Self storage has become part of the fabric of our culture, with roughly 140,000 Coloradoans searching for storage space online each month.
Developers have responded to this demand, and across the state, the amount of storage space has seen unprecedented growth over the past decade, reaching more than 36.7 million square feet — equivalent to eight square feet for every person in the state. However, the situation varies significantly from one location to another.
RentCafe’s latest research sought to identify locations across the 150 largest U.S. metro areas with untapped self storage growth potential, as well as metros already well-equipped to meet current market demand.
The Mountain West region has seen massive growth in recent years, both in terms of economy and population — and the self storage industry stands to win big from this combination. According to the study, three metro areas in the Colorado area stand out as markets with significant potential for further self storage development. With positive rent performance and various demand factors — such as strong population increases, new household formation, and a strong remote work scene — these markets are still primed for growth, which will only benefit consumers.
Top-line Colorado self storage stats:
- On average, monthly pricing for non-climate-controlled 10’x10′ self storage units in Colorado is $117.
- Colorado Springs ($104) and Fort Collins ($111) are the cheapest.
- Boulder ($151) and Denver ($122) are home to the most expensive storage units.
- There are now over 700 storage facilities across Colorado.
Here’s what Maria Gatea, market analyst for RentCafe Self Storage and author of the report, had to say about the need for self storage:
“Traditionally, self storage demand has been driven by significant life events (the so-called four Ds: death, dislocation, divorce and downsizing). But now, lifestyle changes such as remote work and online shopping are creating new avenues for demand. The shift to remote work is increasing the need for decluttering and extra space at home, while the rise of online shopping is driving companies to seek additional storage space for distribution purposes. Overall, the self-storage development market in 2024 faces challenges due to economic conditions and market dynamics, but opportunities remain for those who carefully assess their projects.”
Click here for the top metro areas with the most untapped potential and explore the interactive map for a comprehensive report view: https://www.rentcafe.com/blog/self-storage/top-underserved-markets-for-self-storage-development/.
