Florida Self-Storage
Why Florida?
Florida is a top tourist attraction in the U.S., known for its beautiful beaches and famous theme parks. Florida is the third most populous state in the nation, with over 21 million residents. The state contains roughly 1,300 miles of coastline, and the weather is almost always ideal. Recently, several factors have attracted an increasing number of individuals to the state.
Why More People are Heading to Florida
- Affordable cost of living
- Low taxes
- Job opportunities
- Cultural diversity
Florida’s economic expansion has been powered by a significant increase in population, job growth in high-paying industries, and a business-friendly environment. According to IBIS World, Florida’s GDP reached $1.0 trillion in 2022, and the state’s five-year GDP growth ranks seventh out of all 50 U.S. states. Experts predict this trend to continue in 2023, stating that Florida will most likely have rapid growth and an increase in state revenue.
Self-Storage Demand in Florida
Florida has recently experienced a very large influx of new supply throughout the state, as developers attempt to accommodate the storage needs of a rapidly expanding population and unusually high demand for storage space.
Florida Self-Storage Statistics
Source: The CoStar Group
- Home to about 3,428 self-storage facilities.
- Total square footage of facilities in Florida amount to over 762,000,000.
- Since 2018, Florida has seen approximately 1,412 self-storage facilities developed throughout the state.
Top Self-Storage Markets
Data has revealed that the top five markets in the U.S. for self-storage development include Sarasota-Cape Coral, Austin, Jacksonville, Reno, and Pensacola. Three of which are Florida markets – Sarasota-Cape Coral, Jacksonville, and Pensacola. These rankings are based on the percentage of total inventory that is under construction.
Why Invest in Self-Storage?
Self-storage offers investors a generally stable investment opportunity with relatively low operating costs comparative to other asset classes. Not only is self-storage a great vehicle for wealth appreciation, but also a great opportunity for wealth preservation, due to the consistent performance of the product type, as well as continuous rent and occupancy growth across the industry.
