Las Vegas Emerges as the Hottest Self Storage Market in the U.S. in Terms of Rent Growth
Self-storage street rates fell quite steeply this summer in most of the major metros in the US, with one glaring exception – Las Vegas. Not only did self-storage rent not decrease in Las Vegas area, but it actually saw double-digit growth in some cases.
Self-Storage Still a Hot Commodity in Las Vegas
The average national street rate for a 10X10 non-climate controlled (non-CC) storage unit dropped by 3 percent in July 2019, compared to the same month of 2018, according to Yardi Matrix(opens in new tab). However, during the same period, street rates for the same type of storage unit in Las Vegas(opens in new tab) grew by no less than 5%.
Moreover, the rates for smaller units(opens in new tab) (5X5), both CC and non-CC, increased by 10% year-over-year. This newfound appetite for Las Vegas self-storage is very much connected to the shifting dynamics of the city. Its profile has been changing in recent times, evolving from primarily a tourist destination to a place where people are moving to live long-term. Less Sin City and more family city, so to speak!
It’s worth mentioning that the average metro street rate for a 10X10 unit(opens in new tab), now resting at $107, is still below the national average of $116, allowing Las Vegas to remain for now one of the nation’s renter-friendly markets. Many of the cities on the West Coast have average street rates north of $150 per month, with San Francisco rate now standing at a whopping $194 per month.
Who’s Moving to Las Vegas and Why?
With a population of more than 2.2 million, the Las Vegas-Henderson-Paradise metro area keeps growing and expanding. The most recent U.S. Census(opens in new tab) data shows that the metro’s population increased by more than 166,000 people between 2010 and 2017, which is a 13% change. People from all over are moving to Las Vegas, but there’s one specific place that shows an increased preference for Las Vegas and that is Los Angeles County.
Almost 14,200 people from Los Angeles County moved to Las Vegas-Henderson-Paradise metro between 2010 and 2017, which is almost 10% of the total new moves in that period. A distant second-in-line, in terms of inbound migration to the Las Vegas metro, is San Diego County, also in California, with approx. 2,800 people. So, why are Californians, and Angelenos in particular, so attracted to the Las Vegas metro?
Lower Home Prices Turn Las Vegas into Favorite Relocation Destination for Angelenos
Housing costs stand out as the most obvious reason for this migration trend. According to Yardi Matrix, a person living in the Las Vegas metro area pays, on average, $1,114 per month as of August 2019, while someone living in the L.A. area pays more than double that amount – the average rent for L.A. apartments in August 2019 was $2,582. Plus, a good Las Vegas interior designer(opens in new tab) can make a place just feel like California anyway.
The median sale price of a home in the Las Vegas metro area, including single family houses, condos and townhouses, was $265,000 in April 2019, according to Property Shark(opens in new tab). In Los Angeles county, the median sale price of a home during the same month (single family, condo and coop units included) was more than double, at $605,000. It’s no wonder, in these circumstances, that Californians are flocking to Nevada and, particularly, to the Las Vegas metro area.
Las Vegas has always been a hotspot for transplants, attracting people from all over the U.S. and even the rest of the world. 23% of the metro’s population is foreign-born, which is more than 1.5 times the national rate. Wherever they’re coming from, one thing’s certain: moving to a new place comes hand in hand with the need for self-storage. So, what does the self-storage inventory look like in Las Vegas?
New Projects in the Pipeline, but Fewer than National Average
According to Yardi Matrix, the Las Vegas metro has about 273 self-storage properties, with over 20 million square feet in total inventory. Another 13 properties are in planning stages, potentially bringing an additional 1.2 million square feet of storage space to the market, while four properties with almost 285,000 square feet of space are already under construction.
Although that’s a sizable supply of new self-storage space, Las Vegas is below the national average when it comes to new construction, so there’s still room for expansion. As of August 2019, under-construction and planned facilities in Las Vegas represented 7.1% of the existing inventory, while the national average sits at 9.5%.
With 21,600 new jobs(opens in new tab) created in the last 12 months alone, Las Vegas is bound to keep its status as one of the country’s most appealing destinations to move to. Strong net migration and a consistent yet below the national average new supply of self-storage are the main factors behind the metro’s growing self-storage rental rates.
21 Garage Storage Ideas: Free Up Your Floor Space
Garage storage is more important than it sounds, because it helps you move things off the floor and onto walls, ceilings and rolling units. In time, this makes a big difference and saves you from awkwardly tiptoeing around stuff you’ve left on the ground. Use the garage storage ideas below and you’ll build a setup that fits what you own, how often you use it and how much space you have.
How to Move a Piano: Moving, Insurance & Storage Guide
Before we get into the nitty-gritty of the matter, let’s agree on the simple fact that, unlike other types of relocation conundrums, moving a piano is just a very cool thing to see, let alone accomplish. The labor that makes piano concerts possible and keeps legendary instruments alive, a piano relocation takes meticulous planning, special equipment and a crew that really knows their stuff. That is, unless you’re set on recreating the piano crash of a classic Looney Toons gag.
Hall Closet Organization: 30 Ideas for Simpler Storage
Be it built-in, freestanding, or wholly improvised, your hall closet works best when you can grab anything quickly and put it back just as fast. These 30 ideas for organizing your hall closet walk you through planning, deciding where things go, choosing the right containers and way more. By the end, you’ll even know what to do when your closet still runs out of room.
Holiday Decoration Storage: A Guide for Every Season
Taking down the holiday decorations is never as exciting as putting them up. One minute, your home is looking wonderfully festive, and the next, you’re trying to remember which box the Christmas ornaments came in while wrestling with a string of lights that managed to tie itself into a dozen knots. With every holiday bringing its own collection of decorations, a good holiday decoration storage system helps you keep a growing collection under control.
Where to Get Moving Boxes in Philadelphia
Philadelphia’s historic charm can put your patience to the test on moving day. Between cobblestone streets, narrow rowhouse entrances and the occasional pothole, you don’t want to worry about not having enough boxes on top of it all. Start gathering your moving boxes early and you’ll have one less box to check off on packing day. Luckily, you have plenty of places to get your boxes from.
Art Supply Storage from A to Easel
Paint tubes, brushes, sketchbooks, scraps of paper, beads, half-used rolls of tape and that one very specific pen you swear you just had in your hand. Building up an art supply collection is rarely a neat process, and each new material brings its own storage needs.
Scary Good DIY Halloween Decorations That Won’t Haunt Your Wallet
A few floating candles in the hallway, a family of ghosts by the front door and a suspicious number of bats climbing up the bedroom wall can make October feel a whole lot spookier. While Halloween stores are full of tempting finds, some of the best DIY Halloween decorations can come from things you already have tucked away in drawers, closets or the recycling bin.
Suburban Giants and Urban Risers: Where America’s 100 Largest Metros Fall on the Self Storage Map
Self storage has long been a suburban story. Across America largest 100 metros, 59% of the inventory built over the past decade sits outside city cores, largely preserving the ratio of the total existing inventory.
Sweatshirt Storage Ideas Worth Keeping Up Your Sleeve
Sweatshirts are great until you realize how much room they take up. A few thick hoodies can fill a drawer fast, with lighter crewnecks getting squashed underneath or pushed somewhere you forget about. Good sweatshirt storage can make that pile much easier to manage without requiring a bigger closet.