ORLANDO, FL -- Orlando’s self storage market is advancing at a greater pace than most other big urban hotspots, according to a recent industry report from RentCafe, a division of Yardi, a national software organization.
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| Francis Chantree |
"It is expected to see the addition of more than 690,00 square feet of storage space in 2023, an 8% increase of its total existing inventory," notes Francis Chantree, a writer and editor for Yardi
"That puts Orlando third in the nation
and ahead of all other Florida cities for projected new supply."
Chantree's research also finds:
· Orlando is set to add the most amount of self storage space in Florida. Nationally, it landed third for self storage construction by volume among the 150 largest cities.
· Roughly 691,324 sq. ft. of self storage space is set to hit the Orlando market by the end of 2023. Meanwhile, Miami is expected to see the addition of around only 198,000 sq. ft. of space by the end of the year and Jacksonville is at a similar level with 191,543 sq. ft. scheduled.
· Due to an already decent inventory level of 6.7 sq. ft. of self storage space per capita and plenty of new space projected for construction, Orlando has also seen a decrease in unit prices. There has been a 4.1% decrease y-o-y in street rates, making a storage unit in Orlando cost an average of $116.
· Nationally, street rates sit at an average of $127/month.
· · RentCafe is an apartment and self storage search website and a part of Yardi. Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies
CONTACT:
Adam Egei
Communications Specialist
RentCafe Self Storage
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