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As metro Charleston’s apartment market surged in the past decade, the business of storing people’s belongings boomed along with it. So much so, that Charleston witnessed an expansion of 49% of its 2010 inventory that resulted in the addition of 2.3M square feet of storage space.
That’s according to the latest RENTCafé self-storage report in which we’ve researched both multifamily and self-storage development trends in the 100 biggest US metros between 2011 and 2020 to find out which places offer the best self-storage options to apartment renters.
Here are other highlights on Charleston’s self-storage and multifamily markets:
- Over 2.3M square feet were added in the past decade to Charleston’s self-storage inventory, surpassing Jacksonville, Greenville, and San Diego.
- The market has grown by 4% each year since 2010, and now offers 8.7 square feet of storage space per capita, above the national benchmark of 7.
- Charleston expanded its apartment market at a higher rate, an increase of almost 60%. The city added more than 21,000 rental units in the last decade.
- The uptick in both self-storage and apartment construction was sustained by the almost 21% growth in population — the seventh-largest share of newcomers compared to 2010 populations among the top 100 metros.
- And how much does it cost to rent a self-storage facility in the Charleston market? This year, a 10×10 storage unit rented for an average of $93 a month. That’s a significant decline of 16 percent over the past 5 years.
Please find the full report together with what experts are saying about the boom in self-storage development, here:
