The impressive increase in both supply and demand for self storage has transformed the marketplace. We’ve reviewed current self storage industry data to focus on the top ten market regions for 2018, based on population and employment growth. There has been significant development over the past two years, and we are beginning to see supply and demand normalize as nationwide vacancy prompts less development and more competition, particularly in primary markets.

Opportunities in Niche Markets

There are still positive opportunities for self storage investors and developers to provide a niche storage solution, especially when it comes to marketing to the most influential demographic today: the 80 million millennials that are already relying on self storage. This impressive population continues to choose housing options, such as apartment living, that aide a flexible, no-commitment, transient lifestyle. Industry leaders are confident that millennials, as well as retiring and downsizing baby boomers, can easily support the self storage industry, even with its current oversupply.

The following metropolitan areas have been identified as the current top ten markets to watch for the remainder of 2018. Market data from Marcus and Millichap’s 2018 Self Storage U.S. Investment Forecast report was evaluated to compile the list. For a more detailed look at these markets, download each of the snapshots. Interested in learning more about the industry? Don’t miss our State of the Industry blog and report.

Raleigh (#1)

Population: 1,214,516

Population Growth Rate: 3.3%

Denver (#2)

Population: 2,814,330

Population Growth Rate: 1.4%

Austin (#3)

Population: 2,056,405

Population Growth Rate: 2.8%

New York City (#4)

Population: 19,800,000

Population Growth Rate: 5.5%

Dallas/Fort Worth (#5)

Population: 6,426,214

Population Growth Rate: 2.1%

Charlotte (#6)

Population: 2,474,314

Population Growth Rate: 1.9%

Nashville (#7)

Population: 1,830,345

Population Growth Rate: 1.8%

South Florida (#8)

Population: 6,696,000

Population Growth Rate: 1.6%

Portland (#9)

Population: 2,389,228

Population Growth Rate: 1.8%

San Antonio (#10)

Population: 2,473,974

Population Growth Rate: 2%