18 Dec 2023
With all the challenges to development on the horizon, the Radius+ team took at the top 3 markets within the Top 25 Markets that saw the biggest slow down in [supply growth](https://www.radiusplus.com/keyword/supply growth) YoY when comparing 2022 to 2023. This allowed us to see the markets that had a slow down in supply growth, which in turn will lead to less [new competition](https://www.radiusplus.com/keyword/new competition) coming online in these markets.
Phoenix-Mesa-Scottsdale, AZ CBSA saw 9.2% supply growth in 2022, which decreased to a 5.2% increase of supply added in 2023.
Detroit-Warren-Dearborn, MI CBSA saw 3.7% supply growth in 2022, which decreased to a 1.6% increase of supply added in 2023.
Minneapolis-St. Paul-Bloomington, MN-WI CBSA saw 3% supply growth in 2022, which decreased to a 1% increase of supply added in 2023.
With [supply growth](https://www.radiusplus.com/keyword/supply growth) slowing down in these markets we will likely see rates will slowly uptick as new competition being added slows down, and demand catches up with the supply.
[Marekt Dynamics](https://www.radiusplus.com/keyword/market dynamics) will continue to be a key topic withing the self-storage industry, be sure to stay up-to-date with Radius+ analysis.
