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Multifamily Development Driving Atlanta Self Storage Market To New Heights

Multifamily Development Driving Atlanta Self Storage Market To New Heights

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The past decade of eye-popping population growth bolstered multifamily development efforts in the Atlanta Metro. The consequent apartment boom we witnessed over the last decade has naturally created a context for self storage to thrive.

The self storage business now stands at 40.8 million square feet in Metro Atlanta, with 9.9 million square feet of space delivered between 2012 and 2021. That’s 24% of the total self storage inventory, according to our most recent research of development trends.

Here are a few other highlights for the Atlanta market, courtesy of RentCafe’s self storage division:

  • Metro Atlanta built the 9th-highest volume of apartments during the last decade and was also the 6th-most active metro for self storage construction, adding 9.9M square feet of new storage space and over 95K new apartments from 2012 to 2021 (24% and 19% of its existing inventories, respectively).
  • Despite the pandemic-related setbacks, the Atlanta metro area was quick to recover in terms of self storage and multifamily construction, with almost 1.5M square feet of new storage space and 15,169 new apartments delivered in 2021.
  • Currently, the self storage pipeline counts over 1.4M square feet set to be delivered in the next 2 years.
  • In terms of self storage supply, the Atlanta metro area is now offering 6.6 square feet per person, much in line with the national average.
  • The increased demand for self storage in Metro Atlanta, driven by the area’s high levels of in-migration, have pushed rents to around 112$ for a standard 10’x10’ unit, up 5% year-over-year.

Here’s a link to the full dataset and report: https://www.rentcafe.com/blog/self-storage/self-storage-and-apartment-construction-in-top-100-metros/.

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