Dallas-Fort Worth Self-Storage Popping

Union Realtime of New York released its most recent study about who’s generating the most new self-storage units and Dallas was third on the list. Roughly 7 million square feet of storage space are scheduled to come online in 2022, a 10% increase. The DFW area now has 71 million feet of existing supply.

Rents are up as well. Thanks to heightened demand, rents have been on a steady rise over the past 12 months, with the average street rate in the Dallas area at $104, up 7% from. 2021.

The industry made a big jump both during and after the pandemic as people squeezed gyms, play areas and office space into their homes. A second wave is hitting, thanks to people work from home, or plan to return to offices, or a combination of the two.

In the meantime, self storage REIT’s have been busy in Dallas. In the last year, Public Storage (NYSE:PSA) spent $1.8 billion to purchase the ezStorage portfolio with 48 properties and bought 56 properties for $1.5 billion focused in the Dallas market.