA has added over 4.9% of new supply since 2023 till now with another 8.35% of potential supply in the pipeline!
These 3 markets have seen significant growth in the past 2 years - it will be interesting to see how long it takes for the demand to catch up with all the supply that has hit the market in these areas.
