By Evelyn Jozsa | Multi-Housing News
The self storage sector maintained its strength throughout the first quarter of 2021, with continued positive street-rate performance and steady development activity across the country. Despite the rising cost of construction materials, self storage developers continued to add new projects to the pipeline.
As of March, more than 125.7 million square feet of self storage space was under construction or in the planning stages across the U.S., accounting for 8.4 percent of the nation’s total inventory, up 20 basis points month-over-month, according to Yardi Matrix data.
The table below highlights the top 10 markets for self storage construction, ranked by total square footage under construction or in the planning stages as of March 2021.