Texas Self-Storage Market Overview
More Households and Companies are Calling Texas Home,
Lifting Self-Storage Needs and Drawing New Investment
Lifestyle changes and improving economy boost storage needs. By fostering a broad shift to remote working and enhancing population mobility, the health crisis galvanized self-storage demand across the country. The national vacancy rate fell from 10.1 percent in March 2020 to a record low of 5.5 percent a year later, while asking rents recouped four years of construction-induced losses within the same 12-month span. As the pandemic lessens and old routines return, self-storage needs remain high. Workers are still in the process of returning to offices, with firms utilizing hybrid strategies. As such, many temporary home offices are persisting. At the same time, a recovered labor market is encouraging accelerated household formation and relocation, also driving new self-storage renting.