Self-storage trends In Nevada
Updated: Nov 19
According to the most recent data from Self Storage Almanac, the total count of self-storage facilities in Nevada in 2021 was 401. With Nevada’s population of 3,088,884 in 2021 and the total SF of 27,622,715 is, per square foot demand per capita 8.94. This is one of the highest per capita SF demand in the US.
Only per capita demand is higher in Wyoming, Oklahoma, Montana, and Idaho.
According to the compared database by the MMCG and Reis, Inc., Concerning the new self-storage facility in Nevada, after stabilization, the vacancy rate is predicted to be 11.5 percent by the second year of operation, and the vacancy rate should be slightly decreasing, depending on the competition, each year by the 0.9 to 1.7 percent.
MMCG investment predicts that the price for 10x10 Units will be stabilile, growing from the current (Las Vegas) average of $121.7 by about 1.56 percent each year.
However, even when occupancy and average asking rate, according to mentioned sources, mean to grow, inflation (currently 9.1 percent annually) seems to be a risk factor for developing hotel projects.
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by MMCG Invest, LLC