Storage space is at a discount in Charlotte. The local self storage market is experiencing a cooldown in rent prices, which have now dropped to $120 per month, a 4% decrease from last year.
To understand the evolving dynamics of Charlotte’s self storage sector, the website Storage Cafe zoomed in on market specifics, including rent trends, total local stock and supply by ZIP code.
What’s happening on Charlotte’s self storage scene?
- Charlotte boasts roughly 7.5 million square feet of rentable self storage space, equating to 7.1 square feet per capita — aligning with the national benchmark.
- While self storage is well developed in Charlotte, the city’s high move-in activity has resulted in a 13% population growth over the past decade, indicating further development potential. Other demand drivers include the city’s high housing density, smaller apartment sizes and e-commerce growth.
Which Charlotte neighborhoods dominate in self storage supply?
- ZIP code 28205: The leader with approximately 788,000 square feet of storage space, serving North Charlotte and Plaza Midwood. Despite the robust inventory, rents average $140, among the highest in the city.
- ZIP code 28269: Includes Prosperity Church Road and Nevin Community, with 749,000 square feet of space and rents at $147 per month.
- ZIP code 28273: Offers nearly as much storage space as the top areas but at a notably lower average rent of $102.
What are the future trends in Charlotte’s self storage market?
- Despite concerns of oversupply in some areas, Charlotte’s self storage market is projected to increase by 3.5% in 2024, with over 310,000 square feet of new storage space expected to come online this year.
- A significant driving factor is the multifamily sector, which is set to further support self storage demand. Nearly 4,900 new apartments were delivered in Charlotte in 2023, with an additional 3,800 scheduled for completion in 2024.
You can read the full report here.
