Self-storage trends In Nevada

Big Picture

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. 

 

Vacancy

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.

 

Asking Rate

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. 

 

Risk 

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. 

 

MMCG Invest is a feasibility study consultant that provides self-storage feasibility studies. Our feasibility studies help you to understand your market and provide a detailed investment performance overview. Our hotel feasibility study supports your SBA (7a) and 504 loan request. 

 

Need a self storage feasibility study? See our experience and contact us

 

by MMCG Invest, LLC

Self-Storage Units

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