With one of the most undersupplied markets at only 2.4 square feet of self-storage space per person at the moment, Aurora, Illinois, is set to benefit from very generous self-storage developments, according to a new report by RentCafe.In fact, Aurora is the second fastest-growing city for projected self-storage inventory growth, with 243,000 square feet of self-storage space to be delivered by the end of 2023, making up around 32% of its existing inventory.The list of places adding the most self-storage this year is headed by Elk Grove, California, which has, in recent years, been the fastest-growing in the U.S., and is projected to double its inventory to over one million square feet of space, based on the report. Santa Clarita, California, comes in just after Aurora at No. 3, and is expected to grow its storage space by almost 25% in 2023.
Aurora’s additions will be especially welcome, as the suburb experienced a series of rent decreases in recent periods. In March 2023, Aurora’s street rates were $91 (non-climate controlled, 10-foot by 10-foot unit), down 3.2% from February and down 9% from March 2022, which could be attributed to a shrinking customer base and market saturation.
Randolph Taylor, CCIM, is a Chicago multifamily investment sales broker with over 25 years of experience advising apartment owners on valuations, marketing strategy, and dispositions across the Chicago metro area.
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